Spot Gold prices continued previous day gains and hit five week high, prices trading well above the trend line resistance suggests higher prices in the near term. The market is currently facing resistance at $1153 level, only if any move above the same can test $1161. Otherwise a minor correction can be seen till the support at $1138 levels.
On MCX, prices settled with negative bias. Currently prices are facing a resistance at 16810, if break and sustains above can test 16900, otherwise a minor correction can be seen towards the support of 16630.
MCX Copper April
Copper prices ended in a negative note, but closed above the short term EMA’s after it took support 20 day EMA at 347.5. If it holds the same may lead to some pull back towards the resistance level of 354 and then 356.5. On lower side, only breach of 347.5 can pull down the prices to 343. We recommend selling on pull back.
MCX Crude oil Apr
Crude oil prices corrected after it failed to break crucial resistance at 3860 and touched 20 day EMA of 3760 levels. However, it managed to close well above the short term EMA’s. Immediate support is at 20 days EMA of 3755, its near to 50% Fibonacci retracement of 3660 to 3870, , if fail to break the same a minor pull back seen till the resistance of 3820. For the day, we recommend buy on dips.
NCDEX RM Seed May
RM seed prices are witnessed loss in the last few days after it failed to hold above the short term EMA’s. The next major support is at 496 which is 50 % Fibonacci retracement of 471 to 522, if it breaks the same may test 490 levels. For the day, the market is expected to trade downward bias, major resistance is at 503.
NCDEX Pepper May
Prices recovered previous day loss and ended with positive bias. However market settled below the short term EMA’s, suggest near term weakness in the commodity. Currently prices holding the support of 20 days EMA of 15100 if break below only can down further to 14950. Prices are expected to trade sideways to upside bias if it takes support at mentioned levels. We recommend Buy on dips.
