MCX bullion market outlook | OPEC Metting Analysis For Crude oil

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MCX Index
At the MCX COMDEX is trading down by 18.77 points, or 0.54%, at 3,440.81 after opening at 3,456.74.
MCX bullion market outlook
Today's sharp decline in copper. Copper down on MCX is trading around 1 percent. While silver is going to decline.

Silver Decline by 500 to 54,700 per kg, while gold declined Rs 130 to 22,680 per 10 grams today.slowdown comes due to high level amid a weakening global trend.Trading sentiments turned bearish after gold shed 0.4 per cent to USD 1,538.50 an ounce in the overseas markets, as European debt concerns eased, eroding the appeal of the precious metal as a safe haven asset. The white metal also declined by 1.2 per cent to USD 36.70 an ounce.
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 MCX Marker Highlights
The impact of weakness in the stock market is looking at the price of crude oil. Currently 0.5 per cent with the decline of crude oil remains below $ 97.

NYMEX $ 97 a barrel on Monday, crude oil closed at the level. Weakness in U.S. markets and fears of rising crude oil stocks slipped.

The prices of gold and silver look is coming. Currently, 1,490 gold dollars and silver are trading below $ 34. Silver Will Sharp Decline till 45000 Read More

Because of the strengthening dollar on Monday to come up pressure on gold and silver show. COMEX the gold dollar level to close at 1493. Meanwhile, silver slipped 1 per cent on the dollar reached 34.5.

Oil prices dropped Monday, a good sign for drivers who are finally seeing a little relief at the gas pump.

Benchmark oil for June delivery fell USD 2.28 to settle at USD 97.37 a barrel on the New York Stock Exchange. In London, Brent crude for June delivery lost USD 2.44 to settle at USD 110.84 on the ICE Futures exchange.

In other Nymex trading in June contracts, heating oil fell 6.78 cents to settle at USD 2.8744 per gallon, gasoline futures dropped 14.33 cents to USD 2.9311 a gallon and natural gas rose 6.8 cents to settle at USD 4.379 per 1,000 cubic feet.
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MCX Bullion Weekly Fundamental Report 16 to 21 May 2011 | Tips

GOLD DROPS 1 PCT ON DOLLAR SURGE, SILVER UP
Gold fell on Friday, sharply reversing early gains, as a dollar surge against the euro and renewed uncertainty about euro zone debt prompted investors to
sell ahead of the weekend. Silver continued to recover from last week's 25 percent correction, and technical charts suggested the metal could stabilize
after bouncing off a key support level. Spot Gold fell 0.7 percent to $1,492.50 an ounce by, having earlier risen as high as $1,516.40. U.S. Gold futures for
June delivery settled down $13.20 at $1,493.60, after trading in a range from $1,482 to $1,516.40. For the week, Gold was flat after shedding nearly 5
percent last week during a commodity rout.

MCX Copper Report and MCX Bullion Tips Today

Today Copper after a sharp decline in the early returns . Dollar weakness against the euro came into copper boom has returned. Indeed, France and Germany because of the strong GDP Ancdo Euro strength has returned.
China once again has increased interest rates half a per cent from October so far who have eighth time.
As a result of copper 17 per cent fall in the 3 months have seen.
Gold - silver in the weak lower levels have gone up since the beginning. Because of the silver dollar weakness is seen improving. While gold is reach COMEX be upwards of $ 1510 on. The same silver is up $ 35.

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Comex Gold Trading Lower on Thursday Becoase of US Dollar Index Rebounds

Comex gold futures prices are trading lower Thursday morning, as a firmer U.S. dollar index and increased investor risk appetite worldwide work to pressure the yellow metal. Comex April gold last traded down $13.00 at $1,352.20 an ounce. Spot gold last traded down $11.30 at $1,353.00.

New multi-year highs in the U.S. stock indexes this week, combined with multi-month lows in the U.S. Treasury market prices, are suggestive of investor risk appetite that's on the upswing, and that's taking investment demand away from safe-haven gold.

Gold prices extended losses Thursday morning following a bigger-than-expected decline in U.S. weekly jobless claims data that did push the dollar index even higher on the day.

The U.S. dollar index is trading solidly higher Thursday morning, in the wake of the jobless report and on a short-covering bounce in a market that is still overall technically bearish. Still, the overall technically bearish posture of the U.S. dollar index favors the gold market bulls.

Crude oil prices are under mild selling pressure Thursday morning, which is also an underlying negative for gold.

The specter of raw commodity and consumer price inflation increasing in the coming months will limit selling interest in gold, which is an asset held as a hedge against inflationary price pressure.

News earlier this week that China raised key interest rates in a move to curb domestic demand and reduce inflationary pressures has gold traders more focused on the inflationary fires that could become hotter in the coming months. Gold market bulls have also not lost sight of what they call "the U.S. government printing press" that has created so many dollars the past several months, which is also a prescription for increasing inflationary pressure.

China traders and investors are starting to come back from the Lunar new year holiday, and market watchers are waiting to see if strong physical demand for precious metals from the world's most populous nation continues. Some analysts believe Asian demand for physical gold may decrease a bit in the coming weeks.

U.S. economic data due for release Thursday includes the weekly jobless claims report, wholesale trade inventories and Treasury receipts and outlays.

The London A.M. gold fixing was $1,358.75 versus the previous P.M. fixing of $1,365.00.

Technically, the gold market bulls have regained some upside near-term technical momentum this week. Prices are still in a three-week-old uptrend on the daily bar chart.

Gold bulls' next near-term upside technical breakout objective is to produce a close above solid technical resistance at the $1,380.00 area. Bears' next near-term downside price breakout objective is closing prices below solid technical support at this week's low of $1,344.10. First resistance is seen at the overnight high of $1,365.00 and then at this week's high of $1,368.70. Support is seen at $1,350.00 and then at $1,344.10.

March silver futures last traded down 50.0 cents at $29.77 an ounce Thurssday morning. Profit-taking pressure is featured after prices hit a fresh six-week high on Wednesday. Silver bulls still have the solid overall near-term and longer-term technical advantage. Prices are still in a three-week-old uptrend on the daily chart.

The next downside price breakout objective for the silver bears is closing prices below solid technical support at $29.00. Bulls' next upside price objective is producing a close above solid technical resistance at the January contract and 30-year high of $31.275 an ounce. First support is seen at $29.50 and then at $29.26. Next resistance is seen at $30.00 and then at the overnight high of $30.225.