10/14/2011 06:03:00 PM
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Silver MCX Trend
MCX Silver maintain it bullish trend today, prices have been consolidating in the range of 54500-52500 regions for the last few days. While above 54500, ie the 14 day moving average support, we maintain our bullish expectations towards 54500 initially, but further bullish run is faovured only a closed above the same with adequate volume. MCX silver came under pressure due to appreciation in the Indian Rupee and touched an intra-day low of Rs 52,505/kg till 4.45 pm IST.
MCX Copper Trend
Copper expected in bullish trend today, Copper the leader of the base metals, rose almost 2.6 percent on the LME and around 1.8 percent on the MCX to become the top performer of the day. Some support to the Base Metals especially Copper come in the early session of the trade yesterday after data from the China showed imports of Copper rose to a 16 month high in Sept, 2011 and prices scaled back by 2.55 percent to $3.3070 per pound from $3.3935 per pound the prior day.
Gold MCX Trend
MCX gold clearly seems that it can touch 26900+ level today. Economic data, took some shine of the Precious Metals. COMEX Gold Dec futures fell by 0.84 percent to $1,668.5 per troy ounce yesterday from $1,682.6 per troy ounce the prior day. Investment demand at SPDR Gold ETF also saw redemptionyesterday when holdings declined by 0.48 tonnes.
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