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Wednesday, May 18, 2011

MCX Support and Resistance For Bullion | MCX Gold and Silver tips

Gold does U-turn, slides as dollar firms.
Copper fell on Tuesday.
Aluminium stocks hit new record high.
LME copper stocks grew by 500 tonnes.
Oil dips on worries over world growth. MCX Silver Tips More at 48000
Gold reversed course on Tuesday to fall after a rally in the dollar exacerbated a sell-off in the already-fragile commodity complex and offset the positive impact on bullion of the concern over the euro zone debt crisis. The dollar rose to session highs against the euro, drawing strength from a decline in equities and commodities. Copper fell on Tuesday along with a drop across the commodities complex as weak U.S. data and a rising dollar against a basket of currencies weighed on markets. Oil prices slid more than 2 percent on Tuesday as the dollar strengthened and weak economic data fueled concerns about demand that have helped push prices down by around 15 percent so far in May.
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