Mcx Gold Commodity market largely stayed weak yesterday but the pace of loss was meager while this morning it is trading down marginally at$1215 weaker by 0.3percentage at Comex. It looks like the trend may remain bearish for today. Robust US economic data over New Home sales driving good gains in the US equity markets meanwhile Dollar too inched higher. Additional gains in USDX came as Euro slipped on speculation that weakening economic cues would push central bank to add more stimuli. Declining Euro, feeble investment demand and subdued tensions are all likely to pull the gold prices lower in today’s session as well. Also, the Indian rupee is expected to trade modestly higher which should help locally non agri commodities to trade down. We maintain sell stance today. Bullion fell yesterday, taking back their gains made in the earlier half of the week as geo-political issues receded and markets took note rising US Dollar which hit 85 mark Gold Dec Comex fell 0.20percentage to $1218 per ounce where as MCX Gold October slipped at a higher rate by 0.45percentage to Rs26550per 10 Grams.
Global Market View: Today morning, Asian markets are trading on a positive note tracking positive US markets. US new home sales increased by 18percentage against an expectation of4.4percentage. Dollar index has crossed the 85.00 mark yesterday evening after the data and has led to the depreciation of the all the major currencies. Euro is trading on a negative note to the dollar in the morning session at 1.2778, and Pound too is currently trading on a depreciating note at 1.6325. Major
Economic data for today: European Money supply and loads of economic data from the US market.
Mcx Silver commodity market today morning is trading lower by 0.4percentage adding to previous day’s losses and likely that weaker Euro along with lower to subdued trend in base metals would continue to provide weight on the whitish metal today. Volatility may remain high in evening session as we have large number of data points from US today. Yesterday, with the naked sell call we also recommend Gold/Silver ratio wherein traders might be making modest profits. Those who are holding longs can look to book profits in today’s session or look to reduce stop loss in the same position. Silver December too moved in a near similar trend yesterday with the commodity losing along with gold and also didn’t got support from base metals which gained a tad after better New-Home Sales data. Silver Dec Comex fell 0.45percentage while MCX Silver for same month’s expiry closed lower by 0.65percentage to Rs 39265 per Kg.
Sell Gold Mcx Oct below 26580 SL 26700 Tgt 26480
Buy Crude Mcx Oct above 5665 SL 5600 Tgt 5700