Gold trading projected high range for the day is 31381-31519
Gold trading projected low range for the day is 31265-31127
Gold gains on rupee weakness despite prices dropped in international as a strong greenback depressed demand for dollar
Demand from gold importers in India appeared to wane as a weaker rupee drove up domestic prices
Gold market appears to have factored in optimism related to the U.S. Federal Reserve’s monetary stimulus announced in September
Gold is trading below 50DMA, which is at 31624
Major Resistance on upside at 31470-31569-31668
Trend Deciding Level at 31293
Major Support on downside at 31394-31017-30918
Today’s Trend: Positive-Strategy buy gold on dips
SILVER:
Silver trading projected high range for the day is 60833-61297
Silver trading projected low range for the day is 60659-60195
Silver ended with gains on rupee weakness tracking firmness in base metals and crude prices
German Chancellor Angela Merkel opposed giving ECB new banking supervision powers before a January 2013 target date.
Holdings at ishares silver trust gained by 27.41 tonnes to 9888.85 tonnes
Silver is trading below 50DMA, which is at 61
Major Resistance on upside at 60833-61297
Trend Deciding Level at 60572
Major Support on downside at 60166-59644-59238
Today’s Trend: Positive-Strategy buy silver on dips
CRUDE:
Crude trading projected high range for the day is 4945-4990
Crude trading projected low range for the day is 4900-4856
Crude oil gains supported by news that TransCanada Corp had shut Keystone crude oil pipeline to U.S. Midwest and Midcontinent.
Supply disruption concerns stemming from Iran’s disputed nuclear programme are also putting a floor under oil prices.
China’s refinery throughput in September rose 7% from a year earlier to a record daily rate of 9.43 million bpd.
Major Resistance on upside at 4975-5005-5034
Major Support on downside at 4885-4827-4797
COPPER: Copper trading projected high range for the day is 444-447
Copper trading projected low range for the day is 442-439
Copper gains boosted by data that showed China’s economy stabilizing and recovery gathering pace in U.S. housing sector.
China reports, including retail sales and industrial output figures beat forecasts, easing fears over a ‘hard landing’
Major Resistance on upside at 446-448-450
Trend Deciding Level at 442.37
Major Support on downside at 441-437-435 MENTHOL OIL:
Menthol Oil trading projected high range for the day is 1194-1207
Menthol Oil trading projected low range for the day is 1190-1177
Menthol Oil spot is at 1369/-.Spot market is down by Rs.9/-.
Menthol Oil ended with gains tracking firm spot demand on pharmaceutical demand at lower prices.
Traders expect demand to rise ahead of the winter season and the Festive season.
On 17th October, total stock of Menthol Oil at MCX-monitored warehouses at Chandausi was 1, 00, 677 kg
Major Resistance on upside at 1202-1225-1223
Trend Deciding Level at 1187
Major Support on downside at 1177-1162-1152
Today Commodity Advises:
- BUY CARDAMOM MCX NOV @ 905-900 SL 890 TGT 918.50-928-936.
Today Major Global Events:
Date & Time |
Region |
Event |
Period |
Survey |
Prior |
19/10/12 & 19:30 |
GE |
Producer Prices {MoM} |
Sep |
0.30% |
0.50% |
19/10/12 & 89:00 |
EC |
ECB Euro-Zone Current Accounts SA |
Aug |
— |
9.7B |
17/10/12 & 18:00 |
Us |
Existing Home Loans |
Sep |
4.75M |
4.82M |