MCX Commodity tips for 17th Jan 2013

Bullion :

MCX Gold seems positive for the day. Support expected around 30820 & 30720; intraday resistance can be seen near 30930 & 31030. Day traders are advised to buy around 30820 with SL 30720, for the target of 30930 & 31030
MCX Silver seems positive for the day. Support expected around 59200 & 58700; intraday resistance can be seen near 59700 & 58700. Day traders are advised to sell around 58700 with SL 58700, for the target of 59700 & 60200.

Base Metal :

MCX Copper seems to be slightly negative for the day. Support expected around 437 & 434; intraday resistance can be seen near 441 & 444. Day traders are advised to sell around 441 with SL 444, for the target of 437 & 434.

MCX Lead seems negative for the day. Support expected around 123.20, 122.10, intraday resistance can be seen near 124.50 & 125.60 Day traders are advised to Sell around 124.50 with SL 125.60 for the target of 123.20 & 122.10

MCX Nickel seems to be negative for the day. Support expected around 946, 936, intraday resistance can be seen near 963 & 972. Day traders are advised to sell around 946 with SL 936 for the target of 963 & 972
.
MCX Aluminium seems to be negative for the day. Support expected around 109.70, 108.60, intraday resistance can be seen near 111.40 & 112.50 Day traders are advised to Sell around 111.40 with SL 112.50 for the target of 109.70 & 108.60

Energy :

MCX Natural Gas seems positive for the day. Support expected around 185 & 182 intraday resistance can be seen near 189 & 192. Day traders are advised to sell around 185 with SL 182 for the target of 189 & 192.
MCX Crude oil seems positive for the day. Support expected around 5120 & 5070; intraday resistance can be seen near 5190 & 5240. Day traders are advised to buy around 5120 with SL 5070, for the target of 5190 & 5240.

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Commodity Updates

Gold today jumped on signs of more demand in India, the biggest buyer for the coming festival and marriage season and a weakening dollar. The precious metal climbed 0.5 per cent to USD 1,786.22 an ounce and silver by 1.1 per cent to USD 34.96 an ounce on expectations the demand from India might pick up for approaching festivals like 'Navratras' and marriage season.

 Copper edged higher on Thursday, helped by a stronger euro on expectations Spain would seek a bailout to rescue its economy, although gains were capped by uncertainty about global growth while trading volumes were low as China remained on holiday. Benchmark copper on the London Metal Exchange (LME)shook off losses from the previous session to rise to $8,318 a tonne at 0917 GMT, up 0.3 percent from Wednesday's close of $8,290.

 Brent crude oil rose towards $109 per barrel on Thursday as expectations Spain would seek a bailout and better US data encouraged investors back into riskier assets such as oil and commodities. US light crude oil for November rose 50 cents to $88.64 a barrel, after dropping to its lowest since Aug. 3 in the previous session.
On Wednesday, Brent dropped 3 percent and US crude lost 4 percent as fears a delayed recovery in China and recession in the euro zone would limit energy demand.

MCX GOLD

31242.0	Change 155.0	Open 31089.0	High 31250.0	Low 31089.0

INTERNATIONAL GOLD

1,794.60	Change -1.90	Open 1,792.60	High 1,798.10	Low 1,792.20

MCX SILVER

62378.0	Change 273.0	Open 62250.0	High 62431.0	Low 62250.0	Times 10/05 11:40

INTERNATIONAL CRUDE

112.11	Change -0.47	Open 112.45	High 112.45	Low 111.82

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