Commodity Updates
Gold MCX Trend
Further selling on Monday in the Financial Markets was mirrored by the Precious Metals Complex and we saw investors liquidating their holdings in order to raise cash amid the worldwide slump in the markets. COMEX Gold Dec futures fell by 2.70 percent to $1,678.6 per troy ounce from $1,725.1 per troy ounce the prior day. On Indian Commodity MCX, Gold December contract declined around 0.6 percent as depreciation in the Indian Rupee resisted further fall on the domestic bourses and touched an intra-day low of Rs28, 339/10 gms yesterday. In today's trading session gold may cross 28685.
Silver MCX Trend
COMEX Silver Dec futures also fell get hit both by the safe haven demand and industrial demand and fell sharply by 4.01 percent to $31.116 per troy ounce from $32.417 per troy ounce from the prior day. Silver also looking bullish form this level & we expect that silver will touch 55750+ in current traing session.
Crude Oil Updates
U.S. crude futures capped the losses steadied near $97 a barrel on Tuesday as new Western sanctions against Iran offset pressure from a worsening Euro zone debt crisis. Investors fear oil prices could spike in the event of air strikes on Iran's nuclear sites, which could suddenly cut supply from OPEC's second largest crude producer and disrupt trade in the Strait of Hormuz, the world's most important oil transit channel. Crude is i bullish phase & it will go for the level of 5175+.
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