commodity forecast for 6 jun 2013

commodity forecast for 6 jun 2013


bullion commodity forecast

mcx gold aug future last closed at 27705 with gains over intraday mcx gold future made high at 27847 while intraday low was 700 rupee intraday movement and strong breakout on news flow support.for tomorrow buy neat support 27400 with stoploss and expect 27900 to 28k levels as upside targets.if this week close above 28k then may expect long term bull trend for domestic gold prices on account of govt action and weak rupee.

mcx silver jul future last closed at 44200 with gains of intraday mcx silver future made high at 44592 while low was 800 rupee intraday move and closed near watch 44200 level if holds it then expect 47k as short term target.while for intraday can show 45 to 45.5k targets.

metal commodity forecast

mcx aluminium jun expiry future last closed at 110.85 with intraday mcx aluminium future made high above 111 while low was near support si now deep down and expect some correction and then buy near 108-109 zone only on correction.on upside 111 and then 115-116 are targets zones.

mcx copper jun future last closed at 424 with intraday mcx copper future made high near 427 while intraday low was near 9 rupee intraday movement and strong buying momentum for this now extend targets near 435 to 438 while on downside 418 is strong support for now.

mcx lead jun expiry future last closed at 127.1 with intraday mcx lead future made high at 128.4 while low was near 2 + rupee move and strong momentum here.above 126 support level hold long view for targets 129-131 in intraday.

mcx nickel jun expiry future last closed at 866 with flat intraday mcx nickel future made high at 878 while low was near 16 rupee intraday movement and consolidation for above 860 level hold long view for target 870-880 again in intraday.

mcx zinc jun expiry future last closed at 110.15 with intraday mcx zinc future made high near 111 while low was near 109.2 rupee intraday move and continue to gains on watch 111 as breakout as well as resistance point and buy above it target will be 115.5.

energy commodity forecast

mcx crude oil jun expiry future last closed at 5357 with intraday mcx crude oil future made high at 5373 while intraday low was almost 100 rupee rally for crude and support from nymex as well as weak support is deep down near 5260 above that hold buy on dips view and expect 5400+ as target zone.

mcx natural gas jun expiry future last closed at 228 with flat intraday mcx ng future made high at 229+ while low was near now watch 231 as breakout point below that may show correction.

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Pramod Baviskar

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