Gold prices rose yesterday as the dollar weakened against the major currencies cutting down the previous week’s gains.
International spot gold traded in the range $866.50 - $894.70 and last quoted at $881.30 ($870.20).
Dollar eased on profit booking, after a meeting of the Group of Eight finance ministers in Japan steered clear of the greenback's recent exchange-rate weakness issue and focused on the rise in commodity prices and the related economic risks.
The greenback had gained sharply last week supported by expectations of an interest rate hike amid rising inflation, and strong retail sales data from the US.
Data from the Labor Department showed a rise in US consumer prices at the fastest pace in six months, strengthening the growing expectations for a Federal Reserve interest-rate hike. As per the data, US consumer price index climbed 0.6% in May.
Last week, the US Commerce Department reported a 1 % rise in May retail sales, the biggest increase recorded since November, letting the US currency to add to this week’s sharp gains.
Comments from Federal Reserve Chairman Ben Bernanke last week regarding growing inflation fears, which hinted at a possible rate hike later this year, also helped the dollar to strengthen against the major currencies.
The recent data from various sectors in the US have given rather mixed hints regarding the economy.
A rise in pending home sales had also supported the dollar. The National Association of Realtors’ April pending home sales index, which is considered as a leading indicator of existing home sales, rose 6.3% in April.
But a report from the Labor Department highlighted the pressures on the US job market. According to the report, initial jobless claims in the US increased by 25,000 to 384,000 in the week ending June 7. The four-week average of initial claims rose 2,500 from the prior week to 371,500. Continuing unemployment claims also recorded a rise of 58,000, to 3.14 million for the week ending May 31, the highest level in more than four years. The four-week average of continuing claims rose by 16,500 to 3.09 million in the latest week.
Also the US trade deficit had widened 7.8% in April to a seasonally adjusted $60.9 billion from $56.5 billion in March, according to the report by US Commerce Department on Tuesday. The growing deficit was driven by a surge in crude oil imports, which eclipsed a significant gain in the nation’s exports.
The Bureau of Labor Statistics of the US Labor Department reported a more-than-expected rise in the unemployment rate in May to 5.5%, against the expected 5.1%. The total number of unemployed persons increased by 861,000 to 8.5 million in May, after seasonal adjustment, as per the government's Household Survey Data.
According to the data released by Commerce Department, real gross domestic product of the US increased at a 0.9% annual rate in the first three months of the year, slightly faster than the previous estimate of 0.6%.
Last day DGCX Gold Aug traded in the range $869.00 – $897.20 and closed at $885.90 ($873.70).
Weekly Outlook (Spot Gold)
Resistances are $874, $884, $890, $899; supports $856, $845. Some recovery is expected above $884.60. If trades below $858, spot gold may move towards $845.
DGCX Gold August
TECHNICAL OUTLOOK (Intra-day)
GOLD (Aug) - Bullish above $ 887; bearish below $ 882
MCXARUN
9994500540
Tuesday, June 17, 2008
Gold rebounded and silver jumped the most in three months
Gold rebounded and silver jumped the most in three months as the euro climbed against the dollar, boosting the appeal of the precious metals. Gold often moves in tandem with the euro, which rose as much as 0.9 percent.The euro is near the bottom of its recent range and any sharp rebound toward the top of the range could help gold's direction. Gold futures for August delivery rose $22, or 2.5 percent, to $895 an ounce in Comex. Gold have declined 2.9 percent last week. Silver futures for July delivery jumped 88 cents, or 5.2 percent, to $17.44 an ounce.
The dollar fell against the euro after a report showed NewYork state manufacturing contracted in June, reducing the chances the Federal Reserve would raise interest rates to damp inflation. The euro traded as high as $1.5518.
Gold has gained 6.8 percent this year and crude oil 44 percent. G8 finance ministers said over the weekend that surging food and fuel prices have replaced the credit squeeze as the biggest threat to the world economy. The inflation rate in the euro area has risen to 3.7 percent, the highest since 1992.
The predominant concern is the inflationary effect that oil in particular and also food prices are having,'' U.K. Chancellor of the Exchequer Alistair Darling said June 14 after the G8 talks ended in Osaka, Japan. U.S. consumer prices advanced 0.6 percent in May, the most since November and faster than forecast, the Labor Department said June 13.
