Commodity Market is down in early trade today. Although International updates suggesting a bull trend in Commodities today. On COMEX, Gold had rose 1.3 percent on Tuesday, its biggest one-day gain in three months. Even in US increased sales rate of new homes has support the Copper prices on the London Metal Exchange. Commodity market is still looking consolidate for today’s trading. Talking about bullion Gold has strong support at 29500 and looking bullish to get the level of 30100 level today. Silver is also looking in buying side today.
Crude oil is also facing selling pressure. Mainly critical Europe’s economic health is pressure on crude oil prices. NYMEX crude oil has come down to $ 93. On MCX, crude oil slipped 0.25 per cent and trading at Rs 5015. Crude oil has a strong support level at 4970 and a resistance at 5085. Natural gas 0.25 per cent on MCX rolled in and the price has come down to Rs 187.50.
MCX Tips for Today:
Commodity Market is looking volatile today. We suggest you to trade with small profit today..
MCX Gold Tips: Sell April futures below 30000 with a stoploss at 30100 and the target of 29800
MCX Lead Tips: Buy February futures around 124.50 with stoploss – and target 123.80 – 125.50
MCX Copper Tips : Buy above 424, with a stoploss at 422 and the target at 427.