Market Update

Market Watch

Tuesday, 26 November 2013

Recent Trends and Wrap on MCX Market

•Gold recovered from four-month low
•Silver sank to the lowest in more than 15 weeks
•Crude rising for the first time in three days
•Nickel, zinc, lead and aluminum fell in London.

Gold prices held onto overnight gains early in Asia Tuesday on price levels seen as favorable against demand. Gold rebounded from a four-month low to the highest level in almost a week as the dollar weakened and lower prices spurred demand in China.
Trend: Consolidate | Strategy: Buy on dips
R1- 30450, R2- 30880| S1-29960, S2- 29630

Silver was up 0.7 percent at $20 an ounce, having touched its lowest since mid-August at $19.54 earlier.
Trend: Consolidate | Strategy: Buy on dips
R1- 45550,R2- 46700| S1-44150, S2- 43280

Copper futures rose to the highest in two weeks in New York on speculation that a drop in crude-oil prices will help underpin economic growth, brightening demand prospects for the metal.  
Trend: Consolidate | Strategy: Buy on dips
R1- 449, R2- 457| S1-437, S2- 429

Oil rebounded, with West Texas Intermediate crude rising for the first time in three days on speculation the U.S. will post a drop in inventories. Platinum edged up 0.2 percent to $1,380.99 an ounce, while palladium rose 0.6 percent to $718.47 an ounce.

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  2. Metal stocks will be in focus today as commodity prices continue to zoom up. Steel prices up by 1.7% in LME
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