MOSt Commodities positive on gold, advises to buy on dips

MOSt Commodities' report on metals & energy

MCX GoldWe continue with our positive bias on MCX Gold and advise to go long on dips. Strong support on the downside is at Rs.29460/350 while strong resistance is at Rs.2830 followed by 30100 level. Intraday selling advisable only on sustained trading below 29460 level.

Gold USD (SPOT)Spot Gold has recovered from the strong support of USD1245 and is currently headed higher. On the upside immediate strong resistance is at USD1267 while strong support is at USD1245/1234. Buying on dips is advisable. Breach and sustenance above USD1267 could target USD1278/1298.

MCX SilverMCX Silver failed to breach mentioned resistance of Rs.45900 and fell sharply. Price is still unable to breach crucial range of Rs.43700-45900 and either side breach of this range could give us further direction now. Strong resistance on the upside is at Rs.45700/45900 while strong supports are at Rs.44400/43700.

Silver USD (SPOT)Spot Silver has been moving in a broad range of USD18.90-20.55 since past one and half month and either side breach could decide the positional trend. Intraday support is at USD19.40 while resistance is at USD19.95/20.25/20.45. Breach below USD19.40 could weaken the trend.

MCX CopperSharp depreciation in Rupee is limiting the fall in MCX Copper prices. LME Copper is already trading at days low and still looks bearish for the target of USD7120. On MCX, strong resistance on the upside is at Rs.462.50 while strong support is at Rs.453. Intraday trend looks negative below immediate resistance at 457.2.

MCX NickelNickel is still unable to sustain above previous high of Rs.915 level and looks to trade sideways to weak as long as it stays below the same. Strong support is at 874 level. Breach below Rs.874 could increase the weakness. Only sustained breach above Rs.915 would negate the bearish view.

MCX CrudeCrude oil is in a pullback mode of its entire fall from Rs.6314 to Rs.5640 and is trading near Rs.6090 at present. Strong intraday trend is at 6115 level while supports are at 6020/5985 level. Negative movement is expected in the short-term. Buying is advisable only above 6115 level.

MCX Natural GasAs expected Natural Gas prices fell sharply after making a short term top near Rs.340 level. Strong support on the downside is at Rs.302/305 level while strong resistance is at Rs.322 level. Even though the market has reversed sharply, trend reversal is not confirmed yet. Support at 301 level is crucial level to watch out now.

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