Spot Gold
Spot Gold plummeted after breaching crucial support of $1150 and made a low of $1129.65, before ending at $1136.5 per ounce. However, it managed to close above the 20 day EMA of $1135. Prices have retraced by 50% of recent move of 1085-1169.6. Immediate support is at $1129, break of the same may test crucial support level of 1123, which is also 50 day EMA. Likewise, resistance is at $1145 then $1150 levels. For the day, we expect gold prices to correct further and recommend to sell of pullback.
MCX Gold June
MCX Gold futures on Friday corrected sharply after it breached support level of 16750 levels after it failed to cross crucial resistance of 16865 levels. Market has breached key support levels of 10, 20 and 50 day EMAs, reversing previous bullish sentiments. Immediate support is at 16510 then 16440. Resistance is at 16640, 16720. For the day, we recommend to sell on pullback.
MCX Copper Apr
Copper futures at MCX fell sharply on Friday, after breaking crucial support of 350 levels and tested 50 EMA at 343. On daily chart, prices have formed a descending triangle and have given break out on lower side at 350 levels, indicating bearish trend in the market. Immediate resistance is at 348 then 350 levels. Support are seen at 343 then 341 levels.
NCDEX Soy bean May
Soy bean futures at NCDEX turned weak after it breached key support at 1990 levels and made a low of 1971 levels. It has also breached trend line support at 1982 and close well below the same, indicating bearishness in the market. Support are seen at 1962, break of same may test 1920 in short term. Resistance is at 1988 then 2008 levels.
NCDEX Chana May
Chana May futures at NCDEX fell for two consecutive days, after it breached crucial trend line support at 2272 levels. The short term moving averages have crossed over 50 day EMA, indicating bearishness in the market. Next support is at 2215, while resistance is at 2265. For the day ahead, we recommend to sell on pullback.
