Wednesday, 5 August 2015

Daily Commodity Market Trading News and Updates

MCX Oct Gold prices continuing to point lower n the past session on extending its privileged bearish trend. Further bearish outlook remains in-line towards the horizontal support of 24690 levels and on a convincing close below the same will extend till 24560 levels. Hence, upside resistance resides at 24860 levels.

MCX Aug Lead was reversed the downtrend by violating its falling trend-line resistance at 109.55 levels and managed to close well above the same. However, a strong bull close followed by a “pin bar” candlestick pattern on daily charts can lead the prices further up towards 112.15 & 113.60 levels, where as support lies at 110.50 levels.

NCDEX Aug RM Seed was reversed the uptrend from falling channel resistance at 4200 levels and ended down by 1.27% in the past session. Now the view remains weak and is on verge to test the channel support at 4030 levels. However, any bounce can be capped at 4135 levels.
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