Gold
MCX Gold may note of a few increase following cues
from international exchange but sell on rise is suggested. Domestic gold prices
are additionally getting affected by trend in rupee and development in spot
market. Backwardation in domestic futures has widened amid position squaring
ahead of expiry of December contract. In international market, COMEX gold
trades in a narrow range near $1190/oz amid mixed cues. Retreat in US dollar
and bond yields from recent high has lent some support to gold price. Support
for MCX Gold December contract is seen at Rs.28500 while Resistance is seen at
Rs.28900.
GOLD DEC
FUTURE
- R1–28900,
- R2-29400,
- S1-28600,
- S2-28300
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Silver
MCX Silver may witness choppy trade in line with
international price but bias may be on downside. COMEX Silver trades mixed near
$16.5/oz amid range bound movement in gold and weakness in industrial metals. Silver
ETF investors have also moved to sidelines. Chance opinion may keep on
affecting gold and industrial metals differently keeping silver price choppy
but Fed’s rate climb worries will be negative for price. Support for MCX Silver
December contract is seen at Rs.40300 while Resistance is seen at Rs.41400.
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SILVER DEC FUTURE
- R1-41500,
- R2-42000,
- S1-40500,
- S2-39600,
Copper
MCX Copper may note decline following cues from
international exchange. LME Copper trades lower in early trades today following
3% slide yesterday. Copper stocks at LME rose by 1225 tonnes yesterday however
near lowest level since August. In spite of energetic fundamentals we expect
the metal to trade with a weaker bias today as recent rally seems to have
outrun fundamentals. Support for MCX Copper November contract is seen at Rs.382
while resistance is seen at Rs.396.
COPPER NOV FUTURE
- R1-399,
- R2-416,
- S1-382,
- S2-370.
Crude Oil
MCX Crude may witness choppy trade tracking cues
from international exchange but bias may be on upside. NYMEX crude trades
higher above $45 per barrel after a sharp decline yesterday. Crude has
witnessed sharp unpredictability in most recent few days as market players
position for OPEC’s decision today. Focus today will also be on US EIA weekly
report which is expected to note a 0.7 mn bbl rise in US crude stocks. Also in
focus will be US economic data which will affect demand outlook as well as
general risk sentiment. Support for MCX Crude December contract is seen at
Rs.3050 while Resistance is seen at Rs.3180.
CRUDE OIL NOV FUTURE
- R1-3330,
- R2-3390,
- S1-3100,
- S2-3020,
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