At the Multi Commodity Exchange (MCX), COMDEX is trading up by 3.78 points, or 0.11%, at 3,396.63 after opening at 3,393.56. MCXMETAL is trading upward by 4.15 points, or 0.09%, at 4,418.46 after opening at 4,416.17. MCXENERGY is trading up 4.86 points, or 0.16%, at 3,129.54 after opening at 3,121.12. MCXAGRI is trading up 1.65 points, or 0.06%, at 2,566.49 after opening at 2,563.42.
Gold futures for August delivery got pounded by $13.60 to settle at $1,515.60 an ounce, after trading as high as $1,533.90 and as low as $1,511.40, on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices plunged by $16.80 to $1,515.30 an ounce.
Crude oil tumbled Monday to the lowest level in nearly a month after a drop in Greece`s credit rating added to concerns about a slowdown in the European economy. Crude oil for July delivery settled at $97.30 a barrel, dropping $1.99, or 2 percent, after trading in a range from $96.13 to $99.32 on the New York Mercantile Exchange. In London, Brent crude oil for July settled at $119.10 with a gain of 32 cents on the ICE.
Trading Strategies for GOLD
Sell on rallies to USD 1,529, TGT 1,515.
Sell below USD 1,515, TGT 1,497-1,488.
Buy above USD 1,538, TGT 1,575.
Sell below USD 1,525, TGT 1488.
Crude oil tumbled Monday to the lowest level in nearly a month after a drop in Greece`s credit rating added to concerns about a slowdown in the European economy. Crude oil for July delivery settled at $97.30 a barrel, dropping $1.99, or 2 percent, after trading in a range from $96.13 to $99.32 on the New York Mercantile Exchange. In London, Brent crude oil for July settled at $119.10 with a gain of 32 cents on the ICE.
Trading Strategies for GOLD
Sell on rallies to USD 1,529, TGT 1,515.
Sell below USD 1,515, TGT 1,497-1,488.
Buy above USD 1,538, TGT 1,575.
Sell below USD 1,525, TGT 1488.
