Gold MCX Trend
Intrdaday Trend is bullish MCX Gold. On the MCX, Gold December contract rose around 0.4 percent on account of Rupee depreciation and touched an intra-day high of Rs 26,853/10 gms till 4.45pm IST. Gold may witness bullish trend and prices are expected to cross Rs 29,000 per 10 gram by Diwali, according to the Bombay Bullion Association. Today still is there is no major economic data scheduled to release that can affect the price of the Precious Metals Complex.
Silver MCX Trend
Investment demand for the white metal too remained unchanged at the iShares Silver trust yesterday while Gold/Silver ratio fell to 51.89 yesterday from 52.16 the prior day showing investment strength in the white metal against the yellow one. On the MCX, silver declined around 0.2 percent and touched an intra-day low of Rs 52,716/kg till 4.45 pm IST today.
Crude Oil Updates
NYMEX Crude oil Nov futures rose by 0.5 percent to $86.01 per barrel from $85.59 per barrel the prior day. Prices got pressurized today on stronger greenback and also on reduced global oil growth forecast by the OPEC. A direct rise above 4300 would be a string signal of continuation of the rally and target 4400/4700 later. It would be required to break below 4130 to negate the view.
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