Gold poised for sixth straight weekly Drop

Gold tips - Gold dipped towards its lowest level in nearly six years on Friday and was on track for a sixth straight weekly decline, weakened by a robust dollar and expectations of a US interest rate hike next month. The dollar is trading near an eight-month high against a basket of major currencies, boosted by euro weakness and prospects of higher US rates. The Federal Reserve is widely expected to hike US rates for the first time in nearly a decade when it meets next in December. Investors believe higher rates could dent demand for non-yielding bullion, while boosting the dollar. "Once again, gold is unable to find a bid. Any small rally that we see is being sold into," said a Sydney-based precious metals trader.
 

China's net gold imports from main conduit Hong Kong fell in October from a 10-month high reached in the previous month, data showed on Thursday. Investor sentiment was weak with precious metals funds posting their biggest net outflow last week in around four months, according to Bank of America Merrill Lynch. Among other precious metals, silver, platinum and palladium were all heading for weekly declines.

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Gold Extends losses on Fed fears in the Domestic Market

Mcx Commodity tips - The President of the Federal Reserve Bank of San Francisco John Williams has reiterated the case for raising interest Values next month, for the first time in nearly a decade, assuming economic data remained encouraging.

Minutes from the US Fed’s newest meeting, released last week, showed that most policymakers thought it may be appropriate to raise borrowing costs next month.

A stronger dollar also curbed the lure for Gold as an alternative asset. Stronger dollar makes Gold more profitable for those holding other currencies, thus dimming demand.

Gold may remain lower today as traders resort to a cautious approach ahead of the US Q3 GDP data.

At the MCX, Gold futures for December 2015 contract closed at Rs 25,165 per 10 gram, down by 0.31 per cent after opening at Rs 25,183, against the previous closing price of Rs 25,243. It touched the intra-day low of Rs 25,081.

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Gold retained Small overnight gains on Wednesday,

Gold retained small overnight gains on Wednesday, but caution prevailed ahead of a Federal Reserve policy statement later in the session as investors waited for clues on the timing of a US rate hike. Spot gold was little changed at USD 1,167.05 an ounce by 0308 GMT. The metal had risen 0.3 percent in the previous session, snapping a four-day losing streak.
 

Many traders chose to stick to the sidelines ahead of a Fed statement at 1800 GMT following a two-day policy meeting. The US central bank is not expected to raise rates on Wednesday, but markets will be eyeing the statement for the Fed's take on the US and global economies, and whether it could hike rates at its next meeting in December.
 

Gold has been supported in recent weeks on rising speculation that the Fed will delay its first rate hike in nearly a decade to next year due to concerns over global growth and the impact on the US economy. The Fed had refrained from raising rates last month, citing global concerns. Fed Chair Janet Yellen has since said the bank would still increase rates this year, though some other policymakers have said otherwise. Bullion has been weighed down all year by uncertainty over the timing of a rate hike. Ultra-low rates boost the appeal of non-interest-paying gold.


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Gold Prices Closed Higher in the Domestic Market on Tuesday

Gold prices closed higher in the domestic market on Tuesday in the midst of a flat dollar, as widespread concerns related to economic growth in China and the timing of an interest rate hike by the Federal Reserve remained in focus. Federal Reserve Bank of St. Louis president James Bullard stood firm on his position that economic conditions nationwide are strong enough to allow the Federal Open Market Committee to approve an initial rate hike. Gold is not attached to interest rates and struggles to compete with high-yield bearing assets in rising rate environments. Investors also continued to digest relatively hawkish comments from a host of central bankers over the weekend at the International Monetary Fund's Annual Meeting in Lima, urging the Fed to stop putting off an initial rate hike. At the MCX, Gold futures for December 2015 contract closed at Rs 26,979 per 10 gram, up by 0.71 per cent after opening at Rs 26,725, against the previous closing price of Rs 26,788. It touched the intra-day high of Rs 26,026.

 

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TODAY COMMODITY MARKET UPDATES FOR 15/04/2013

Gold: Crashing down
Weekly close: $1,478.35

Gold is forming a wave extension on the downside. It has been falling since the last few months but the angle of decline was not a sharp one. However, as the yellow metal has broken the support zone consisting of multiple intermediate bottoms, it has gathered huge momentum on the way down. Thus, a reversal for the bearish view can now be trailed above that, ie at $1,527. The initial target on the downside remains at the lower end of the medium-term falling channel, ie $1,405. If the bears manage to breach that trendline, then they can target the long-term rising trendline, ie $1,340.


