commodity forecast for 5 sep 2013
bullion commodity forecast
mcx gold future of oct expiry closed at 32651 with loss of 1788 rupees.in intraday mcx gold future made high near 34549 while low was near 32410.total 2100 rupees intraday rally on downs from top as rupee gains hence premium losing out.here volatility remain ahead and now 32k and 31200 are upcoming support while on upside 34k-35k still targets for upcoming time.
mcx silver future of dec expiry future last closed at 55k with loss of almost 4300 rupees.in intraday mcx silver future made high near 58300 while low was near 54600.total almost 3700 rupee intraday range and closed near lows.here below 54k expect another major breakdown for target 53-52k.volatility remain high.
metal commodity forecast
mcx aluminium future of sep expiry closed at 117.45 with loss of almost 7 rupee.in intraday mcx aluminium future made high near 123 while low was near 117.total 6 rupee downfall from top as rupee gains.here below 118 hold short view for target 115-114 in intraday.in all metals futures in upcoming time expect high volatility of daily 3-5%.
mcx copper nov expiry future last closed at 484 with loss of 26 rupees.in intraday mcx copper future made high near 506 while low was near 481.total 25 rupee intraday downside rally and closed near day low.here profit booking may continue and may show 460 on downside below 495 stay short.
mcx lead sep expiry future last closed at 141.75 with almost 7 rupee drop.in intraday mcx lead future made high near 148 while low was near 141.total 7 rupee intraday downside and closed with heavy loss.here for tomorrow below 143 hold short view for target 139-138.
mcx nickel sep expiry future last closed at 912.7 with loss of 36 rupees.in intraday mcx nickel future made high near 944 while low was near 904.total 40 rupee downside rally and entering bearish zone.below 920 hold short for target 880-860 on downside.
mcx zinc sep expiry future last closed at 123.55 with loss of almost 7 rupees.in intraday mcx zinc future made high near 130 while low was near 123.total 7 rupee intraday rally and heading for big correction.here below 125 keep target at 119-117 on downside.
energy commodity forecast
mcx crude oil sep expiry future last closed at 7141 with loss of 366 rupees.in intraday mcx crude oil future made high near 7500 while low was near 7100.total 400 rupee downslide and heading towards major long term support with deep correction.here below 7300 expect target of 6900-6700 in short time.
mcx natural gas sep expiry future last closed at 244.6 with loss of 9 rupee.in intraday mcx ng future made high near 257 while low was near 242.total 15 rupee intraday rally and closed with loss as rupee rallies.here below 248 expect correction to continue upto 238-230 on downside.