COMEX GOLD futures closed at their highest level in two weeks Wednesday trading session, with globaldebt troubles helping it tally a two-session win of nearly $47 an ounce. Gold for Aug delivery closed up $16.50, at $1,529.20 an ounce on the Comex. MCX Gold August contract is currently trading at 22244, it is trading marginally positive for the day. MCX Silver Sep is currently trading at `54320, it is trading up by 235 for the day.
MCX live market report for base metals may note some gains in case of MCX Lead while copper and other industrial metal prices seen to remain firmer. Also supporting prices is sharp drop in stocks on LME warehouses for last few days. While stocks have fallen lately, cancelled warrants have eased to around 9% of total stocks. Trend in copper may continue to determine further direction for Lead. Support for MCX Lead July contract is seen at Rs.118 while Resistance is seen at Rs.121.
GOLD MCX (AUG)
Trend : Consolidate
Strategy: Buy on dips
Resistance:
R2 - 22550
R1 - 22280
Support
S1 - 21950
S2 - 21670
SILVER MCX (SEP)
Trend : Consolidate
Strategy: Buy on dips
Resistance:
R2 - 55800
R1 - 54750
Support
S1 - 53580
S2 - 52300
