Live Mcx Commodity trend And Updates today 2 August

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MCX Bullion trend And Updates :- we expect bullion metal to trade sideways on account bearish global market sentiments due to disappointment that Federal Reserve policy makers did not adopted monetary easing yesterday along with strength in the DX. On the other hand positive expectation that European Central Bank might decide on stimulus measures today might support an upside. However, depreciation in Indian Rupee might cushion sharp fall. Silver- Support - 52590/52000 Resistance – 53825/54482 Gold – support - 1588/1576 Resistance – 1610/1622 

MCX Crude oil Trend :- crude oil prices is expecting to trade on a sideways note on the back of decline in US crude oil inventories along with expectations of measures taken by European Central Banks (ECB) to curb debt crisis. While on the other hand, unfavorable statement from US policymakers coupled with stronger DX will add downside pressure on the prices. Crude oil – Support - 4955/4917 Resistance – 5019/5057 

MCX Base Metal Trend :- we expect base metals pack to trade sideways on the back of expectations of stimulus measures from ECB policymakers. While on the other hand, disappointment from FOMC statement last night along with stronger DX can act as a negative factor for the prices. 

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