CN: Daily recommendation on Gold, Copper, Crude Oil
Gold
Spot gold prices recovered sharply after taking strong support at 20 day EMA of $1155 and closed at $1173 levels. Market is moving in the rising trend channel and has key support at $1155 levels. Only close below this level can turn the market into bearish mode. Resistance is at $1182 then $1188 levels.
Prices have closed above the moving average despite marginal correction in the last couple of days. RSI is reading at 0.62. Gold futures at MCX recovered sharply after finding strong support at 17100 levels, which is also trend line break out for bull-run. Currently market is facing resistance at 17370, if breaks this levels, it can push prices to 17450 levels. Support is at 17220 then 17100. For the day, we recommend to buy on dips.
MCX Copper June
Copper June futures at MCX erased most of the losses after it almost touched 300 levels. This contract made low of 301.3 and ended at 315.5 levels. The momentum indicator RSI was in oversold territory of 0.17 levels also supported recovery in the later session. Immediate resistance is at 318 then 320 levels. Support lies at 313 then 310 levels.
MCX Crude oil May
Crude May contract extended previous day loss and made three months low of 3583. Market has closed well below short term moving average like 10, 20 and 50 day EMA. At present, it is having support of 3580 if break the same will test 3550. While, resistance is at 3695 then 3730 levels. For the day ahead, prices are expected to remain weak and we recommend selling on rise.
NCDEX Soybean May
After initial rise to resistance levels of 2010, soy bean May contract closed at 2000 levels, just below 50 day EMA. Immediate support is at 1984, break of these levels can test 1975 levels. If market sustains below 2010, it is expected to remain weak in short term.
NCDEX Jeera May
Market corrected lower after it failed to break the trend line resistance at 13250. However, it closed above the short term EMA’s. Next support located at 12970 if break the same may test 12800. While resistance is at 13170. We recommend staying on short side on pullback.
