Tuesday, June 7, 2011

MCX Commodity Market News today | MCX Tips

At the Multi Commodity Exchange (MCX), COMDEX is trading up by 2.64 points, or 0.08%, at 3,468.65 after opening at 3,465.06. MCXMETAL is trading upward by 6.35 points, or 0.14%, at 4,530.34 after opening at 4,521.54.  MCXENERGY is trading up 4.10 points, or 0.13%, at 3,193.55 after opening at 3,177.51. MCXAGRI is trading down by 7.17 points, or 0.28%, at 2,589.18 after opening at 2,593.96.

Gold firmed up while silver advanced as disappointing data flowing  in from US fueled concerns over slowing growth that boosted appeal of the safe assets. Base metals were held steady in LME. Copper trimmed the initial losses as a strike in the fourth largest copper mine in Chile helped to recover some losses but economic worries weighed on. Expectations that  OPEC may raise crude oil output amid weak economic outlook lead to a fall in crude oil prices.

Below are the trading strategies for spot gold:
Sell initially and near USD 1,545, TGT 1,540-37.

Buy near USD 1,540-37, TGT 1,550-55.

Sell below 1,515, TGT 1505-1488
Buy above USD 1,555, TGT 1,575