Commodity Updates: MCX Gold Silver Tips Today

A decline has been seen in Gold prices . A lackluster trade is being seen in Silver Commodity. International market is also facing the same declining trend. Weakening of dollar against rupee has also influenced the precious metals prices. Currently MCX Gold is trading near Rs. 27435 with a loss of nearly 0.30 while Silver on MCX is looking at the small edge and is trading around Rs. 55600.

MCX Silver Surged, Copper, crude Likely to Go Up: Commodity Updates

MCX Silver is trading higher with a gain of more than 1.30%. Gold, with moderate gain is also trading up near 27550 level. These precious metals are likely to to remain bullish for the day. Crude oil after has come out its decline phase and again heading towards 5000 level. Traders can buy crude around 5010 level for the target of 5055-5070.

Copper is recommended to buy above 421.50 for the target of 423.50-424.50.

Commodity Updates: Comex and MCX Silver Weekly Analysis

Silver rose 3.7% and reached to $31.67/ounce this week. It was third straight week when silver witnessed profit. Comex silver fascinated the traders after it broke the resistance level of $30.50 which along with the physical demand of silver boosted the prices in Exchange as well.

Technically comex silver is in upward phase and prices are likely to go up in current week as well. Last week Silver managed to prevail the higher level and finally closed near its week high. For upcoming week $27.5-$26 are acting as crucial support level while resistance levels are $34-$35.50.

MCX Silver march contracts settled up near 55500 and its is likely to face a stiff resistance of 56000. Traders can adopt buy on dip strategy in MCX Silver.

MCX Crude and Copper Updates Today

Crude oil is in range bound mode and trading in a tight range of 5095-5113 rupees on MCX. US inventory data had an bearish impact on Crude price and Crude futures has come down to 5060 level. This weakness is likely to prevail till 5050 level and a trade below the same may invite more downside.

Due to profit booking, Copper prices has declined to 420 level but the overall near term trend is still intact. As long as prices hold the level of 416.50, we can expect prices to prevail the positive trend while below the same level prices are likely to face a sell off till 409 level.

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.

Commodity MCX News and Updates: Gold Silver Trend Today

MCX Gold and Silver are trading Up today. With gain of more than 2.5%, MCX Silver is trading near 53750 and likely to touch 54000 soon while mcx gold is up by nearly 1%.

Meanwhile The Indian government has increased import duty on Gold and Silver metals.

MCX crude is also trading with moderate gains. A consistent trading above 5140 may result in a rise of crude prices till 5170-5200 today.

Copper is trading near its next resistance level of 422.50. Traders can go for Buy in Copper commodity.

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.