Gold
Spot Gold almost tested crucial resistance at $1188 and corrected marginally from these levels to close at $1182. The major resistance lies at the same level of $1188, sustain above this levels may push prices higher towards $1195 levels. Support is at $1178 then $1175. Market is trading well above the short term moving averages, indicating bullishness. However, if market fails to break $1188 levels, there can slight correction in short term and expected to test support level at $1175 levels.
Gold June futures at MCX rallied after breaking crucial resistance at 17120 levels and made high of Rs17255 levels. Next major resistance lies at these same levels, only sustain above can push towards Rs17290 levels. Support is at 17110 then 17050 levels. For the day ahead, market is expected to take some correction in case it fails the key resistance at 17250 levels.
MCX Copper June
Copper prices fell sharply after breaching crucial support at 325 levels and made intraday low of 322.6, however, it managed to close at 325 levels. Immediate support is at 322 then 318 levels. Likewise, resistance is at 328 then 330 levels. Market is trading well below short term moving averages, indicating bearish tone in the market. For the day ahead, prices are expected to remain weak and we recommend to sell on rise.
MCX Crude oil May
Crude oil futures at MCX tested crucial resistance at 3870 levels and closed at 3860 levels. In case, market sustains above 3870, it may lead to further rise towards 3900 then 3925 levels. Failing to break this levels could lead to some correction towards 3830 levels. The short term moving averages like 10 and 20 day EMA have crossed over 50 day EMA indicating bullishness in the market. Support is at 3845 then 3830. Resistance is at 3875 then 3900.
NCDEX Guar seed May
Guar seed May contract breached crucial support at 2415 and triggered sharp decline to 2358 levels. Next major support is at 2345 then 2315. Resistance is at 2395 then 2415. Market has closed well below the short term moving averages like 10, 20 and 50 EMAs, indicating bearish tone in the market. For the day ahead, we recommend to stay on selling on every pullback.
RECOMMENDATIONS:
MCX Gold June
Buy at 17120 TGT 17220 SL 17070
MCX Silver May
Buy at 28380 TGT 28650 SL 28250
MCX Copper May
Sell at 326 TGT 322 SL 328.5
MCX Nickel Apr
Buy above 1180 TGT 1195 SL 1172
MCX Crude oil Apr
Sell at 3865 TGT 3830 SL 3885
NCDEX Guar seed May
Sell at 2390 TGT 2340 SL 2415
NCDEX Chana May
Sell below 2130 TGT 2100 SL 2155
NCDEX Soybean May
Sell at 2026 TGT 2005 SL 2040
NCDEX Soy oil May
Sell at 449 TGT 445 SL 451.5
NCDEX Pepper May
Sell at 16950 TGT 16550 SL 17150
