premarket commodity technical analysis and trading tips for 30 june 2015
Mcx gold future 26658 with gain. Here above 26300 keep buy and accumulate view. Weak rupee might set rally here and gold might rally up to 27050. Below 26300 gold remain strong bearish trend for deep downside target 25800.
Mcx silver closed with loss and continues downtrend. Here expect 33800 as target zone with stop loss above 36200. Around 33800 long term investors can start accumulation in small quantities.
In base metals, mcx aluminium today gives dips below 105 and now expect 103 as next target. On panic selling one can expect 98-99 as extreme target for this metal. Copper future showing resilience and risky traders can buy near 362 with stop loss for upside targets of 378 and above. Zinc and lead might show deep downside so stay short with stop loss. Nickel achieved given target of 760 and now 720 will be next stop loss this metal. 760 now act as strong supply zone.
Crude oil future finally started moving lower. Below 3840 keep sell on rise view for targets 3660 and below. Natural gas future givens reversal and traders with stop loss below 174 keep buy and accumulate view for target 190-198 in short terms.