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Wednesday, July 11, 2012

Crude Updates and Gold Silver Trend for Today

MCX crude continued declining on Wednesday also and dipped nearly 1% hitherto. July contract of crude is trading near Rs. 4700. However some buying sentiments could be seen on lower levels. So traders are advised to take position on dips. If crude seems to show recovery after 4650, traders can bet buying near this level while consistent trading below the same would extend the bearish trend.

Gold may probably remain range bound and as per the technical analysis, International spot gold can drop to $1,553 an ounce during the day.
Back in MCX, Gold has come down to 29300 level and still under selling pressure. Silver has shown some recovery at lower levels but the trend is still inconsistent. For day trading, Buy on lower levels in Gold & Silver commodities.

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