Commodity Trend Today:
After a Boom in international markets, the domestic market has got a strong move in gold and silver. COMEX gold moved 0.15 percent up and silver gained 0.4 percent. NYMEX Crude oil trading on 0.1 percent higher at 97.60 dollars per barrel. Gold clawed back from its lowest in over a month on Tuesday, as the dollar fell following a statement from the Group of Seven industrialised countries reaffirming commitment to market-determined exchange rates Bullion futures contracts declined on local exchanges tracking the fall in international markets, and as the rupee erased early losses against the dollar and ended flat.
Crude Oil Tips and Price:
We expect crude oil prices to go up, supported by a weaker dollar and better demand prospects in 2013. Crude oil inventories data by the EIA is important to watch today for further confirmation on inventories status. The US bench marked crude oil prices are trading flat at $97.57/bbl, with marginal gains from yesterday’s closing at the Globex. Domestic crude oil futures were trading higher tracking the rise in benchmark contracts on the NYMEX. For Today MCX Crude oil February contract is looking in a positive side today. It has a updated bullish trend with support near 5215 and 5160; on upside resistance can be seen near 5275 and 5330. For Intraday traders we suggest to buy Crude oil on dips.
MCX Tips For Today:
MCX Zinc February futures: Buy above 116.8 level with stoploss of 115 and the target at 119.
MCX Gold April futures: Buy above 30580, stoploss at 30480 and the target of 30650-30750