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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MCX Gold & Silver Updates:-
A slack has been observed in the gold in the international market while silver is trading with a fall. Gold at Comex is at $ 1614. Comex silver is trading at $27 with a decline of around .25%. The gold at multi commodity exchange closed at 29,752 on Tuesday after a light fall. While the mcx silver closed at 53,960 after a down fall of .25%.
MCX Crude oil closed at 4919 declined by 1.20% from it’s previous close. MCX crude oil before the closing was trading on higher nodes at above the 5000 level. MCX Copper closed at 422 in the domestic market on Tuesday.
To get huge profits in gold and silver investment in the commodity market we recommend following commodity Tips for Today.
Gold prices may witness profit booking to the tune of 30030 – 30000, one can buy on dips with a stop loss below 29900.
Silver prices witnessed profit booking from higher levels, one can buy on dips around 53500 -53300.
Crude prices are expected to trade within the range from 4850 to 4950 one can witness selling pressure to continue till 4850.
MCX Gold Tips for Today
Buy Gold between Rs 28,800-28,850 per 10 grams STOP LOSS – 28,760 per 10 grams for a TARGET- 28,975-29,150 per 10 grams.
MCX Crude Tips for Today
Crude is taking psychological support at 5000 levels in MCX. Buy Crude around Rs 5,040-5,050 per barrel levels with a stop loss of Rs 5,000 per barrel for the upside target of Rs 5,110 per barrel and above that Rs 5,150 per barrel levels.
MCX Copper Tips for Today
MCX copper contract around Rs 420 per kilogram with a stop loss of Rs 416 per kilogram for a target of Rs 427 per kilogram.
MCX Silver Tips for Today
Sell silver around Rs 55,000-55,200 per kilogram ranges with a stop loss above Rs 55,700 per kilogram and look for targets of around Rs 54,000 per kilogram.