Wednesday, May 8, 2013

Commodity: MCX Gold Recover & Crude Sluggish in Indian Market Today

Gold News and Updates:-
Following Tuesday's sharp drop in gold has been recovered. In domestic and international market, gold is trading at a slight edge. With a gain of 0.2 per cent on MCX gold is trading at Rs 26 79.

Notably the gold fund selling consistently dominates. The world's largest gold fund holdings of gold per Speediar are at 4-year lows. On Tuesday, the U.S. and European stock markets were booming loud. While declining trend in gold and gold Comax was touched by the level of 1447 dollar today.  

Crude oil News Alert :-
Crude oil seems sluggish. NYMAX with mild gains on crude oil remains below 95 dollar. However, MCX crude oil gains are trading at Rs 5170.

The API data released on Tuesday after crude oil prices fell. Meanwhile, the U.S. Energy Department this year and next year the projected growth in demand for crude oil has reduced. The argument has been that Europe and Japan's economic situation is not good. The crude demand may decrease. The U.S. Energy Department will release its inventory data.  

Trading calls
~ Sell MCX Copper below 400 targets 399, 398 Stop Loss 442.

~ Buy MCX Gold June above 26750 Targets 26773, 26797 Stop Level 26703.


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