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Published on 9/05/2019 10:48:25 AM | Source: Hem Securities Ltd

Commodity Technical Outlook 09th May 2019 - Hem Sec

Posted in Commodities Reports| #Commodity Tips #Hem Securities Ltd

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GOLD MCX Future June CMP: Rs. 31768 (0.12%)

The US China trade talks ahead, the commodity is likely to move in a range bound manner till the results of negotiation are declared. Investors are advised to initiate long positions above the resistance levels. Support can be seen at Rs. 31650 & 31500 whereas resistance at Rs. 31900 & 32000.

 

CRUDE OIL MCX Future June CMP: Rs. 4308 (0.60%)

With the surprise reduction in US stock pile of crude , the commodity gained some momentum in the late hours of the trade but with all the trade tensions and slowing economies, the commodity is expected to move in a range. Investors are advised to trade within the range but maintain a strict stop loss. Support can be seen at Rs. 4275 & 4200 whereas resistance at Rs. 4360 & 4400.

 

Recommendations

Sell Copper @429 Stop Loss 430.30 Target 424

Buy Gold @31745 Stop Loss 31660 Target 31860-31900

 

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