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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.
SILVER DEC FUTURE R1-41500, R2-42000, S1-40500, S2-39600,
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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.
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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,