Tuesday, May 1, 2012

MCX Commodity Market Updates Today

MCX Commodity Market Outlook & Gold Updates Today 1st May 2012: MCX commodity markets will open today in the evening session of trade at 5 pm. MCX Gold (June) daily price chart suggest that prices have breached the crucial resistance of 29000. Gold is looking bearish in buying trend. We recommend a buy around 29000 levels with a stop loss placed below 28800 levels for a target of 29500 levels.
Gold prices saw sharp decline last week but couldn’t breach its important support area of $1620/oz mark. Overall bias is still bullish for Gold this week and we expect that rally may continue for some time and on higher side can test its resistance of $1687/oz. 
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