11/02/2011 05:32:00 PM
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Gold MCX Trend
Today there is U.S. ADP Employment data we have in evening ession, possitive data could pressurize the Precious Metals Complex.Spot gold prices ros marginally by 0.3 percent in yesterday’s trading session as buying emerged at lower levels. Investment demand for the yellow metal remained unchanged yesterday at SPDR Gold ETF showing that investors were reluctant to reduce their holdings from the ETF.
Silver Trend
Today little up trend shows in silver, COMEX Silver Dec futures fell sharply in comparison to Gold and they were down by 4.72 percent to $32.731 per troy ounce from $34.354 per troy ounce the prior trading day. MCX Silver December contract declined 2 percent and touched an intra-day low of Rs.53,876/kg on Tuesday. For Intraday session we expect silver may trade in possitive mode untill data will not effect it.
Crude oil Updates
The U.S. American Petroleum Institute said today early morning that crude oil stocks dropped 156,000 barrels in the week ended 28th Oct, 2011, while distillates fell a sharp 3.435 million barrels and gasoline stocks dropped 1.129 million barrels a day. In crude we suggest buying is good from lower level.
Copper Trend
Copper seems in positive mode & from 395 level it would move further. In the afternoon session of the trade we have Manufacturing and Construction data coming from Euro Zone and U.K. which if come better than the analyst’s forecast would support the Base Metals Complex.
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