Trend :     Trend Reversal     Supports            Resistances      Target
Down :      $1,527.0                  $1,450/1,400      $1,500/1,521       $1,405/$1,340

Silver: Smashed down
Weekly close: $25.850

For several weeks, silver was trading in a narrow range and had formed a bearish triangular pattern. Silver broke down from the bearish triangle and has resumed with the overall downtrend. On the downside, the white metal has cracked through multiple previous lows and has even extended below the short-term equality target. The subsequent targets on the downside are the lower end of the short-term falling channel ($23.25) and the medium-term equality target ($21.00). The reversal can be tightened to $26.20.


Trend :     Trend Reversal     Supports                    Resistances      Target
Down :      $26.20                     $24.00/22.50              $25.00/26.04       $23.25/$21.00

Copper (Comex): Standing on a diving board
Weekly close: $3.3500

Copper formed a large triangle where the last leg made a throw over of the pattern. The triangle has been formed in the right shoulder of a larger Head & Shoulders pattern. Thus, the red metal seems to be in for a significant decline. The weekly momentum indicator is in a bearish mode.
Copper has broken the lower end of the triangular pattern and has reached the neckline. From a medium-term perspective, copper can target the previous low of $2.994 and the equality target, ie $2.58. On the flip side, the swing high of $3.576 will act as a strong resistance.

Trend :     Trend Reversal      Supports                      Resistances                 Target

Down :        $3.576                       $3.23/3.00                     $3.45/3.55                      $2.994/$2.58

Crude oil: Flowing southward
Weekly close: $91.29

Crude oil has been oscillating about its crucial weekly moving averages. The oscillations have taken place in between two converging trendlines. In terms of the price pattern, the oil has formed a large distribution triangle. From the upper end of the pattern, the oil has started next leg down. Last week’s high of $94.83 will act as a strong hurdle on the upside. The weekly momentum indicator has given a fresh sell signal. Overall, the oil is expected to fall towards $84.00-$77.28.

Trend :     Trend Reversal      Supports                      Resistances                 Target
Down :      $94.83                      $86.20/80.00                $92.55/94.00                  $84/$77.28

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MCX Commodity Tips ~ Gold, Silver, Copper, Crude Oil Updates Today 10 April 2013

Gold eased at the domestic bullion market today on further selling from stockists and investors and subdued retail buying, mainly influenced by bearish global trend. Silver ended stable amidst thin activity. Standard gold of 99.5 per cent purity fell by Rs 100 to finish at Rs 29,300 per 10 grams from Monday's closing level of Rs 29,400. 

Pure gold of 99.9 per cent purity also slid by a similar margin to conclude at Rs 29,450 per 10 grams from Rs 29,550. Silver ready (.999 fineness) quoted steady at its previous level of Rs 52,500 per kilo. At the global front, gold declined on strong dollar as well as continued outflows from exchangetraded funds (ETF) put pressure on the metal. 

In New York, gold for June delivery slipped USD 3.40 to USD 1,572.50 an ounce on the Comex division of the NYMEX late yesterday. Silver for May contract went down 8 cents to USD 27.14 an ounce.

Brent crude futures rose above $105 per barrel on Tuesday after data showed China's inflation in March was slower than expected, giving its central bank room to keep monetary policy easy and supportive of oil demand in the world's second-biggest consumer. 

Oil prices were also underpinned by worries over increasing tension in North Korea and a stalemate in talks between Iran and Western nations. Front-month Brent futures rose 55 cents to $105.21 per barrel by 0445 GMT, after moving in a $2-range and finishing 0.5 percent higher in a choppy session on Monday. 

U.S. crude futures rose 31 cents to $93.67 per barrel. Brent may trade between $103 and $110 per barrel in coming weeks, LeBrun added. 

