GOLD (Aug 2013)-25669, Dt.29-06-13: Better than expected U.S. economic numbers are favouring probabilities for tapering of QE3 stimulus and low inflation combining together weighing downward pressure on bullions. Gold touched 24830 and recovered fast. In Global markets, it has good support $1150-1180 wide range. Although trend is very much downward, but still 24800 could be good support, in case prices reluctant to sustain below 24800, buying can done around this level with Stop below 24500 for pullback rally towards 25800-26000.
Silver(Sep 2013)-40788, Dt.29-06-13: Silver has not been spared and face heavy sell off touched multiyear lows on MCX as well as on COMMEX, where it touched Rs.38650 and $18.23 respectively. Silver fell around 50% from its all-time highs, but in near term still no respite is visible as ferocious selling pressure can still drag it down towards 37500 or 36000 levels. Silver faced heavy sell off and trend is still looking very weak. Bounce back in prices towards 40200 can be taken as good short opportunity with SL 40660 for 39400/39000. Any short term trend reversal can only expected, in case prices sustain above 41500, prices can touch 43000/44500.
COPPER(Aug 2013)-406.6, Dt.29-06-13: Copper showed good strength on the back of strong pending homes sales numbers as numbers upbeat the analysts’ expectations by showing growth of 6.7% against the expectations of 1.1% will also be one of strongest supportive factor for higher demand of copper in future. But still China slowing down factor will limit the upsurge in base metals as China is largest consuming economy in the world. Price movement in base metals are painting very bearish picture, sell below 399.50 with stop above 404.50 for 393. But strong support near 390, so buy above 392 with SL below 389 for the target of 398-400
Crude Oil (Jul 2013)-5763, Dt.29-06-13: Technically, prices on MCX are under development of Double TOP formation along with RSI & STK divergence with prices. This indicates that current rally is heading towards topping out or ripe for corrective fall. 5560-5580 could act as strong support level as this is a point where double top confirmation will come. If it sustains below 5560, double top will be confirmed. But from trader's perspective, around 5580 buying can be initiated with SL below 5540 for little bounce back towards 5630-5650. In case prices sustain below 5540 or closes below 5550, shorts can be considered for 5400/5320
NICKEL (JULY 2013)-823.9, Dt.28-06-13: Nickel has been in downtrend. European Car Sales fell to lowest since 1993 when May 2013 Data came, in last Week of June. Auto sales impact demand for galvanized steel, Nickel is major metal used in Galvanizing steel. Further, globally commodities & equities saw bearish headwinds, after US Fed announced to trim down bond buying and completely exiting in 2014. Downside most likely target is 795-780, as and when it sustains below 805 can expect these targets. Protective SL must be adopted above 816.
