Global trend of precious metals gold and silver is on down side. These both commodities are trading with the moderate losses in the domestic as well as the overseas market. At comex the gold has seen a sharp drop of 0.30% although the price of comex gold is above the 1600 dollar.Silver is trading with 0.5 percent decline and is at $ 27 per ounce.MCX gold in domestic market closed with substantial growth of 1 percent and reached to the 29840 while the silver arrived at 53429 with a gain of 1.14%. On MCX Crude oil declined by 1 percent & stuck at 4950.
Commodity Trading Strategies for Today
Gold (MCX) is likely to trade in the range 29,800-30,020. Go for long of mcx gold at around Rs 29,800, place a stop loss of 29,720. MCX Gold may see the upper resistance level of 30,000 or even 30,020.
Buy MCX Silver at around 53,350. Place a stop loss of 53,260 It is likely to see the upper price evel of 53,700.