Thursday, 20 August 2015

Daily Updates about Metals and Energy in Commodity Market

MCX Oct Gold prices strengthened further in the past session and surged almost 192 points on d-o-d basis. A “bullish engulfing” candlestick pattern on daily charts renders for a continuation of uptrend in coming sessions towards 26317 & 26445 levels. Hence, any fall towards 26110 levels can be considered as an accumulation point for fresh longs.

MCX Sep Crude oil has reached to its 6 year low of 2670 levels and finally settled at 2720 levels, down by 4% on daily charts. Further bearish outlook remains unchanged and is likely to extend the fall towards 2655 & 2587 levels. Hence, any rise can be utilized to create shorts at 2763 levels.

NCDEX Sep Turmeric futures have decisively broken and held above its horizontal resistance at 7780 levels on extending process of privileged bullish trend. Overall outlook remains positive and is likely to extend the gains towards 8110 & 8220 levels. Hence, any fall can be hold at 7930 levels.
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