MCX Market Trends For 05 July

Is there more weakness in store for gold? Probably yes.Lower gold prices have failed to attract buyers, which may lead to further downfall in the yellow metal. Gold has fallen as much as $140 an ounce in recent trades, due to worries over the potential winding down of the U.S.

GOLD (5 AUG.) TREND: CONSOLIDATE
RES 1: 26300
RES 2: 26500
SUPP 1: 25800
SUPP 2: 25570
STRATEGY: BUY ON DIPS

SILVER (5 SEP.) TREND: CONSOLIDATE
RES 1: 41400
RES 2: 41800
SUPP 1: 40700
SUPP 2: 40300
STRATEGY: BUY ON DIPS

Copper prices in both domestic and global market are witnessing negative trend due to concerns over global economic recovery. Copper is expected to trade less volatile as US markets are closed for the day on account of Independence Day. China being the largest consumer, has indicated sings of slowdown in industrial production. In addition, copper inventories are well over 600,000 tons, which is high on a historic basis.

COPPER (30 AUG.) TREND: CONSOLIDATE
RES 1: 422.00
RES 2: 426.20
SUPP 1: 418.00
SUPP 2: 415.00
STRATEGY: BUY ON DIPS

LEAD (31 JULY) TREND: CONSOLIDATE
RES 1: 125.00
RES 2: 126.50
SUPP 1: 122.70
SUPP 2: 121.50
STRATEGY: BUY ON DIPS

ZINC (31 JULY) TREND: CONSOLIDATE
RES 1: 112.30
RES 2: 113.50
SUPP 1: 110.50
SUPP 2: 109.20
STRATEGY: BUY ON DIPS

ALUMINIUM (31 JULY) TREND: CONSOLIDATE
RES 1: 108.30
RES 2: 109.40
SUPP 1: 106.90
SUPP 2: 105.50
STRATEGY: BUY ON DIPS

NICKEL (28 JUNE) TREND: CONSOLIDATE
RES 1: 835.00
RES 2: 855.00
SUPP 1: 825.00
SUPP 2: 815.00
STRATEGY: BUY ON DIPS

Oil prices fell on Thursday after the military coup in Egypt. The prices had surged by 3%-5% over the previous two days. The price of US crude had hit a 14-month high
on Wednesday on concerns over political turmoil in Egypt.

CRUDEOIL (19 JULY) TREND: CONSOLIDATE
RES 1: 6120
RES 2: 6175
SUPP 1: 6000
SUPP 2: 5950
STRATEGY: BUY ON DIPS

NATURAL GAS (26 JULY) TREND: CONSOLIDATE
RES 1: 222.80
RES 2: 226.00
SUPP 1: 218.70
SUPP 2: 216.20
STRATEGY: SELL ON HIGHS

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