Mcx Gold commodity trading this morning once again Gold is trading higher to $1234.50, up by 0.35percentage wherein we feel lower USDX and call that US Fed may delay raising rates amidst slowing global growth is helping Bullion. Nevertheless, as also said yesterday if we look at the demand side, no major positivity is noticed as investment demand is just callously declining. Today, we have to seek guidance of USD especially when no major economic data are expected. At this moment especially when the safe-haven euphoria is pushing precious metals higher, Euro too trading higher and we suggesting a sell on bullion could go wrong. However, we may relate to weak economic cues from UK and EU today which might once again turn negative and indirectly put pressure on Euro and later on Gold. On the whole we may see a mixed trend today so recommend making only intraday trades. Technically $1244 would be a crucial point to watch and should be kept as SL in short positions. Gold commodity traded in a ranged manner after opening with strong gap-up yesterday.Comex Gold at electronic session finished higher by 0.7percentage to $1230 however, the same was lower than its opening rate at $1238 an ounce. Gold active Dec contract at MCX closed little changed with prices standing at 27111 per 10 Grams, wherein probably rupee movement capped gains locally
Global Market View Today morning, all the Asian markets are trading on a mixed to positive note despite the sharp selloff in the US markets overnight. S&P 500 closed at 1874.74 down by 1.65percentage as markets continue to reel under the uncertainty about the Global growth prospects. SGX Nifty is trading on a negative note down by 20.00 points after the spectacular bounce back from yesterday’s low. Dollar index has continued to trade lower yesterday against most of its trading partners. US dollar index was currently trading at 85.29, bouncing back from a earlier low of 85.15. Euro and Pound on the other side added to 1.2726 and 1.6074 respectively.
Today’s Economic Data: UK- CPI & PPI, Germany: ZEW survey numbers and from the US NFIB small business optimism. Precisely, for the past three to four sessions, especially when the USD index has declined a tad most of the assets have been moving in a ranged manner
Mcx Silver commodity trading market also hold a similar view as other than broader cues over USDX, equities sliding and cues from the Fed, there are no major changes seen in very short-term. We maintain selling bias in the commodity while we believe, as our view in base metals too stay heterogeneous to bearish, probably once again silver would underperform gold and thus whitish metal would be seen as better bet on the selling side today. Silver is standing on similar lines s in case with gold wherein commodity closed higher by 0.25percentage yesterday, lower from its intraday highs. Silver locally at MCX though finished weaker by 0.45percentage to Rs 38335 per 10 Kg, thanks to the Rupee affect
Sell Mcx Silver Dec below 38560 SL 38820 Tgt 37950
Sell Mcx Gold Dec below 27030 SL 27120 Tgt 26850