free mcx commodity tips and strategy for 7 jul 2015
Mcx gold future closed at 26336 with loss. Gold prices are consolidating after fall and forming base before next move. Indicators are Turing bullish so keep buy on dips view with stop loss below 25800 for upside target of 26700 and above. In intraday expect 100-200 rupee rally.
Same price as well as indicators patterns are visible for silver. Here expect trend breakout above 36700 for price target 38k and plus.
In base metals, all metals tumbled today at opening trade on Greece referendum outcome. Copper at last broke 362 support and achieved 356 target. Next target will be 341 if downtrend persist. Lead and zinc opened with sharp loss but recovered in intraday. Nickel given primary trend continuation signal with sharp loss. So expect 704 and below levels ahead.
Crude oil prices seen strong sell off today. Here downside is limited and prices are deeply oversold. Risky investors can follow buy and accumulate view. On upside 3800 will be bounce back target in medium terms. Natural gas future closed with loss. Trend is down and momentum is bearish so expect downside up to 167 in near terms.