The mcx gold and silver has bagan at the weak trend in the commodity market market today. At moment With osteoporosis of 0.15 percent on MCX gold is trading at Rs 30806 while on other hand The silver is consistently falling 0.30 per cent and currently the price is at the level of 57379. Gold and silver trading in the overseas market is on the decline.
MCX crude oil is too weak in the starting of today’s trade. With 0.25 percent decline crude oil dropped in the domestic market and is trading, at the price level above Rs 5,300.Base metals are also open today with red markings. MCX has seen a decline in the metals. Aluminium, Copper and Lead are broken up 0.30 per cent. LME Copper also has a declining trend.
Our Trading Recommendations/Tips For Today’s Trading
Copper (MCX): Sell RS – 424, Target – 418 Stop loss of Rs – 428
Lead (MCX) Sell at 109.50 with Target RS -108 and Stoploss of Rs -110.50
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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Light edge hike is being witnessed in the gold at mcx India while the silver is consistently showing down trend in commodity market. Although the gold is not in the same trend in the market. At Comex the gold is trading above $1616 with a up of 0.20 percent. the price is 28 dollars per ounce. Gold in the domestic market on Wednesday closed at Rs 29 910 with a gain of 0.5 percent, while silver closed at Rs 53 375, with lethargy.
After Falling the crude oil at multi commodity exchange is now in the up side in the market. The crude oil at price band of 93 dollars a barrel. MCX Crude oil on Wednesday, with the weakness of nearly 0.5 per cent to reached to Rs 5152.Copper on the London Metal Exchange is trading with a half per cent of increment. Copper in the domestic market on Wednesday with a fall of 0.26 per cent closed at Rs 417.
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Despite the decline in the international market, gold in the domestic market is strong. But the silver in the domestic market is trading weak with international market. Crude oil is also trading bearish trend. At comex the gold is weakened by 0.1 percent while the silver is 0.4 percent.Nymex crude oil is trading at 93.4 dollars per barrel.
MCX gold is trading at Rs 29,820 with 2 percent gain while the silver at mcx is seeing some down trend. MCX Silver is trading at 53,310 with a decline of 0.1 percent. Crude oil at mcx has slipped and reached to the level of Rs. 5,145.
A lower circuit of 4% has been employed on NCDEX Turmeric september and October contract. Turmeric, the September futures price has come down to Rs 6,100. Coriander August, September and October futures has weakened around 3-4 per cent. NCDEX Chana (Gram) is trading at 4850 with a gain of 1.5%.
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