mcx commodity intraday report for 29 june 2016

mcx commodity intraday report for 29 june 2016 Mcx bullions are correcting after strong rally. Mcx gold closed at 31295 with loss. Gold is back after a three-year bear market and has emerged as the best performing asset across classes. The yellow metal has risen close to 25%. On downside 31050 is major support and on upside 31530 and 31900 are resistances as well as target zones on reversal. Mcx silver future closed at 42340 with gain. Tested 42100 major support and given positive closing which is buy signal. Silver, following gold, has appreciated 28% in the first six months, leaving other assets such as the US and German bonds, Japanese yen and the US dollar.     Mcx base metal continues there Bull Run. Mcx aluminium for intraday above 109.5 remain buy for upside targets. Mcx copper is strong bullish and above 320 remain buy and accumulate. London copper edged to its highest in almost eight weeks on Wednesday as investors bet on more global stimulus measures. Mcx lead future given reversal signal for big upside targets. Mcx nickel is heading for 680 rupee target. BMI reported Monday that it maintained its refined nickel price forecast at $9 000/t in 2016, as sustained global deficits and declining inventories. Mcx zinc future achieved my 140.4 target and now expect 143.5 as next target.     Mcx energy segment also seeing strong buying. Both crude oil benchmarks had climbed on Tuesday after financial markets shook off some of the shock of last week’s referendum in Britain. Crude oil future reversed after one day deep correction and covered all the losses. Watch 3270 level for another bullish breakout. Mcx natural gas achieved all my targets up to 195. Natural gas prices surged Tuesday on expectations of continued strong consumption and concerns about a drop in production. For intraday 189 is major support.

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