Tuesday, 8 May 2012

MCX Commodity Tips Today | Gold Trend 8 may 2012


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MCX Bullion trend today :- MCX gold and silver is being witnessed in the position of weakness. Gold and silver are expected to trade lower today on the back of a stronger dollar index coupled with uncertainty over Euro Zone debt worries which may lead to weak sentiments in the global markets. Silver being an industrial metal will also take cues from movement in base metals pack. 
MCX Gold Tips Today :- Sell - 29 020, stop-loss of Rs - 29 150 and the target – 28850 
Gold Trading levels :- support -28823/28710 Resistance -28995/29110 
Silver trading levels :- support - 55205/54614 resistance -56440/57100 
Crude oil updates :- we expect crude oil prices to trade lower on the back of expected rise in US crude oil inventories from API which if increased as forecast-ed then will be at highest level in more than 21 years. Additionally, statement from Saudi Arabia’s oil minister will also add downside pressure on the commodity. 
MCX Crude Oil tips :- Sell - 5250-5260, stop-loss of Rs - 5310 and the target – 5120 
trading levels for crude oil :- support -5158/5110 resistance -5261/5315

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