Speculative long positions, or bets prices will rise, outnumbered short positions by 151,248 contracts, the Washington- based commission said in its Commitments of Traders report. The net-long position was last this low in May and Gold rose from $864 the following day to $932.55 on May 21. The composition of the net long position is different, with fewer gross longs and crucially, fewer gross shorts. The reduction in the gross longs may be a further sign that gold is losing its attraction.
Currencies update:
Currency forecasters are betting that the dollar rally is just getting started as the Federal Reserve's shift to fighting inflation makes it likely to raise interest rates more aggressively than the European Central Bank. The currency will strengthen 2.5 percent to $1.50 per euro by year-end, according to the mean estimate of 39 firms surveyed by Bloomberg.
Economists anticipate that the ECB will raise rates a quarter-percentage point by September and then cut borrowing costs by yearend. Fed Chairman Ben S. Bernanke, who said he's ``attentive'' to the U.S. currency, will boost rates three-quarters of a percentage point by the end of the third quarter of 2009, according to data compiled by Bloomberg.
MCX Gold August
Technical Outlook: The daily stochastic have crossed over up which is a bullish indication. The stochastic indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 12360 levels. If market breaches 12360 may see prices to take further upside towards 12430 and 12560 however if it holds back below 12360 may see prices to fall further on today. Major support is seen at 12270 and 12189
Recommendations–MCX Gold August: Sell at 12360 Target 12277,12210 Stoploss at 12460
MCX Silver July
Technical Outlook: The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive
Market is expected to remain positive and the resistance is seen at 24650 levels. If market breaches 24660 may see prices to take further upside towards 24850 and 25100 however if it holds back below 24600 may see prices to fall further on today. Major support is seen at 24400and 24200
Recommendations-MCX Silver July: Sell at 24660 Target 24430 and 24200 Stop loss at 24845
MCXARUN
9994500540
The dollar fell against the euro after a report showed NewYork state manufacturing contracted in June, reducing the chances the Federal Reserve would raise interest rates to damp inflation. The euro traded as high as $1.5518.
Gold has gained 6.8 percent this year and crude oil 44 percent. G8 finance ministers said over the weekend that surging food and fuel prices have replaced the credit squeeze as the biggest threat to the world economy. The inflation rate in the euro area has risen to 3.7 percent, the highest since 1992.
The predominant concern is the inflationary effect that oil in particular and also food prices are having,'' U.K. Chancellor of the Exchequer Alistair Darling said June 14 after the G8 talks ended in Osaka, Japan. U.S. consumer prices advanced 0.6 percent in May, the most since November and faster than forecast, the Labor Department said June 13.
Speculative long positions, or bets prices will rise, outnumbered short positions by 151,248 contracts, the Washington- based commission said in its Commitments of Traders report. The net-long position was last this low in May and Gold rose from $864 the following day to $932.55 on May 21. The composition of the net long position is different, with fewer gross longs and crucially, fewer gross shorts. The reduction in the gross longs may be a further sign that gold is losing its attraction.
Currencies update:
Currency forecasters are betting that the dollar rally is just getting started as the Federal Reserve's shift to fighting inflation makes it likely to raise interest rates more aggressively than the European Central Bank. The currency will strengthen 2.5 percent to $1.50 per euro by year-end, according to the mean estimate of 39 firms surveyed by Bloomberg.
Economists anticipate that the ECB will raise rates a quarter-percentage point by September and then cut borrowing costs by yearend. Fed Chairman Ben S. Bernanke, who said he's ``attentive'' to the U.S. currency, will boost rates three-quarters of a percentage point by the end of the third quarter of 2009, according to data compiled by Bloomberg.
MCX Gold August
Technical Outlook: The daily stochastic have crossed over up which is a bullish indication. The stochastic indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.
