The day before the weekend i.e. On Thursday the commodity market declined sharply. Before Thursday the market was trending on upper levels. At Comex the gold and silver traded with significant decline. On other hand the crude oil at Nymex also slipped and reached to low price level. Copper is trading at lower levels with some losses. According to news the copper and crude oil may continue with this trend next week too.
At moment the gold at Comex is trading at 1615.25 dollars per ounce after a down of 0.1 percent. The reverse is the situation of the domestic market. The gold at multi commodity exchange is trading at around 30,015 price band. MCX Silver closing price was 53,770 after the gain of 0.6 percent. Crude oil at MCX closed very near to the level of 5300.
Commodity Market trend is being expected to trade in the upper bias today as the global cues are suggesting the upper trend of the market.
Commodity Trading Strategies for Today:-
We expect October contract of gold is likely to take a support of Rs. 30,030 while the gold may touch 30,250 in long term.
Similarly MCX silver is expected to trade on upper bias.
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