9/06/2011 05:27:00 PM
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MCX Gold Trend
Sales of gold and silver American Eagle coins were at their highest since January in August, meanwhile, data from the U.S. Mint showed. The Mint sold 112,000 ounces of gold coins and 3.68 million ounces of silver coins last month. Gold futures edged higher in electronic trading Tuesday, as European sovereigndebt woes and global growth concerns boosted the metal’s safe-haven appeal. Spot Gold is currently trading at $1912, it is up by $10 for the day
Silver Trend
Spot Silver prices however took some breathing and fell by 0.83 percent to $42.84 per troy ounce yesterday from $43.2 per troy ounce the prior day. Gold/Silver ratio surged yesterday to 44.32 from 43.57 on 3rd Sept, 2011 pointing to the investment strength in Gold
On the back of growing European economic worries and waning risk appetite, we expect gold prices to trade higher despite dollar strength. But silver on the other hand is expected to witness downside pressure on account of base metals which are trading lower as demand concerns rise on rising economic uncertainty.
Crude Oil Trend
Shut crude oil production in the U.S.-regulated areas of the Gulf of Mexico increased by 1.2 percent on Monday after Tropical Storm Lee dissipated over the southeastern United States, the U.S. government said. On the MCX, crude oil September contract declined around 3 percent and touched an intra-day low of Rs3843/bbl on Monday.
Copper Trend
Copper, leader of the base metals declined almost 1.5 percent on Monday mainly on the back of demand concerns due to global economic growth worries. The 4 hourly price chart shows that prices have witnessed a breakdown from the rising trend line support. Today in the afternoon session of the trade we have Euro Zone GDP data and also the Germany Factory orders which if come better than expected then would support the Euro and will also be positive for the Base Metals. The MACD has also moved below the zero line in sell mode which is bearish. We expect prices to see further declines to test 405 levels in the short term.
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