10/13/2011 05:36:00 PM
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Gold MCX Trend
MCX, Gold December contract declined around 0.5 percent and touched an intra-day low of Rs 26,680/10 gms till 4.45pm IST. Today in the evening session of the trade we have U.S. Jobless Claims and the U.S. Trade deficit data and a weaker than expected data would support the Precious Metals complex and would give direction to them which have been relying on news since the start of this week.
MCX Silver Trend
MCX Silver gas dwon today along with Gold, Because of US data we have seen that both bullion metals doen today. For the intraday mcx silver trading we maintain bearish expectations. Buy If it cross 54100 then it may go for bullish trend. Federal Committee opting for another round of asset purchase to bolster the economy also supported the Metal which also shares and investment demand along with safe haven demand.
Crude Updates
NYMEX Crude oil Nov futures fell yesterday on reduced global oil forecasts by International Energy Agency and futures closed down by 0.28 percent to $85.57 per barrel from $85.81 per barrel the prior day. The American Petroleum Institute reported today early morning that inventories of crude oil declined 3.8 million barrels the week ended Oct. 7. Supplies of gasoline declined 1.2 million barrels in the week, while stockpiles of distillates declined 3.1 million barrrels.
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