Gold Trend
In MCX Gold recover his position, after falling in the $1500/oz range, prices recovered and closed Monday’s trade around 1.7 percent lower. On the MCX, Gold October contract declined almost 2 percent and touched an intra-day low of Rs 24,992/10 gms yesterday. Prices rebounded from a low of $1.535.0 per troy ounce on weaker greenback and also on bottom hunting as low prices gave investors entry point to again invest in this safe haven asset.
In MCX Gold recover his position, after falling in the $1500/oz range, prices recovered and closed Monday’s trade around 1.7 percent lower. On the MCX, Gold October contract declined almost 2 percent and touched an intra-day low of Rs 24,992/10 gms yesterday. Prices rebounded from a low of $1.535.0 per troy ounce on weaker greenback and also on bottom hunting as low prices gave investors entry point to again invest in this safe haven asset.
MCX Silver Trend
We here clearly seems that silver revover from its down trend, we expect that it may trade for 54400 level, investment demand brought some cheers yesterday after holdings at iShares Silver trust increased by 86.31 tonnes. Gold/Silver ratio scaled down to close at 53.08 yesterday after it touched a high of 60.68. The ratio was at 53.29 on Saturday.
Crude Oil Updates
In intraday we expect to continue the bullish momentum possibly towards 4130/4190 or even more later. Prices have to close below 3948 may cause doubts on our bullish expectations and take prices lower. Forecasts indicate crude oil inventories are expected to decrease by 0.2 million barrels in the w/e 23
rd September 2011. Distillates, which include heating oil and diesel, are expected to increase by 0.6 million barrels. Gasoline inventories are expected to increase by 1.2 million barrels in the same week.
MCX Copper Tips
LME three month futures closed at 7,240.5 per ton yesterday from $7,261.0 per ton on 23 rd Sept, 2011. Today in the evenings session of the trade we have U.S. Consumer Confidence and U.S. Richmond Fed Index. Any reading signaling improvement in the Economy would support the Base Metals Complex.
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