MCX Gold Aug
Gold prices made another all time high of $1262.5 after breaching previous high of 1251.8 and recorded highest ever closing at $1256.7. Market even breached trend line resistance at $1255. Near term trend remain bullish with market moving well above the short term moving averages. RSI is reading at 0.66. Next resistance is seen at $1265 then $1278. Support is at 1254 then 1250 levels.

On MCX Gold August futures moved up further on Friday after breaching important resistance at 18850 and made high of 18897, before closing at 18851 levels. Next resistance is at 18900, break of same can test 18995 levels. Support is at 18800 then 18760.

MCX Copper June
Copper futures fell further on Friday and tested crucial support at 291 levels. However, it managed to close slightly higher at 294 levels. Immediate resistance is at 298, market sustain below can extend the weakness in short term. Support is at 292, break of same may test 290.5 then 287.5. RSI is reading at 0.37 near oversold region. Short term trend remain weak as market is moving well below moving averages. For the day we recommend to sell on rallies.

MCX Crude oil June
Crude oil prices recovered sharply from early weakness on Friday. It made intraday low of 3491 and closed at 3542, well above the 50 day EMA. Next resistance is at 3580 then 3605. Support is at 3520. Market sustain above this support can push the prices higher towards resistance levels.

RSI is reading at 0.56, neutral zone. Market is holding crucial trend line support at 3490, which is also around short term moving averages like 10, 20 and 50 day EMAs. If prices sustain above this crucial support, it is expected to test trend line resistance at 3652 in short term.

NCDEX Pepper Jul
Pepper futures moved up further after breach of crucial resistance at 16440 and made intraday high of 16495 on Saturday. Prices have also closed well above short term moving averages, indicating reversal from bearish trend.

Immediate resistance is at 16520, which is neckline break out of Head and Shoulder formation. Market failing to break the same can extend the bearish trend. Next support is at 16260 then 16120 levels. RSI is reading at neutral zone at 0.51.

Courtesy: JRG Commodities Research

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