Commodity forecast 4 March 2014

Mcx commodity forecast, outlooks, premarket, intraday levels, technical analysis, chart analysis, price trends for 4 March 2014.

Commodity forecast 4 March 2014

MCX GOLD April expiry future last closed at 30,631 with gain. In intraday mcx gold future’s high was at 30,660 while low was at 30,192. Total 500-rupee intraday range and closed with gain. Gold entered long-term bullish territory and above 30k keep long view, strong comex demand and weak rupee will continue to boost prices on higher side.

MCX SILVER March expiry future last closed at 47,230 with gain. In intraday mcx silver future’s high was at 47,385 while low was at 46,362. Total almost 1000-rupee intraday range and closed with gain. Strong reversal and might be heading for 49,500 level.

 

MCX ALUMINIUM March expiry future last closed at 105.85 with loss. In intraday mcx aluminium, future hit high at 107 while low was at 105. Total 2-rupee intraday range and closed with loss. Traders watch 104 levels on closing basis below it target will be 100-101.

MCX COPPER April expiry future last closed at 439.65 with loss. In intraday mcx, copper future made high at 440 while low was at 437. Total 3-rupee intraday range and closed with loss. Watch 432-434 as strong support on closing basis.

MCX LEAD March expiry future last closed at 131.35 with loss. In intraday mcx lead future’s high was at 131.5 while low was at 130. Total 1.5-rupee intraday range and closed loss. Above 128, keep buy on dips view.

MCX NICKEL March expiry future last closed at 916 with gain. In intraday mcx nickel future’s high was at 917 while low was at 903. Total 14-rupee intraday range and closed with gain. Above 880, keep buy on dips view.

MCX ZINC March expiry future last closed at 129.6 with gain. In intraday mcx zinc, future hit high at 128 while low was at 130. Total 2-rupee intraday range and closed with gain. Zinc might touch its all time high in upcoming time on weak rupee.

 

MCX CRUDEOIL March expiry future last closed at 6507 with gain. In intraday mcx crude oil, future hit high at 6550 while low was at 6387. Total almost 170 rupee intraday and closed with gain. Crude achieved its 6450 target and now heading for 6600-6800 zones.

MCX NATURALGAS March expiry future last closed at 284.3 with loss. In intraday mcx natural gas, future made high at 295 while low was at 282. Total 13-rupee intraday range and closed with loss. On downside, watch 276-280 zones as strong support.

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Pramod Baviskar

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