MCX gold had reached its saturation point and now it has started falling down. MCX gold price has come down to Rs 31,000. MCX silver has also declined by nearly 1 per cent. In the U.S. QI- 3 has become an uncertainity. Expectations from QI -3 had created a boom in the gold and silver prices. Although gold ETF holdings increased to 2,451 tons.
Weakness in the rupee supports crude oil in the domestic market. But in international market crude oil prices are under pressure. U.S. Consumer Confidence figures are about to release today which has made crude oil slip on NYMEX. Currently, with a gain of 0.5 per cent on MCX crude oil is trading at Rs 5330.Sharp decline in base metals has been recorded today. MCX Copper prices have lost 0.5 per cent. Copper on the London Metal Exchange was trading down 1 per cent. Other metals on MCX declined from 0.3 to 0.6 per cent.
Mustard is continues to decline today also. Today, about 0.5 per cent in futures trading is mustard. Good rains in Madhya Pradesh and Rajasthan have increased pressure on the prices of mustard. Alwar, Dholpur, Dungarpur, Jhalawar, Barmer, Bundi and Chittorgarh are the areas where most of mustard cultivation. And these areas are getting good rains in the last 1 week. From October sowing mustard will start here.
Commodities investment advice
MCX Gold (October futures): Sell - 31000, stoploss - 31 150 and the target - 30800
MCX Silver (September Futures): Buy - 57 500, stoploss - 58 500 and the target - 56500/56000
MCX Crude oil (September futures): Sell - 5340-5350, stoploss - 5420 and target - 5280
MCX Copper (Nov Futures): Buy - 430-431, stoploss - 434 and the target - 426/424
MCX Zinc (August Futures): Buy - 103, stoploss - 104 Goal - 101
MCX Lead (August Futures): Buy - 108.50 stoploss - 110 Goal - 106
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