Mcx Bullion Market ;Gold Silver Commodity Updates

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Indian jewellery demand, central bank buying and India's monetization schemes are likely to influence Gold in a positive way. Meanwhile, dollar strength and supply concerns are chief obstacles.MCX GOLD June contract was trading at Rs 26413 down Rs 42, or 0.16 percent. The GOLD rate touched an intraday high of Rs 26425 and an intraday low of Rs 26360. So far 1094 contracts have been traded. GOLD prices have moved down Rs 78, or 0.29 percent in the June series so far.
Gold prices moved lower for the second straight day. The prices tested a high of Rs 26459 per 10 grams and a low of Rs 26235 per 10 grams. Volumes of Gold are at 11569 on 30 March 2015 and a low of 15662 on 27 March 2015. Open interest was at 4786 compared to 6057 on 27 March 2015. Copper ended the day at Rs 26270 per 10 grams. The prices are resisted at Rs 26500 per 10 grams. On the lower side, the supports are at Rs 26100 per 10 grams.
Indian Rupee is likely to extend weakness seen late yesterday, tracking a rebound in the US currency overseas in early Asian trades Tuesday.Crude Oil has been juxtaposed in the last one week. The prices of Crude Oil ended close to psychological level of Rs 3000 per barrel. The prices ended at Rs 3017 per barrel against Rs 3152 per barrel on 27 March 2015. The prices have moved back from levels of Rs 3270 per barrel.

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On Friday morning gold was maintaining stability but was moving towards its first weekly drop in four weeks as U.S. data bonding showed in the recovery of the world's largest economy, dimming the metal's safe-haven appeal. 

Spot gold was flat at $1,242.86 an ounce by 0349 GMT, and was heading for a 0.3 percent drop for the week. 

MCX SILVERMIC February contract was trading at Rs 44514 down Rs 308, or 0.69 percent. The SILVERMIC rate touched an intraday high of Rs 44963 and an intraday low of Rs 44466. So far 30358 contracts have been traded. SILVERMIC prices have moved up Rs 2514, or 5.99 percent in the February series so far.

Copper futures declined on Thursday, as market players looked ahead to key U.S. economic data later in the day for further indications on the future course of monetary policy. Copper prices were likely to find support at USD3.308 a pound, the low from January 15 and resistance at USD3.375 a pound, the high from January 8.

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MCX Bullion Market Live News and Trends by Money CapitalHeight

 Gold on Wednesday pullback again for its second session, its gripping forward from a 1 month high as a rally in stock markets prompted by strong U.S. retail sales data dented the metal's appeal as a safe haven.

Gold and silver futures declined on Tuesday after the government reported better-than-expected sales at US retailers last month. The benchmark, S&P GSCI Precious Metals dropped 0.46% to settle at 1,675.36.

Today’s Bullion Market Trends:

Gold futures for February 2014 settlement fell 0.5% to USD 1,245.4 per troy ounce at the Comex division of the New York Mercantile Exchange.

GOLD (FEB)

Trend: Consolidate | Strategy: Buy on dips

R1- 29370, R2- 29750 | S1-28750, S2- 28480

Silver on Friday closed at $20.13 / ounce just ahead of a key resistance level after a rapid surge in the US session amid poor non-farm payrolls data. The metal is likely to face immediate resistance at $20.29 which is 38.2% fib level and then $20.82, a very crucial 50% fib level and 100 DMA.

Comex Silver futures for March 2014 settlement slipped to USD 20.28 per troy ounce.

SILVER (MAR)

Trend: Consolidate | Strategy: Sell on high

R1- 45850,R2- 46700 | S1-44150, S2- 43180

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Live Mcx Gold Silver Trading Tips & Charts Today

·         Gold sustain above 1250$

·         Natural gas futures surged the most in 16 months on speculation

·         Crude fell after Iran agreed to curtail its nuclear program

·         Copper advanced, paring a second weekly drop

West Texas Intermediate crude fell after Iran agreed to curtail its nuclear program starting Jan. 20, easing some sanctions on OPEC’s fifth-biggest oil producer. Natural gas futures surged the most in 16 months on speculation that government data will show a record decline in U.S. stockpiles of the heating fuel as cold weather boosts demand.

Gold:

GOLD (FEB)

Trend: Consolidate

 Strategy: Buy on dips

R1- 29370

R2- 29750

S1-28750

S2- 28480

Silver:

SILVER (MAR)

Trend: Consolidate

 Strategy: Sell on high

R1- 45850

R2- 46700

S1-44150

S2- 43180

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