9/16/2011 05:35:00 PM
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- Gold heads for its biggest weekly drop since early 2009.
- Base metals and crude oil up due to dollar weakness
MCX Silver Trend
Silver is expected to trade with a sideways bias mainly taking mixed cues from decline in gold prices, dollar weakness and upside in base metals. COMEX Silver Dec futures also ended in the pool of Red and fell by 2.55 percent to $39.501 per troy ounce yesterday from $40.533 per troy ounce the prior day. Investment demand for the white metal remained unchanged yesterday at iShares Silver trust.
Gold MCX Trend
Gold Dec Futures lost their safe haven appeal yesterday and fell by 2.47 percent to $1,781.4 per troy ounce from $1,826.5 per troy ounce the prior day. Such news favor the equity markets and prove to be negative for the Safe haven assets. In evening session US data effect the trend of MCX Gold.
Crude oil MCX Trend
We expect crude oil prices to trade with a positive note today mainly taking cues from positive sentiments in the markets along with dollar weakness.NYMEX Crude oil Oct futures surged by 0.55 percent to $89.40 per barrel from $88.81 per barrel yesterday.
Prices have been consolidating for the last couple of days. Going forward it seems to be forming a triangle in the range of 413-422 levels. Either the side break out would be required to suggest fresh directional moves later. However intraday we favour an initial dip followed by a recovery later.
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