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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Federal Reserve policy statement later in the day, in which the bank is expected to outline fresh measures to stimulate U.S. economic growth. Due to the policy results Gold prices held steady below $1,620 an ounce on Wednesday.Gold is still rangebound within the confines of its major 1532.20/1522.48 support zone (September and December 2011 lows) and the 1641 current June peak.Gold fell in the international market while the silver traded in the positive note.
Crude Oil fell below $84 a barrel Wednesday.In London, Brent crude for August delivery was down 75 cents at $95.01 per barrel on the ICE Futures exchange.
Trading Strategies for today 21 June 2012
MCX Gold Sell below 30100, Stop loss 30200, Target 30000.
MCX Silver Sell below 54200, Stop loss 54600, Target 53800.
MCX Copper Buy above 424, Stop loss 422, Target 426-427.
MCX Lead Buy above 107.40, Stop loss 107, Target 107.80.
MCX Zinc Buy above 106, Stop loss 105.60, Target 106.40
MCX Nickel Buy above 966, Stop loss 960, Target 972.
MCX Natural Gas Sell below 147, Stop loss 150, Target 144.