commodity forecast for 21 june 2013

commodity forecast for 21 june 2013


bullion commodity forecast

mcx gold aug expiry future last closed at 26845 with loss of 1166 intraday mcx gold future made high near 28k while low was near 26800 and closed near 1200 rupee intraday wide range and fed decision triggered profit booking from comex gold has support at 1220 only means again 5% downside from 1290 so here on domestic side also expect previous lows as target or even below target near 23k on margin calls and panic selling’s.for tomorrow below 26900 expect bearish move upto 26500 and then 26100 on downside.rupee effect also subside on panic selling’s.

mcx silver jul expiry future last closed at 41225 with loss of almost 2800 intraday mcx silver future made high near 43800 while low was near 41200 and closed at 2600 rupee intraday range and panic selling from big on comex silver below 21$ levels has support at 18$ so from current level again 10% drop so on mcx silver may find support around 37-38k levels.

on bullions after sharp medium term technical bounce back downtrend picked momentum on news flow and this time we may see new lows on domestic markets.s

metal commodity forecast

mcx aluminium jun expiry future last closed at 105.65 with gains of 5 intraday mcx aluminium future made high near 107 while low was near 2 rupee range and recovery from lower below 108 hold selling view for targets 105 to 103 in short to medium terms.

mcx copper jun expiry future last closed at 404.45 with loss of 4 intraday mcx copper future made high near 412 and low near 9 rupee move and as expected selling below 408 hold targets at 398 and then 390 on lower side.

mcx lead jun expiry future last closed at 120.95 with loss of 25 intraday mcx lead future made high near 124 while low was near 4 rupee move and profit booking now we may change in trend and below 112.5 expect levels upto 115-114 on lower side.

mcx nickel jun expiry future last closed at 819 with loss of 15 intraday mcx nickel future made high near 833 while low was near 14 rupee intraday range and profit booking on below 828 hold selling view for target 810-800 in intraday.

mcx zinc jun expiry future last closed at 107.95 with gains of 45 intraday mcx zinc future made high near 109 while low was near 2 rupee range and recovery from below 109.5 hold short view for target 106-105.

energy commodity forecast

mcx crude oil future jun expiry last closed at 5739 with loss of 68 intraday mcx crude oil future made low near 5727 while high was 110 rupee intraday range and sharp profit on weak rupee and resilient selling we may see continuation of uptrend and above 5600-5650 support remain bullish from longer term view.

mcx natural gas jun expiry future last closed at 233.3 with flat intraday mcx natural gas future made high near 237 while low was 7 rupee move and some breather.for tomorrow buy near support 228 with stoploss and keep targets near 240+.

The Author

Pramod Baviskar

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