Market is expected to remain positive and the resistance is seen at 12360 levels. If market breaches 12360 may see prices to take further upside towards 12430 and 12560 however if it holds back below 12360 may see prices to fall further on today. Major support is seen at 12270 and 12189
Recommendations–MCX Gold August: Sell at 12360 Target 12277,12210 Stoploss at 12460
MCX Silver July
Technical Outlook: The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive
Market is expected to remain positive and the resistance is seen at 24650 levels. If market breaches 24660 may see prices to take further upside towards 24850 and 25100 however if it holds back below 24600 may see prices to fall further on today. Major support is seen at 24400and 24200
Recommendations-MCX Silver July: Sell at 24660 Target 24430 and 24200 Stop loss at 24845
MCXARUN
9994500540
safe trade calls
GOLD
now good resist at 12425-450, for the day buy abv 12380 S/L 12360 and T/p 12420-450/towards 12600 OR sell below 12190 S/L 12215 and T/p 12145-150/ 12100/12050/close below test 11850-900 atleast/towards 12700 in coming days (any time close above 12440/ 12630/12875/13050/13330/ 13510 bullish while close below 11920/11775/ 11375/11200 bearish for medium term)
SILVER
book profit on buy abv 23675, for the day buy only abv 24450 S/L 24370 and T/p 24550/630/24800/close abv seen new rally OR buy ard 23680-700 S/L 23650 and T/p 23800-900/towards 24100 (any time close below 23275/ 23000-22875/22300/21575-500/20400/ 19250/18775 bearish rally while close above 24800/25500/26300/27700 bullish for medium term)
CRUDE
as long resistance of 5925 & 6000, down correction likely to continue. we book profit on buy abv 5850, for the day sell only below 5710 S/L 5740 and T/p 5670-5635/close below test 5490-5500 atleast/towards 5450 in coming days OR sell ard 5910-20 S/L 5925 and T/p 5880-5830, anytime close abv 6000 test 6125 atleast/upto 6200 (now crude need to close above 6000 for bullish rally while close below 5635/5440/5215/ 5100/4415/3890 bearish for medium term)
COPPER
we book profit on buy abv 338.5/342, for the day buy only abv 349.5 S/L 348 and T/p 350.5/352.5/abv uprally OR buy ard 339.5-339.8 S/L 339 and T/p 341-343 upto 345, only sustain below 339-334 & 332 down trend again (upside strong rally only on close above 352.5/361.5 while close below 339/330-326.5/310 bearish for medium term)
MCXARUN
9994500540
now good resist at 12425-450, for the day buy abv 12380 S/L 12360 and T/p 12420-450/towards 12600 OR sell below 12190 S/L 12215 and T/p 12145-150/ 12100/12050/close below test 11850-900 atleast/towards 12700 in coming days (any time close above 12440/ 12630/12875/13050/13330/ 13510 bullish while close below 11920/11775/ 11375/11200 bearish for medium term)
SILVER
book profit on buy abv 23675, for the day buy only abv 24450 S/L 24370 and T/p 24550/630/24800/close abv seen new rally OR buy ard 23680-700 S/L 23650 and T/p 23800-900/towards 24100 (any time close below 23275/ 23000-22875/22300/21575-500/20400/ 19250/18775 bearish rally while close above 24800/25500/26300/27700 bullish for medium term)
CRUDE
as long resistance of 5925 & 6000, down correction likely to continue. we book profit on buy abv 5850, for the day sell only below 5710 S/L 5740 and T/p 5670-5635/close below test 5490-5500 atleast/towards 5450 in coming days OR sell ard 5910-20 S/L 5925 and T/p 5880-5830, anytime close abv 6000 test 6125 atleast/upto 6200 (now crude need to close above 6000 for bullish rally while close below 5635/5440/5215/ 5100/4415/3890 bearish for medium term)
COPPER
we book profit on buy abv 338.5/342, for the day buy only abv 349.5 S/L 348 and T/p 350.5/352.5/abv uprally OR buy ard 339.5-339.8 S/L 339 and T/p 341-343 upto 345, only sustain below 339-334 & 332 down trend again (upside strong rally only on close above 352.5/361.5 while close below 339/330-326.5/310 bearish for medium term)
MCXARUN
9994500540
GENERAL MARKET CONDITIONS
As expected the US dollar resumed its slide on disappointing economic numbers. If the US economy does not perform then the Fed may continue with its stable interest rate regime which will always be US dollar negative. After the second week of July we will be in a better position to judge whether the US dollar will slide in the third quarter too. Meanwhile Lehman Brothers confirmed that they posted their first quarterly loss ever. Markets will be looking forward to results from other US financial services for a weekly direction on the US dollar apart from the PPI numbers. If these numbers disappoint then another round of US dollar selling will result.
