GOLD:
Gold trading range for the day is 31270-31590.
Gold dropped after solid housing and confidence data out of the U.S. wiped out gains
IMF report revealed that central banks increased their holding of the precious metal in both July and August. SPDR Gold Trust said its holdings had risen to a record high of 1,331.332 tonnes by Sept’ 25
Gold is trading above 50DMA, which is at 30900. A little bit weaker dollar is helping set a slightly better tone for the market and at least not creating headwinds. Gold is consolidating between roughly $1,755 and $1,775 at the moment.
Resistance is at 31490-31585-31680
Trend Deciding Point at 31425
Support at 31330-31265-31170
SILVER:
Silver trading range for the day is 61495-63555.
Silver dropped as rekindled concerns about the euro zone’s debt crisis weighed on the euro and boosted the dollar. Solid data out of the U.S. sent the metal falling as investors stocked up on dollar positions. Federal Housing Finance Agency (FHFA) announced that house price index for July rose by 0.2% MoM.
Silver is trading above 50DMA, which is at 59400.
Resistance is at 62923-63545-64168
Trend Deciding Point at 662518
Support at 61895-61490-60866
CRUDE:
Crude trading range for the day is 4825-5015.
Crude turned lower with concerns about economic growth continuing to keep oil traders cautious
Washington cleared the way for tighter sanctions against Iran to curb the Middle East state’s nuclear ambitions. Today crude oil inventories: EXP: M PREV: M. Actual is at 8.00PM
Resistance is at 4957-5016-5074
Trend Deciding Point at 44921
Support at 4862-4825-4767
COPPER:
Copper trading range for the day is 441-448.5.
Copper gains after a double dose of positive economic data in the US bolstered investor appetite for risk
Concerns remained about outlook for physical demand from China, given sluggish consumption since beginning of the year. Concerns surround Spain’s finances as Madrid holds back from applying for bailout for fear of political backlash at home.
Warehouse stock for Copper at LME was at 220301 mt that is up by 350mt.
Resistance is at 460-475-490
Trend Deciding Point at 451.25
Support at 436.25-427.65-412.65
Today Commodity Advises:
- BUY CRUDE MCX OCT ABOVE 4890 SL 4940 TGT 4854-4812.
- SELL REF SOYA OIL NCDEX OCT BELOW 716.50 SL 719 TGT 714.50-712.50
- SELL NICKLE BELOW 975 SL 986 TGT 965-955
- SELL SOYABEAN NCDEX OCT BELOW 3385 SL 3415 TGT 3350-3315.