commodity outlook for 11 December 2014
Mcx gold future last closed at 27190 with gain. In intraday gold hit high at 27340 while low was at 27061. Total 300-rupee intraday range and closed with gain. Here 27000 is strong support and 27,600 is strong resistance. Bounce back is expected on weak rupee.
Mcx silver future last closed at 38642 with gain of 121 rupees. In intraday mcx, silver future made high at 39042 while low was at 38162. Total 1000-rupee intraday range and closed with gain. Here watch 37500 will remain as strong support.
Mcx aluminium future is last closed at 121.35 with loss. In intraday aluminium future hit high around 122 while low was below 121. Here above 120 bottoms keep long view for short terms.
Mcx copper future last closed at 403 with loss. In intraday copper future made high at 405 while low was at 402. Total 3-rupee range and closed with loss. Here 398 I strong support for now and traders can go long with stop loss below it.
Mcx lead future last closed at 125.2 with loss. In intraday mcx, lead future made high around 126 while low was near 125. Total 1-rupee range and closed with loss. Here above 124-bottom keep buy on dips view
Mcx nickel future last closed at 1017 with loss. Nickel future in intraday-recorded high around 1032 while low was around 1016. Total 16-rupee intraday range and closed with loss. Here 998 is next strong support on downside.
Mcx zinc future last closed at 135.55 with loss. In intraday zinc, future made high around 137.75 while low was near 135.25. Total almost 3-rupee range and closed with loss. Here 135 is strong support on downside.
Mcx crude oil future last closed at 3824 with loss. In intraday crude future made high around 3934 while low was at 3772. Total 150-rupee intraday range was seen and closed with loss. Here below 3800 expect deep downside up to 3400 to 3200 in medium to long-term view.
Mcx natural gas future last closed at 233 with gain. In intraday ng future hit high around 233 while low was around 225. Total 8-rupee intraday range was seen and technical bounce back was seen. Here 218238 and 242 are strong supply zones on upsides.