MCX Copper June futures on last Friday slipped down below 200MA on both daily(366.8) and hourly(366.7) charts. However around the market close, managed to close above 200MA on both the timeframes it is a short term bullish setup as responsive buyers shown support on Friday low around the 361 mark.
MCX Gold surges to a high of Rs31326/Kg when Mr.Donald trump was leading the election results on 9th Nov 2016. Around 10.40p.m gold topped out and from there post the election announcement MCX Gold dropped to a low of Rs29269/Kg on last Friday (Nov 11,2016). The dollar rose to its strongest level since February. Bonds continued to get pounded, with losses exceeding $1 trillion this week.
MCX Copper peaked out during 28th Aug 2013 made a high around Rs513.05/Kg since then MCX Copper is in long term downtrend and currently trading around Rs313.6/kg. It is believed that struggling Chinese economy is the reason for the bear market in copper prices. To be noted China is the largest copper consumer (roughly 40 per cent of global copper consumption).
The double quoted yellow metal is getting even expensive after reaching the highest level in over two weeks. Gold rose as investors sprinted for safer havens on mounting worries that the euro zone debt crisis might spill into Italy. As per our Ichimoku Trading System, Gold is outshining the other base metals and is in buy mode with the support coming around Rs. 22490 per 10 grams.