Commodity MCX Tips : Bullion, Metals and energy Updates

Bullion: 

Despite recovery in COMEX futures, gold futures on domestic  exchanges were down slightly as the rupee rose more than 1% against the US dollar. Gold futures on the COMEX wiped early losses, and gained as the US dollar plunged against the euro. Gold futures on the  COMEX hit their three-week high today as investors expect the US Fed to consider another round of quantitative easing at its meeting next week. 

Energy: 

Crude oil futures on domestic market were up today tracking  overseas markets, where prices recovered owing to the dollar's  weakness against the euro. Oil futures gained on renewed optimism after European Central Bank President Mario Draghi said the ECB was committed to avert economic crisis in the Eurozone. 

Metals: 

A mixed trend was seen in base metal contracts on the MCX, where prices received support from the uptrend in the London Metal Exchange, while firm rupee against the dollar limited the gains. Base metals on the LME were trading higher today due to  a weaker dollar 

against the euro and on optimistic comments by the ECB president. 

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Gold Silver Trading Tips- Bullion Reports

Silver July contract has Just Breached the nearest support line of 53700 now more downtrend is expected and silver can fall down to 52500-5200 levels if unable to sustain above 53700 levels. However A consistent trade above 53900 can lift Silver up towards 54500-54800 levels. Traders are advised to sell sivler below 53500 fro the targets of 53100-52700-52500 keeping a stoploss above 53900. 

In MCX Gold August Futures likely to trade with negative bias for the day. The technical indicators are showing a slight downtrend in Gold futures for the day.

for intraday Trading one may go for sell in Gold Futures only below 22420 for the targets of 22380-350-300 Stoploss above 22500. 

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Natural Gas Updates

Natural gas MCX Mar contract opened up at 176 vs. previous close of 175.3 made an intraday high at 178.6 and last traded at 174.9 down by just 0.4 rupee near its intraday low at 174.5.

Natural gas prices have fallen by more than 19% in last seven weeks on the back of short selling. Natural gas prices are likely to fall further and could test 170-167 levels within next few trading days.

Technically, range for Natural gas is from 165-205. 14 days RSI for NCDEX Natural gas Mar contract is at 43 levels and it shows natural gas prices are trading sideways. Intraday traders can sell MCX Natural Gas March contract near 178 with a stop loss of 181 and can wait for targets of 175-172.

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