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MCX Gold and Silver Tips, Copper Updates, Crude Updates Today

Today again Commodity Market trading at negative prices. Gold, Silver, Copper, Crude and other base metals are trading at lower levels. Gold is trading in the range of Rs. 27,500-27,700 and Silver is trading in the range of Rs. 52,400-53,200. Copper is trading below Rs. 390 and Crude is trading below Rs. 5000. All base metals are trading at negative prices today. We expect that all are trading at lower prices for today's trading session.

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Copper Updates, Crude Updates, MCX Gold and Silver Tips

Yesterday again MCX COmmodity market closed at negative price. Today MCX Gold, Silver, Copper, Crude are trading at negative prices. MCX Gold may trade in the range of Rs. 27,200-27,800 and MCX Silver may trade in the range Rs. 53,200-53,800 in today's trading session. Today MCX Copper may trade in the range of Rs. 390-396. MCX Crude Oil is also trading at lower levels. It is trading in the range of Rs. 4800-5000. All base metals are trading on a negative note today. MCX Commodity products prices are down due to the highly strong price of Dollar($). We expect that all are trading at lower levels for the day.

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MCX Gold and Silver Tips, Copper Updates, Crude Updates Today

MCX Bullion Tips (Gold and Silver live prices):
Gold prices rose on Wednesday and trading above Rs. 29,000 in yesterday trading session. MCX Silver March contract may trade in range of Rs 56,000-58,000. Today both MCX GOld and Silver are trading positive price. We expect both are trading at higher levels for the day.

Copper Updates Today:
All base metals may also trade in positive bias. Copper may trade in range of 400-415 in near term. According to our Research Analysis Report MCX Copper may touch the levels of Rs. 420 in this month.

Crude Updates:
MCX Crude oil can also trade in range of 5,170-5,270 in near term. MCX Crude and Naturalgas are trading at higher levels today.

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Weekly MCX Commodity Market Updates

MCX Gold February
MCX Gold can trade in range of 29,000-29,500 in near term. Gold prices have reversed after taking support at 28,600 levels. Immediate resistance is at 29,300 levels. If this resistance is breached we expect prices to go up to 29,800 levels.

MCX Silver March
The daily price chart suggest that prices is taking support at levels of 55,900. Immediate resistance is at 57,500 levels. If we get a close above 57,500 we expect prices to go up to levels of 59,000.

MCX Copper February
MCX Copper Resistance is at 413 levels. If this resistance is breached we expect prices to go up to 426 levels.

Copper may trade in range of 405-411 in MCX while lead and zinc may remain in range of 106.50-108.50 and 104-106. Crude oil may trade in range of 5,100-5250 in near term.

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Weekly MCX Commodity Market Report

MCX GOLD
For the next week traders can use sell on higher level strategy if MCX Gold below 28200 it can test the level of 28000/27800/27600. Trade by keeping the strict stop losses.

Major support in MCX Gold is 28000and 27100

MCX SILVER
For the upcoming week MCX Silver, 59000 and 62000 will act as major resistance and 52000 and 48000 will act as major supports.

MCX COPPER
Copper is in a consolidation phase and traders should use the strategy of sell on higher levels. For next week MCX, Copper sustains below 375 then it can test the level of 370/364/359 if it does not break the level of 385 on the upside. For the upcoming week MCX Copper major resistance would be 415 and 425 and supports would be found at 355and 340.

MCX CRUDE
MCX Crude Oil major resistance is found at 5200 and 5400 and major supports will be 4600 and 4350. For the next week traders can use sell on higher level strategy, if MCX Crude sustains below 5000 then below 4970 it can test the level of 4910/4860/4810 in this week.

MCX NATURAL GAS
Natural Gas is in a consolidation phase and traders should use the strategy of buy on lower levels. For the upcoming week MCX Natural Gas major resistance would be 205 and 215, supports would be found  at 165 and 155.

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MCX Gold, Silver, Copper, Crude Report for next week

GOLD
For the next week traders can use sell on higher level strategy if MCX Gold below 27400 it can test the level of 27200/27000/26850. Trade by keeping the strict stop losses.

Major support in MCX Gold is 27100and 26500
Major resistance in MCX Gold is 28600 and 29100

SILVER
For the next week MCX Silver sustains above 57200 then it can test the level of 58500/59800, Trade by keeping the proper stop losses. For the upcoming week MCX Silver, 62000 and 65000 will act as major resistance and 45000 and 42000 will act as major supports.

