2016 +
Daily MCX Newsletter 13TH JUNE 2016
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Money Maker Research Pvt. Ltd. MARKET WRAP PRECIOUS METALS: Gold recovered strongly and accumulated fresh gains for third consecutive day. The Friday trading was again a bullish session for the prices. The prices gained 0.64% with recovery in strength in the yellow metal have not been lost. The prices of August expiry contract ended at Rs 30130 per 10 grams on 10 June 2016 against 29937 per 10 grams on 9 June 2016. The prices tested a high of Rs 30141 per 10 grams and a low of Rs 29816 per 10 grams. Gains are likely to continue towards Rs 30215 and 30300 per 10 grams. Meanwhile, supports for the metal are emerging at Rs 29800 per 10 grams and Rs 29700 per 10 grams.
ENERGY: Crude Oil are showing pattern of correction known as the Dark cloud cover. The prices have formed two consecutive bearish candles after forming a top at Rs 3439 per barrel. The prices slipped below Rs 3350 per barrel in last outing reaching levels of Rs 3303 per barrel on closing basis. A further drop can take the prices towards Rs 3200 per barrel quite easily. On the higher side the resistance of Rs 3500 per barrel look challenging now. Breaching those levels Crude oil can move towards Rs 3600 per barrel. On lower side, Rs 3200 and 3100 is now acting support levels.
BASE METALS: Copper remained sideways in the trading session ending Friday after selloff seen earlier during last week. The prices of Copper are still below important support levels of Rs 305 and 303 per kg. However international markets are registering gains in the session on Monday. This means that Copper in local markets will be opening with vigor. The closing below Rs 305 per kg is a sign of bearish trend in the coming sessions. But gains above Rs 305 per kg will bring back the lost touch in the metals that can take prices towards Rs 310 per kg. Copper closed last session trades at Rs 301.45 per kg, down 0.08%. The highs for Copper was at Rs 302.55 per kg while low is at Rs 299.15 per kg
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Money Maker Research Pvt. Ltd. PIVOTS LEVEL: GOLD(AUGUST) RESISTANCE2:30700 RESISTANCE1:30400 SUPPORT1:29800 SUPPORT2:29600 SILVER (JULY) RESISTANCE2:41800 RESISTANCE1:41400 SUPPORT1:40600 SUPPORT2:40400 CRUDE OIL (JUNE) RESISTANCE2:3400 RESISTANCE1:3350 SUPPORT1:3200 SUPPORT2:3130 COPPER (JUNE) RESISTANCE2:312 RESISTANCE1:308 SUPPORT1:296 SUPPORT2:293
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Money Maker Research Pvt. Ltd. CHART OF THE DAY SILVER:
CALL: BUY SILVER JULY AROUND 40475 TARGETS 41200 STOPLOSS 40179.
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