MCX Gold June
Spot gold ended on flat note after facing stiff resistance at $1218 (61.8% fibonacci retracement of $1248 to $1165). Only break above these levels may test $1225. Otherwise, a mild correction can be seen towards the support of 10 days EMA at $1205 then $1198.
MCX June contract has settled down after lower the opening. The immediate support located at 18350, break of the same may test 18290. Daily RSI reading at 0.69, signaling an overbought territory, it may restrict the gains. Resistance is at 18435 and 18490.
MCX Copper June
Copper June contract ended on positive bias after two days losses. Market is trading above the10 days EMA’s, suggests firmness in the counter. Market is expected to
move higher on break of 328 (50 days EMA) to 330, which is 50% fibonacci retracement of 359 to 298. The momentum indicator (RSI) reading around 0.60 neutral. While supports are at 322 and 318.
MCX Copper June
Copper June contract ended on positive bias after two days losses. Market is trading above the10 days EMA’s, suggests firmness in the counter. Market is expected to move higher on break of 328 (50 days EMA) to 330, which is 50% fibonacci retracement of 359 to 298. The momentum indicator (RSI) reading around 0.60 neutral. While supports are at 322 and 318.
NCDEX Pepper July
Pepper prices ended on positive note and settled well above short term EMA’s. Currently, market is facing a trend line resistance at 17630; if break above will continue the upward moves and expected to hit a new contract high. Otherwise a minor correction towards the supports of 17250 and 17130 can be witnessed. Daily RSI is reading at 0.52 in neutral. For the day, prices expected trade sideways, but recommend buying only on break out.
