10/18/2011 05:32:00 PM
Your Advisor
Today is the worst day for commodity, all commodity product goes dwon except Crudeoil in Indian Commodity. Industrial Production Index rose by 0.2 percent to 94.2 in Sept, 2011 from downwardly revised 94.0 in the prior month. COMEX Copper Dec futures failed to get much support from this data.
Gold MCX Trend
COMEX Gold Dec futures pared their prior day gains and fell by 0.38 percent to $1,676.6 per troy ounce from $1,683.0 per troy ounce from the prior day getting pressurized from a stronger greenback. In the evening session of the trade we have U.S. Treasury International Capital Net Long Term Foreign Inflows data which is expected to support the dollar and hence would pressurize the Precious Metals Complex. Gold clearly seems down from the current trend.
Silver MCX Trend
COMEX Silver Dec futures fell sharply compared to Gold and they closed down by 1.09 percent to $31.821 per troy ounce from $32.173 per troy ounce from the prior day. Silver fall all most 0.92% in today's trading session. For today's session we expect prices likely to drift lower initially towards 51850.
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