Commodities Round Up – Eveninig 30.07.12
Natural gas Aug MCX Update :
Prices are likely to remain higher for intraday as long as 170 support is provided. Upside potential is seen until 178/180 levels. We suggest buying on dips. CMP 174
Copper Aug MCX Update:
A stiff resistance is observed near 423-425 levels, which is likely to limit the upside gains. On the lower side support is seen at 419 levels. Break below 419 would trigger fresh selling towards 417 levels. CMP 420
Gold Update @ 08:00 PM
Prices are expected to move in the range of $1613-1628 levels. Sustained trades above $1613 may help the prices to recover intraday losses and to move higher. CMP $1621.
At MCX platform strong support to watch is at 30100 levels, which is likely to limit the downside fall. Expected trading range would be 30100-30190 levels. In case if prices breaches the support at 30100 it may test a short down fall.
Nickel Aug MCX @ 09:00 PM : Immediate resistance is seen at 907-908 levels. Break above the same it is likely to move towards 915 levels. In case if prices fail to breach the resistance at 908 it is likely to move in the range of 895-908 levels. CMP 901
