commodity intraday outlook 14 july 2015

mcx commodity levels for 14 july 2015

Mcx gold future closed above 26k with loss in last session. Here gold prices forming bottom and expect sharp short covering ahead. For intraday 25900 and 25800 are strong support zones.
Silver future closed at 35558 with loss. On daily chart silver prices are in consolidation phase and forming bottom. On downside 35k and 34200 are strong intraday support zones. On upside 36650 is strong resistance and possible short term target.
In base metals, we seen recovery which might continue and trend change can happen here. Mcx aluminium is near breakout for target 111. Copper future might show 375 level in short to medium term. For copper 356 and 350 are strong support zones.
Mcx lead above 116 can rally up to 121. Nickel future above 705 remain buy and accumulate for target 790 in medium terms. Zinc future is heading towards 137. 131 is strong hurdle for this metal.
In energy segment, crude below 3360 remain sell for target 3230 and below. High volatility will make trading difficult. Ng is heading towards my given target of 192.

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Pramod Baviskar

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