Posted by : Niti Mathur
Gold moved on Wednesday yet stayed close to a three-week high, as the dollar picked up in front of distinctly anticipated congressional confirmation by US Federal Reserve Chairman Ben Bernanke later in the day. Bullion costs have exchanged a tight extend in the course of the final not many sessions as moguls held once again on huge wagers in front of the confirmation, which they trust will give a reasonable standpoint with respect to the Fed's USD 85-billion month to month bond buys.
The trend in crude oil futures for July delivery on MCX is looking in a range bound of 6100-6400 for this month. Today also it is trading at 6252 up by 10 points. For today crude oil has a strong resistance at 6300 level. Break out of any of the sides of the range is expected to give clear direction to the commodity prices.
Technical Levels For MCX Gold
MCX Gold has now modified support level at 26000 and 25700 for today on the other side if gold rally upto the 26700 level then it may get 27000 level today.
MCX Gold: Sell around 26550 levels with a stop loss placed above 26700 levels for targets of 26000.
MCX Copper: Sell around 416 levels for targets of 405 with a stop loss placed above 421.
MCX Natural Gas: Buy around 218 levels with a stop loss placed below 215 levels for targets of 225.