Live Mcx Gold and silver Market Trends

Market Wrap

•  Copper traded near the highest level in a month

• Gold fell for a third day in the longest slump since April
• Copper from LME warehouses jumped 35 percent
• Crude retreated from a one-month high.

Copper traded near the highest level in a month after recording a third weekly advance as investors weighed whether demand in China, the largest user, can be sustained. Zinc, nickel, aluminum and lead rose. Copper from LME warehouses jumped 35 percent to a record 212,875 tons. SHFE inventories slid to a six-month low at 195,043 tons last week. crude fell for a third day, the longest run of declines in four weeks, as OPEC boosted output to the highest level in five months.WTI futures slid as much as 0.9 percent in New York, and London-traded Brent decreased for a second day. Gold fell for a third day in the longest slump since April, when the metal entered a bear market, as investment holdings resumed a drop and the dollar strengthened.

TECHNICAL VIEW

GOLD (APR) 

Trend       • Consolidate

Strategy      • Sell on high

Resistance  • R2 - 27780 ;  R1 - 27350
support       • S1 – 26650 ; S2 – 26180

SILVER (MAY)
Trend          • Bearish

Strategy      • Sell on high   

Resistance  • R2 - 46750; R1 - 45870              
support       • S1 - 43350; S2 – 42200

LEAD (APR)

Trend          • Consolidate

Strategy      • Sell on high   

Resistance  • R2 - 115.5; R1 - 112.8           
support       • S1 - 109.3  ;S2 –107.5

ZINC (APR)

Trend          • Consolidate

Strategy      • Sell on high   

Resistance  • R2 - 105.3; R1 - 102.5          
support       • S1 - 98.5;   S2 - 96.3

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