MCX Gold Trend
We expect gold to trade lower today mainly on the back of easing concerns with regard to US debt issues after the congressional leaders reached an agreement to raise the country’s debt limits. This will affect the safe-haven demand for gold. Additionally, expected strength in the US dollar will also act as a negative factor.
Gold futures accelerated losses in electronic trading Monday after U.S. lawmakers reached agreement on the path ahead to raise the debt ceiling. Gold futures for Dec Delivery dropped $16.50, to $1,614.70 an ounce. MCX Gold is currently trading at `23355, it is trading down by `164 for the day.
Crude Oil Updates
The daily price chart of Crude Oil suggests that prices have formed a short term support near 4200 levels. However, the short term trend is down. Any rise to 4320 levels should see selling pressure again. Crude oil prices are expected to trade higher today mainly on account of easing worries with regard to US debt limits and upbeat sentiments in the markets globally. However, slowdown in China’s economic growth, the world's second-largest oil consumer, may cap sharp gains in oil prices.
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