Tuesday, August 23, 2011


Historic run in gold prices may persist as it touched the landmark of USD 1,900 in COMEX. MCX Gold can trade in range of 27,600-28,500 while MCX Silver can trade in range of 64,000-68,000. Spot gold soared to an all-time high above USD 1,910 on Tuesday. 

Base metals may also trade sideways with negative bias. Copper futures fell to their lowest levels in more than one week as worries about a slowdown in the US. Copper may again test the support of 390 while lead may tumble further lower towards 102-103 in MCX. 

Crude oil may remain in green territory tracking positive international markets. Oil traded near a three-day high in New York. Crude oil may test USD 86 in NYMEX and 3,900 in MCX.

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