The Indian commodity market is expected to grow by 30 percent and will reach Rs.74,156 billion ($1.73 trillion) in volume by 2010, according to a study by the Associated Chambers of Commerce and Industry of India (Assocham). Assocham found that the Indian commodity market expanded 50 times in a span of five years from Rs.665.3 billion in 2002 to Rs.33,753 billion in 2007 as people's participation in such trade continued to grow. It also noted that Indian commodity exchanges are still at a nascent stage of development as there are numerous bottlenecks hampering their growth. The turnover in proportion to GDP of commodity trade increased from 4.7 percent in 2004 to 20 percent in 2007 and is expected to go up many-fold since commodity markets would remain friendly to subscribers. Gold, silver and crude recorded the highest turnover in the Multi Commodity Exchange (MCX) while in National Commodity & Derivatives Exchange Ltd (NCDEX), soya oil, guar seed and soyabean and in NMCE pepper, rubber and raw jute were the most actively traded commodities on average. Indian investors need to diversify their investment in commodities and reduce their hunger for investing in equities.
GOLD -- AUGUST FUTURE
Gold will continue to trade in a wider $855-$930 range in the short term. At lower prices short selling reduces while over $910 short selling increases. A break out from this range is in the offing soon. We remain bullish on gold in the medium term with a price of $992 by December under the worst case scenario. But before $992 there is an outside chance of $800.
MCXARUN
9994500540
The Indian commodity market is expected to grow by 30 percent and will reach Rs.74,156 billion ($1.73 trillion) in volume by 2010, according to a study by the Associated Chambers of Commerce and Industry of India (Assocham). Assocham found that the Indian commodity market expanded 50 times in a span of five years from Rs.665.3 billion in 2002 to Rs.33,753 billion in 2007 as people's participation in such trade continued to grow. It also noted that Indian commodity exchanges are still at a nascent stage of development as there are numerous bottlenecks hampering their growth. The turnover in proportion to GDP of commodity trade increased from 4.7 percent in 2004 to 20 percent in 2007 and is expected to go up many-fold since commodity markets would remain friendly to subscribers. Gold, silver and crude recorded the highest turnover in the Multi Commodity Exchange (MCX) while in National Commodity & Derivatives Exchange Ltd (NCDEX), soya oil, guar seed and soyabean and in NMCE pepper, rubber and raw jute were the most actively traded commodities on average. Indian investors need to diversify their investment in commodities and reduce their hunger for investing in equities.
GOLD -- AUGUST FUTURE
Gold will continue to trade in a wider $855-$930 range in the short term. At lower prices short selling reduces while over $910 short selling increases. A break out from this range is in the offing soon. We remain bullish on gold in the medium term with a price of $992 by December under the worst case scenario. But before $992 there is an outside chance of $800.
MCXARUN
9994500540
Monday, June 16, 2008
safe trade calls
GOLD
for the day sell only 11975 S/L 12010 and T/p 11950-920/close below 11920 test 11800-700 atleast in coming days OR sell ard 12285-95 S/L 12300 and T/p 12230 upto 12160 (any time close above 12400/12630/12875/13050/13330/ 13510 bullish while close below 11920/ 11775/11375/11200 bearish for medium term)
SILVER
book profit on sell ard 23860-70/23500-475, for the day sell below 23100 S/L 23180 and T/p 23000/22875/close below 22875 test 22300-22000 in coming days OR buy only abv 23675 S/L 23580 and T/p 23750-23875/uprally (any time close below 23000-22875/22300/21575-500/ 20400/19250/18775 bearish rally while close above 24750/25500/26300/27700 bullish for medium term)
CRUDE
for the day sell only below 5710 S/L 5730 and T/p 5670-5635/close below test 5490-5500 atleast/towards 5450 in coming days OR buy only abv 5850 S/L 5825 and T/p 5885-90/5920-50/close abv bullish rally test 6100 atleast in coming days (now crude need to close above 5950-60 for bullish rally while close below 5635/5440/5215/5100/4415/ 3890 bearish for medium term)
COPPER
we book profit on buy abv 338.5, fresh sell only below 334 & 332 S/L 335.5 and T/p 330.5/326.5/close below 330.5 & 326.5 test 322/315 atleast in coming days OR buy abv 342 S/L 340.5 and T/p 344-346.25/347.5/350.5/ 352.5/abv uprally (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
