Wednesday, 12 August 2015

Daily Updates about Metals and Energy in Commodity Market

MCX Oct Gold futures met our mentioned target of 24990 and ended at 25122 levels, up by 227 points. Further positive outlook remains in-line and is likely to extend the gains towards 25260 & 25410 levels. Hence, any fall can be utilized to accumulate fresh longs at 24955 levels.

MCX Aug Crude futures rose to as high as 2913 levels, but failed to hold the gains and fell sharply towards the day low of 2780 levels by forming a “bearish engulfing” on daily charts. This development can drag the prices further down towards 2736 & 2675 levels. Hence, any rise can be limited at 2813 levels.

MCX Aug Nickel; after a sharp recovery on Monday’s session, surprisingly it was begun the day with a negative note and thereafter continue the same trend, finally ended at 693.80 levels. Currently prices hovering near key support at 686 levels, on a convincing break below the same will intact further weakness towards 673 & 658 levels. 

NCDEX Sep Jeera was revised the downtrend by violating its “descending channel” trend-line resistance at 15125 and settled well above the same. This signifies that the recovery form 14650 is still in progress and further rally can be possible towards 38.2% Fibonacci level of 15543 levels.
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