MCX Gold Trend
Investment demand at SPDR Gold ETF also saw additions yesterday as resumption of 2.73 tonnes yesterday.Today in the afternoon session we have inflation and Current account deficit for the Euro Zone which can affect the Euro. Later in the evening session of the trade we have U.S. Producer Price Index which is an inflationary measure and can affect the greenback.
We expect gold to trade on a positive note today as risk aversion in the global financial markets will fuel safe-haven demand for gold. Silver is also expected to trade higher on the back of a weaker dollar.
Crude Oil Trend
Crude oil inventories rose 1.75 million barrels to 350.4 million barrels for the week ended 12th Aug, 2011, data from the API reported. Analysts had expected a 0.5 million barrels. Inventories at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, dropped 1.39 million barrels to 33.2 million. Gasoline stockpiles fell 5.37 million barrels to 205.8 million barrels. The recent attempts to break the upside level 3980-4000 has been held several times. For the day we expect prices to break the same may give assurance to move higher towards 4060 initially then 4180. Other wise we see a choppy trading session with mild negative bias towards 3920.
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