Gold Silver Trend: MCX Bullion Outlook

Gold
Today, Gold prices are witnessed with a gap up opening, the prices are expected to test 28245 - 28295, traders are advised to buy Gold on dips around 28095 - 28065. 
Gold (Feb): Support- 27695 - 27995
Resistance: 28145 - 28345.

Silver
Today, Silver prices are expected to test 57495 – 57995 on higher end, traders are advised to enter with a long position around 56795 – 56895.
Silver (Mar): Support- 54800 - 56500
Resistance: 57490 - 58695.

Gold and Silver Outlook: MCX Bullion Tips

Gold and Silver in the international market has rised strongly. On Comex Gold is trading with nearly 1.5% faster around $ 1653, while silver gained 2% and is trading above $ 30. In the Domestic Market Gold was closed with slight decline around Rs 27,500 on Monday, while Silver was closed with nearly 1/2% gain around Rs 52,350.

MCX Commodity Updates and Outlook for Today

Gold & Silver- Gold loses $60/oz yesterday, slips below $1600 to $1563/oz. We expect downside pressure in the case of gold and silver to continue as dollar strength and weak global market sentiments will add pressure on prices.

• Gold (FEB.) Support: 27900 - 28100, Resistance: 28300 - 28450

• Silver (MAR.) Support: 53450 - 54000, Resistance: 54600 - 55100. 

Copper- Copper on the LME fell below $7200/tonne yesterday. With growing worries over the European economy, downside pressure is expected on industrial metals to persist. A stronger US Dollar is expected to add further downside pressure on prices.

• Copper (FEB.) Support: 390 - 394, Resistance: 400 - 403.

Crude Oil- Nymex crude oil prices fell more than 5 percent on Wednesday. Crude prices are expected to test 5120- 5100 on lower end.

• Crude (DEC.) Support: 5150 - 5200, Resistance: 5230 - 5280.

MCX Commodity Updates for Today

• Gold- Today morning news came from China stating narrowed down of its trade balance may have negative impact on commodities market and thereby on gold too. Interestingly, euro is seen trading marginally lower from its previous close and the reason could be expected weaker data and the elation of positive euro summit decision which would have been over. As discussed above the day is expected to be dicey however, selling pressure may maintain during the day. In the Indian front marginal rupee depreciation may have limit on the price fall however selling trend is inevitable.

• Silver- At the Globex platform, silver is seen trading down by 56.30 cents at $31.69. Market has taken cues from Chinese news. If we look at the market Silver prices are trading down by 1.75 per cent while gold is down by around 1.00 per cent. The massive fall on Silver was witnessed due to weaker metals and energy prices. Going ahead the data are looking unimpressive and may have negative impact on prices.

• Copper- Copper Prices may come under pressure amid growing uncertainty over Euro Zone after two day long summit last week failed to ally fears over debt crisis in the region. The downside may however be capped amid rising copper imports in China signaling robust demand from the region. China’s copper import rose 17.9% in November to 452,022 tonnes. Stocks at LME fell by 2075 tonnes last week.

Support for February copper is at Rs.400 while Resistance is at Rs.412.

• Crude Oil- NYMEX crude trades in a narrow range above $99 per barrel amid mixed cues. Supporting prices is rise in Chinese crude oil imports last month and reports that China is considering a vehicle for investment in US and Euro-zone. Crude may remain in a narrow range ahead of some important event due this week, trend in equity and currency markets will determine direction for crude oil.

Support for MCX Crude Dec. contract is at Rs.5125 while Resistance is at Rs.5250.

MCX Commodity Tips Updates and Outlook for Today

• Sluggish trend in Crude Oil is seen today. In America the effect of rising in Crude Oil stocks is being witnessed on Crude Oil Prices. On MCX Crude is trading with 1/2% decline at Rs 5211.

• Gold - Silver is looking light strong today. In the Domestic Market Gold with slight edge is trading at Rs 29,306. Silver is trading with the boom of nearly 1/2% at Rs 57,407.

• Strength in base metals is still intact. On MCX metals are trading in green.

MCX Commodities Updates for Today: (Monday 5th Dec.)

• Crude oil is trading with gains today. In the domestic market Crude Oil is trading with 1/2% rise above Rs 5,200. Edge In the International Market Crude Oil is trading with above $ 100.

• Gold and silver are trading dull today. On MCX Gold with slight rise is at Rs 29,238. In the Domestic Market Silver is trading on the edge at Rs 57,203.

• In base metals mixed trend is visible. Selling pressure is seen in all base metals except Nickel and Copper.

MCX Commodity Updates and Outlook for Today

The effect of unemployment in United States has been seen in the Commodity Markets. 

On Nymex Crude Oil has slipped. On Nymex Crude Oil is trading with slight decline $ 100 per barrel. The Brent Crude gained nearly 0.5% and is trading around $ 109.4 per barrel.
On Comex Gold and Silver is trading with strength. On Comex Gold is trading with 0.5% strength around 1745.75 dollars per ounce. While on Comex Silver is being witnessed on the edge and it is trading at 32.8 dollars per ounce. Copper on LME is looking strong with 0.2%.

MCX Commodity Tips Updates for Today

Mixed sentiments in International Commodity Markets is being witnessed. On Nymex Crude Oil has slipped. On Comex gold and silver has recovered.
On ComeX Gold is trading with 0.5% rise at $ 1729.75 per ounce level. On Comex Silver is also showing strength with 0.5% rise and has risen above $ 32. Copper on the London Metal Exchange has declined by 1%. Nymex Crude Oil declined by 0.2% and is trading at 99.50 dollars a barrel.

MCX Commodity Tips Updates for Today

On Comex Gold and Silver is looking at the boom. At Nymex Crude Oil is trading with 1.61% rise 98.31 dollars a barrel. The Brent crude with 1% strength has reached to $ 107.72 a barrel.
On Comex Gold is trading with strength of $ 22.5 at $ 1708.20 per ounce. On Comex Silver is trading with strength at 31.70 dollars per ounce levels. Copper on the London Metal Exchange rose to 2.5%.

MCX Commodity Tips Updates for Today

• Gold prices settled moderately lower, with thin volumes reported in International markets on account of Thanksgiving holiday in US. 

• Gold prices are expected to trade range bound today, due to an abbreviated U.S. trading session following Thanksgiving holiday.

• LME base metals ended mixed, suppressed by prevailing economic uncertainty in Europe and US.

• US Crude oil futures registered losses, as economic concerns in Europe and US front overshadowed the decline in US crude oil stocks. The energy prices have a limited downside, as the complex is supported by emanating geopolitical tensions regarding Iran’s nuclear power ambitions.