for the day sell only 11975 S/L 12010 and T/p 11950-920/close below 11920 test 11800-700 atleast in coming days OR sell ard 12285-95 S/L 12300 and T/p 12230 upto 12160 (any time close above 12400/12630/12875/13050/13330/ 13510 bullish while close below 11920/ 11775/11375/11200 bearish for medium term)
SILVER
book profit on sell ard 23860-70/23500-475, for the day sell below 23100 S/L 23180 and T/p 23000/22875/close below 22875 test 22300-22000 in coming days OR buy only abv 23675 S/L 23580 and T/p 23750-23875/uprally (any time close below 23000-22875/22300/21575-500/ 20400/19250/18775 bearish rally while close above 24750/25500/26300/27700 bullish for medium term)
CRUDE
for the day sell only below 5710 S/L 5730 and T/p 5670-5635/close below test 5490-5500 atleast/towards 5450 in coming days OR buy only abv 5850 S/L 5825 and T/p 5885-90/5920-50/close abv bullish rally test 6100 atleast in coming days (now crude need to close above 5950-60 for bullish rally while close below 5635/5440/5215/5100/4415/ 3890 bearish for medium term)
COPPER
we book profit on buy abv 338.5, fresh sell only below 334 & 332 S/L 335.5 and T/p 330.5/326.5/close below 330.5 & 326.5 test 322/315 atleast in coming days OR buy abv 342 S/L 340.5 and T/p 344-346.25/347.5/350.5/ 352.5/abv uprally (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
Friday, June 13, 2008
comex gold outlook
DGCX Gold : Closes lower; volatility continues
13 June 2008 12:48:47
The see-saw movement in gold prices that has been characteristic for this week continued, as the bullion market witnessed heavy selling yesterday. The US Dollar bounced back offsetting Wednesday’s losses, supported by an unexpected rise in US Retail sales.
International spot gold plunged to a low of $856.80 and last quoted at $867.90 ($879.55).
The Commerce Department reported a 1 % rise in May retail sales, the biggest increase recorded since November, letting the US currency to add to this week’s sharp gains.
Early this week, comments from Federal Reserve Chairman Ben Bernanke regarding growing inflation fears, which hinted at a possible rate hike later this year, had lifted the dollar against the major currencies.
A rise in pending home sales had also supported the dollar. The National Association of Realtors’ April pending home sales index, which is considered as a leading indicator of existing home sales, rose 6.3% in April.
But report from the Labor Department highlighted the pressures on the US job market. According to the report, initial jobless claims in the US increased by 25,000 to 384,000 in the week ending June 7. The four-week average of initial claims rose 2,500 from the prior week to 371,500. Continuing unemployment claims also recorded a rise of 58,000, to 3.14 million for the week ending May 31, the highest level in more than four years. The four-week average of continuing claims rose by 16,500 to 3.09 million in the latest week.
Also the US trade deficit had widened 7.8% in April to a seasonally adjusted $60.9 billion from $56.5 billion in March, according to the report by US Commerce Department on Tuesday. The growing deficit was driven by a surge in crude oil imports, which eclipsed a significant gain in the nation’s exports.
The Bureau of Labor Statistics of the US Labor Department reported a more-than-expected rise in the unemployment rate in May to 5.5%, against the expected 5.1%. The total number of unemployed persons increased by 861,000 to 8.5 million in May, after seasonal adjustment, as per the government's Household Survey Data.
Eurostat data early last week had shown a slight upward revision of the first-quarter euro-zone gross domestic product, according to which the economy grew by 0.8% against the previous estimate of 0.7%. Year-on-year growth was unrevised at 2.2%.
The ECB on May 5th chose to leave its key interest rate unchanged at 4 %.
According to the data released by Commerce Department, real gross domestic product of the US increased at a 0.9% annual rate in the first three months of the year, slightly faster than the previous estimate of 0.6%.
The recent data from various sectors in the US have given mixed hints regarding the economy.
Last day DGCX Gold Aug traded in the range $878.90 – $859.20 and closed at $873.20 ($884.40).
Weekly Outlook (Spot Gold)
More correction expected below $887. Supports are $881, $875, $864; resistances $900, $908, $917.
