7/27/2011 05:21:00 PM
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MCX gold Updates
Precious Metals Complex continued to get support from a weaker greenback and safe haven demand which has been buoyant over the past few days as U.S. lawmakers failed to negotiate and come on common grounds over the debt ceiling issue. COMEX Gold Aug futures surged by 0.29 percent to close at $1,616.8 per troy ounce from $1,612.2 per troy ounce mad on 25 th July, 2011. Investment demand for the yellow metal has still not picked up SPDR Gold ETF whose holdings remain unchanged yesterday.
Crude Oil Trend
Crude oil prices are expected to trade with on a rangebound note today, taking mixed cues from dollar weakness and US debt concerns. In the later part of the trade the commodity will take cues from the inventory report by the US Energy Department and if data comes in as per expectations then prices will take support. After a gap down opening prices have been consolidating for the last few hours, but the momentum is also assisting down moves initially towards 4320, but if unable to trade consistently below 4280 would call fro a drift higher later. It would be required to close below 4270 to dent our bullish expectation and take prices lower.
Silver review
Silver is consolidate in today trading, its main movement can be 59700 to 60400 for today. For next week silver can touch 61000-250.
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