pre market commodity future analysis and trading tips for 07032015
Mcx gold closed with loss. Gold prices are in downtrend and heading towards target of 25700. For long term investors these falls are best buying opportunity. For intraday traders 26300 is intraday stop loss.
Mcx silver closed at 35381 with loss. Here also trend is down and silver is heading towards positional targets of 34200. 35800 is intraday trailing stop loss for short positions in silver future.
In base metal, consolidation is continue. Aluminium after bounce back corrected on profit booking. Watch 107 for make or break trade. Copper future forming bottom and remain buy in 360-365 zone. Lead and zinc given reversal from strong resistance so might resume downtrend. Nickel is outperformer now and expect short term trend breakout for target 855.
Crude oil is technically oversold and bearish. On downside 3520 is next target if fall continues. Natural gas is building bullish momentum and above 174 remain buy and accumulate.