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.

MCX Gold and Silver Trend Today

After witnessing heavy downfall of nearly 1000 during last week, MCX Gold prices have been range bound for last couple of trading sessions. The trend of this precious metal on multi commodity exchange is still obscure therefore traders are still unclear about the further move of Gold proces.

Technically Gold prices are likley to remain slightly positive for the day, Trading above 28100 may trigger some short term rally. Below 27870 one can go for intraday short in MCX gold.

MCX Silver is likely to remain negatively biased as long as prices remain below 59100. A straight fall Below 58350 would invite more downside in silver.

MCX Updates Today: Copper is Up along with Other base metals

Silver after coming out of its early lethargic trade is now trading above 57600 level. MCX Gold has also put on moderate gains and hovering around 28400 level. Though during evening trade, we can expect prices of bullion metals to raise significantly.

In Domestic market Nickel Futures have gone up more than 1.30 per cent, while copper and lead have been up about 1 per cent and 1.50% respectively..

Crude prices are likely to prevail its upside momentum and one can buy Copper Futures above 424.50 for the target of 427.50.

MCX Commodity Market Updates Today

The initial strength seen in crude oil is still intact. Crude ON MCX is trading up by 1% . NYMAX crude oil prices have also reached above $101.

After initial weakness, MCX Silver and Gold are now trading positive in Domestic market. With slight edge, Gold is trading near 27500 level.

An upsurge has been seen in base metals so far. After breaching the resistance level of 422.50, MCX copper is now trading at 424.50 and it is likely to touch 427 level soon.

Lead, zinc and Nickel commodities have also surged up nearly 1%.

MCX Gold Silver Updates Today: Technical Outlook

Gold Prices erased last day gains and in the evening session, we expect  prices could make gains towards 27650 hold initially for a drift   lower towards 27500/400 region. But a break above 27650 region could call for 27760/ 27840, anyhow major rally only expected  above 28000 region. Alternatively, major weakness is seen only  below 27350 region.

In MCX Silver, day’s bias likely for a choppy session in the range of 54000-42500  levels. Either side breakout would be required to suggest fresh  directional moves.

MCX Commodity Updates Today: Gold Silver Trend

The buying sentiment is being seen in precious metals. MCX Gold ended with slight gain on weekends and ahead of US holiday, precious metals are witnessing less volatility. MCX Gold Feb contract rose by 0.10% and currently trading above 27530 level. Prices are expected to reach 27650-27700 today.

Silver has gained over 0.40% and trading above 52350. Traders can buy silver around the same level and can wait for the levels of 52500-52700.

Crude oil is now recovering from last few days downfall. It is now trading near 5120 level. A trade with volume above 5159 would bring back the bullish momentum in crude oil prices.