DGCX Gold August
TECHNICAL OUTLOOK (Intra-day)
GOLD (Aug) - Bullish above $ 873.50; bearish below $ 868.40
MCXARUN
9994500540
13 June 2008 12:48:47
The see-saw movement in gold prices that has been characteristic for this week continued, as the bullion market witnessed heavy selling yesterday. The US Dollar bounced back offsetting Wednesday’s losses, supported by an unexpected rise in US Retail sales.
International spot gold plunged to a low of $856.80 and last quoted at $867.90 ($879.55).
The Commerce Department reported a 1 % rise in May retail sales, the biggest increase recorded since November, letting the US currency to add to this week’s sharp gains.
Early this week, comments from Federal Reserve Chairman Ben Bernanke regarding growing inflation fears, which hinted at a possible rate hike later this year, had lifted the dollar against the major currencies.
A rise in pending home sales had also supported the dollar. The National Association of Realtors’ April pending home sales index, which is considered as a leading indicator of existing home sales, rose 6.3% in April.
But report from the Labor Department highlighted the pressures on the US job market. According to the report, initial jobless claims in the US increased by 25,000 to 384,000 in the week ending June 7. The four-week average of initial claims rose 2,500 from the prior week to 371,500. Continuing unemployment claims also recorded a rise of 58,000, to 3.14 million for the week ending May 31, the highest level in more than four years. The four-week average of continuing claims rose by 16,500 to 3.09 million in the latest week.
Also the US trade deficit had widened 7.8% in April to a seasonally adjusted $60.9 billion from $56.5 billion in March, according to the report by US Commerce Department on Tuesday. The growing deficit was driven by a surge in crude oil imports, which eclipsed a significant gain in the nation’s exports.
The Bureau of Labor Statistics of the US Labor Department reported a more-than-expected rise in the unemployment rate in May to 5.5%, against the expected 5.1%. The total number of unemployed persons increased by 861,000 to 8.5 million in May, after seasonal adjustment, as per the government's Household Survey Data.
Eurostat data early last week had shown a slight upward revision of the first-quarter euro-zone gross domestic product, according to which the economy grew by 0.8% against the previous estimate of 0.7%. Year-on-year growth was unrevised at 2.2%.
The ECB on May 5th chose to leave its key interest rate unchanged at 4 %.
According to the data released by Commerce Department, real gross domestic product of the US increased at a 0.9% annual rate in the first three months of the year, slightly faster than the previous estimate of 0.6%.
The recent data from various sectors in the US have given mixed hints regarding the economy.
Last day DGCX Gold Aug traded in the range $878.90 – $859.20 and closed at $873.20 ($884.40).
Weekly Outlook (Spot Gold)
More correction expected below $887. Supports are $881, $875, $864; resistances $900, $908, $917.
DGCX Gold August
TECHNICAL OUTLOOK (Intra-day)
GOLD (Aug) - Bullish above $ 873.50; bearish below $ 868.40
MCXARUN
9994500540
lead intraday
MCX Lead trades weak
13 June 2008 10:32:20
MCX Lead June traded weak on Thursday following Lme movement and weakness in other metals. Lead prices dropped to low of 78.40 and closed near 78.85 with almost 3.5% loss. Market registered days high near 82.35
LME Inventory decreased by 300 MT to 74175 MT.
MCX Lead June -Technical outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 77.4 level. if broken can see further fall to 75.9 and 73.4 , If market holds above 79.9 further rally can be seen towards 81.3 and 83.8
Recommendations –MCX Lead June: Sell at 79.80 Target 77 and 75 SL 81.35
MCXARUN
9994500540
13 June 2008 10:32:20
MCX Lead June traded weak on Thursday following Lme movement and weakness in other metals. Lead prices dropped to low of 78.40 and closed near 78.85 with almost 3.5% loss. Market registered days high near 82.35
LME Inventory decreased by 300 MT to 74175 MT.
MCX Lead June -Technical outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 77.4 level. if broken can see further fall to 75.9 and 73.4 , If market holds above 79.9 further rally can be seen towards 81.3 and 83.8
Recommendations –MCX Lead June: Sell at 79.80 Target 77 and 75 SL 81.35
MCXARUN
9994500540
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