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Follow on Google News | Weekly Commodity Market News By Epic Research 30th June – 04th Junly 2014Despite the strong rally in the August MCX Gold market since June 3, trading the long side could get a little tricky today since the market has reached its first objective.
By: www.epicresearch.co During this week prices rose sharply towards the new contract high of 27870 levels and finally closed +0.014 higher at 27668 levels. As per the candlestick pattern prices has formed “ doji candlestick pattern” which is the sign of indecisive. For the next week we expect gold prices to find support in the range of 27,500 levels. Trading consistently below 27,000 levels would lead towards the strong support at 26,500 levels and then finally towards the major support at 24,500 levels. Resistance is now observed in the range of 28000 – 28,300 levels. Trading consistently above 28,600 levels would lead towards the strong resistance at 29100 levels, and then finally towards the major resistance at 29,500 levels. SILVER MCX TECHNICAL VIEW As expected during this week prices could able sustain on higher levels and in end of the week prices rose towards the new contract high of 44970 levels and finally closed -091 % 44529 at 44570 levels. In the week prices have made the new contract high of 44970 levels and formed “Doji candlestick pattern” which is the indication of indesicive. For the next week we expect silver prices to find resistance in the range of 44,950 levels. Trading consistently below 441000 levels would lead towards the strong support at 43600 levels. Resistance is now observed in the range of 45000 levels. COPPER MCX DAILY CHART There is no major movement in copper and closed +0.57% at 417.85 on Friday. From starting the week copper price up its 415.45 levels. As per daily chart, MCX Copper price moved in sideways trend between 422-405 levels. Recently price has return from upper line and made “Black marubozu pattern” RSI is also giving sell signal, We expect price may test 410 -405 levels and below this level may go more down up to 402-395 levels. Alternative any break and close above Rs 423 could change our bias CRUDEOIL MCX TECHNICAL VIEW Crude oil price remain trapped within the sideways range represented by 6345 support and 6500 resistance, waiting for the price to break any of these levels to clearly locate its direction. For that, the sideways expectations remains valid through the upcoming period, and to recognize the expected targets Expected trading range for today is between 6345 support and 6500 resistance. Expected trend for week: down trend Epic Research Private Limited is the Service Excellence Award Winner Financial Advisory Firm, known for the best consultation services regarding Capital Stock Market of India and other global markets. Our research team of experts generate and deliver high accuracy tips on the cash, derivatives, commodity and FOREX segments. Traders are offered with the updates of the segments like – intraday stocks tips, derivatives trading, MCX and NCDEX trading, currency trading tips etc. Our research Team assists on the following sectors - MCX Trading Tips (https://www.epicresearch.co/ Intraday Stock Tips GET FREE TRIAL +91 731 6642300 give Missed call at 02653090639 SMS EPIC to 56363 Or visit our site http://www.epicresearch.co/ Or mail us here: info@epicresearch.co or https://www.epicresearch.co/ End
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