CRUDE
For the next week traders can use sell on higher level strategy, if MCX Crude sustains below 4600 then below 4545 it can test the level of 4470/4390/4340 in this week. Trade by keeping the proper stop loss. For the coming week MCX Crude Oil major resistance is found at 4500 and 4680 and major supports will be 4200 and 4000.

COPPER
Copper is in a consolidation phase and traders should use the strategy of sell on higher levels. Next week MCX, Copper sustains below 382 then it can test the level of 377/372.5/366.6 if it does not break the level of 401 on the upside. For the upcoming week MCX Copper major resistance would be 415 and 425 and supports would be found at 375 and 355.

NATURAL GAS
Natural Gas is in a consolidation phase and traders should use the strategy of selling on higher levels. MCX, if Natural Gas sustains below 185 in the coming week then it can test the level of 180/176/172, if it does not break the level of 194 on the upside. For the upcoming week MCX Natural Gas major resistance would be 205 and 215, supports would be found at 165 and 155.

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MCX Commodity Market News and Updates Today

MCX Gold prices can open on flat note and can trade in range of 27,450-27,800 in near term. Base metals can open with weak bias ahead of the ECB meeting today. Crude oil can open on negative note tracking weak opening in international markets. MCX Gold Dec is currently at Rs. 27642, it is trading up by Rs. 52 points for the day. MCX Silver Dec is currently trading at Rs. 55765, it is down by Rs. 345. MCX Crude Oil November is currently trading at Rs. 4507, it is trading down by Rs. 34 for the day. All base metals are trading flat today.

NCDEX Agri Commodity Market News Today:-

Cardamom futures may trade sluggish. Pepper futures to trade lower  for the day. Pepper futures may trade with a negative bias. Turmeric futures may trade with negative bias. Jeera futures may trade sideways with a negative bias. Guar Complex is expected to trade lower for the day. Soybean futures on NCDEX may remain sideways with a negative bias. Outlook for Chana is up for the day.

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MCX Commodity Market Report Today

GOLD EASES AS GREEK VOTE, MF GLOBAL RATTLE MARKETS.
CRUDE OIL DECLINES BELOW $90 ON CHINA MANUFACTURING SLOWDOWN, EUROPEAN DEBT.
COPPER DOWN ON GREEK REFERENDUM, CHINA DATA.
DOMESTIC OIL AND OILSEED TRADE BEARISH.

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Free MCX and NCDEX Commodity Market News Today

Today MCX Gold futures may trade with negative bias. MCX Silver is also trading at lower prices today. Base metals pack may trade sideways. In base metals MCX Copper is also trading at negative and all other base metals are trading at lower prices today. In Energy MCX Crude oil futures may trade sideways with a bearish bias tracking weak international prices. MCX Natural Gas is trading at higher prices today. MCX Natural gas may remain sideways holding the support of 186 levels.

MCX Gold Dec is currently at Rs. 27420, it is trading up by 77 points for the day. MCX Silver Dec is currently trading at Rs. 56660, it is up 233 points for the day. MCX Crude Oil November is currently trading at Rs. 4543, it is trading up by 27 for the day. All base metals are trading on a negative note today.

NCDEX Agri Commodity Market Report Today:-

Pepper futures to trade lower for the day. Pepper futures may trade sideways owing to mixed sentiments prevailing in the market. Cardamom futures may trade bearish as supply continues to outstrip demand. Guar Complex is expected to trade lower for the day. Guar complex may remain sideways owing to profit booking from higher levels. Outlook for Soybean is seen down for the day. Outlook for Chana is sideways to up for the day. Outlook for Jeera is sideways to down for the day. 

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MCX Gold, Crude oil, Copper Report Today

GOLD TUMBLES AS EURO ZONE DEBT WORRIES MOUNT.
CRUDE OIL DOWN ON EURO DEBT CRISIS.
COPPER HITS 2-WEEK LOW AS EU DEBT TALKS STAGNATE.
INDIAN SPICES UP ON FESTIVE DEMAND.

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MCX & NCDEX Agri Commodity Market Updates Today

In MCX Bullions Gold prices can open with positive bias. Base metals may open in green tracking positive opening in SHFE. MCX Copper prices can test 375 while MCX lead nickel can test Rs. 1000. MCX Crude oil can also trade on mixed note however bias will remain on upside and the prices can test Rs. 4400.

