AHMEDABAD (Commodity Online): MCX Zinc yesterday traded with the positive node and settled 0.68% up at 103.5 helped by a softer dollar and an investor focus on persistent concerns about long-term supplies of the metal, while much-awaited comments by Federal Reserve Chairman Ben Bernanke had little impact. Bernanke said it was critical for the health of the U.S. economy to reduce unemployment but stopped short of signaling further action to boost recovery.
Series of important US economic data throughout the week ahead, culminating with the Non-Farm Payrolls and Employment Situation report, will kick-start the month of September as traders dissect each and every economic release in search for clues about the state of the U.S. economy and the prospects for a QE3 announcement at the Fed's September 20-21 meeting.
For today's session market Zinc futures is looking to take support at 102.6, a break below could see a test of 101.7 and where as resistance is now likely to be seen at 104.3, a move above could see prices testing 105.1.
Intraday traders can buy MCX Zinc futures near 102.8 with the stop loss of 101.9 and can wait for the targets of 103.9 and 104.5.
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