MCX Gold Dec settled yesterday at Rs. 26458, it lost Rs. 135 for the day. MCX Silver Dec settled yesterday at Rs. 52228, it lost Rs. 929 yesterday. MCX Crude Oil settled yesterday at Rs. 4357 however, it is expect to open in a negative territory today. All base metals are likely to open in a negative territory today.

Pepper futures may trade bearish tracking weak spot markets. Pepper futures to trade higher for the day. Cardamom futures may trade in red zone. Jeera futures may trade sideways. Guar complex may trade sideways. Guar Complex is expected to trade lower for the day. Domestic oilseeds may trade sideways. Outlook for Soybean is seen down for the day. CPO is expected to trade lower.  Outlook for Chana is sideways to up for the day. Outlook for Jeera is sideways to down for the day.

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MCX (Gold, Silver, Base Metals, Crude) Updates Today

Today all the products in MCX Commodity Market are trading at lower levels. MCX Gold and Silver are trading negative. All base metals are trading at lower prices. MCX Crude oil is also trading on negative price, only MCX natural gas is trading on positive price. Gold prices can open sideways with firm bias. Gold prices could rise this week. Base metals may trade sideways amid mixed overseas cues. MCX Crude oil may show lateral movement and can move in range of 4250-4300.

Crude oil is trading higher on NYMEX today.
Precious metals are trading flat on COMEX today.
Base metals are trading higher on International bourses today.

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MCX Commodity Market Trading Strategies for Next Week

MCX GOLD:-

For the next week MCX Gold above 26930 it can test the level of 27100/27250/27450. Trade by keeping the strict stop losses.

Major support in MCX Gold is 24900 and 24500
Major resistance in MCX Gold is 28300 and 28800

MCX SILVER:-

For the next week MCX Silver sustains above 53700 then it can test the level of 54500/55500/56800, Trade by keeping the proper stop losses. MCX Silver, 62000 and 65000 will act as major resistance and 45000 and 42000 will act as major supports.

MCX COPPER:-

Copper is in a consolidation phase and traders should use the strategy of buy on lower levels. MCX Copper sustains above 361 then it can test the level of 368/373/378 if it does not break the level of 350 on the downside. For the upcoming week MCX Copper major resistance would be 375 and 390 and supports would be found at 340 and 325.

MCX CRUDE OIL:-

For the next week traders can use sell on higher level strategy, MCX Crude sustains below 4200 then below 4150 it can test the level of 4082/4028/3968 in this week. Trade by keeping the proper stop loss. For the coming week MCX Crude Oil major resistance is found at 4360 and 4500 and major supports will be 4000 and 3700.

MCX NATURAL GAS:-

Natural Gas is in a consolidation phase and traders should use the strategy of buying on lower levels. MCX Natural Gas sustains above 182 in the coming week then it can test the level of 186/189/192, if it does not break the level of 175 on the downside. For the upcoming week MCX Natural Gas major resistance would be 194 and 205, supports would be found at 165 and 154.

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MCX Gold, Silver, Copper, Crude, Natural gas News Today

MCX Commodity Market News Today:-

Today MCX Bullion Metals, Base Metals and Energy products are trading positive. MCX Gold is trading at higher prices but MCX Silver is trading at lower prices. All base metals MCX Copper, Nickel, Lead, Zinc are trading at higher prices today. MCX Crude Oil and Natural Gas are also trading at higher prices. MCX Gold Dec is currently trading at Rs. 26758, it is trading flat for the day. MCX Silver Dec is trading at Rs. 53180, it is up by Rs. 270 for the day. All base metals are trading in positive territory for the day.

Precious metals are trading lower on NYMEX today.
Base metals are trading higher on International bourses today.
Crude oil is trading lower on NYMEX today.

NCDEX Agri Commodity Market News Today:-

Pepper futures to trade higher for the day. Guar Complex is expected to trade higher for the day. Outlook for Soybean is seen sideways to down for the day. CPO is expected to trade sideways to lower for the day selling on rise is recommended. Outlook for Chana is up for the day. Outlook for Jeera is sideways to down for the day.

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