Mcx Commodity Market Updates Watch Live

Gold and Silver futures are witnessing short covering after a blood bath in the commodities front yesterday.

“MCX Goldmay face resistances at 27235 and 27610 and support at 26465, 26062 levels,” said John Godson, Technical Analyst at Commodity Online. “Silver meanwhile may find resistances at 41882 and 42449 levels and support at 40708 and 40392 levels, ” he said. The short covering in silver is relatively weak when compared to gold and may not give the futures a sufficient fillip, he continued to add.

On India’s MCX, gold for delivery on August 5 was seen trading at Rs.26911 registering a gain of 0.16% as of 10.55 AM IST. Silver for delivery on July was seen trading at Rs.41142 a kilogram, a loss of 0.4%.

Gold on the Comex for delivery on August 13 was seen trading at $1,296.85/oz, a gain of $0.65 or 0.83% as of 10.52 AM IST. Silver for delivery on July 13 was seen trading at $19.788/oz, a loss of $0.035 or 0.18%.

The trend in silver futures for July delivery on India’s Multi Commodity Exchange (MCX) is bearish on weak international cues. 

“For intra-day, support for the commodity is seen at 40800 while 42000 is the resistance. If prices break 40800 level then the commodity is expected to move towards 38000,” said Amrita Mashar, Research Analyst at Commodity Online.

MCX silver prices have broken the important support level of 42000 this morning which is expected to put further pressure on the commodity movement during intra-day trade. Intra-day traders are advised to stay on sell side.

MCX silver futures for July delivery was seen trading down by 5.16% at Rs. 41680 per kilogram as of 4:15 PM IST on Thursday.

MARKET WRAP

·         Gold and silver futures fell to the lowest since September 201

·         Silver tumbled 34 percent this year

·         Crude slide from nine-month high trading below 95$

·         Base metals slide almost 1%

·         Copper slide almost 1% on Thursday

Gold and silver futures fell to the lowest since September 2010 after the Federal Reserve said stimulus may be reduced later this year as the economy recovers. Bullion has declined 23 percent this year, heading for the biggest annual drop since 1981, as some investors lose faith in it as a store of value, and as speculation grew that the Fed will taper debt-buying that helped the metal cap a 12-year bull run last year. Investors sold 520.7 metric tons valued at $21.6 billion from gold-backed exchange-traded products this year. Crude fell the most in seven months on signs China’s economy is slowing and after Federal Reserve Chairman Ben S. Bernanke said the central bank may start curbing bond purchases later this year. copper dropped on concern that the Federal Reserve may phase out stimulus and as China’s cash crunch worsened.

Money CapitalHeight Research Pvt Ltd is a leading Stock Advisory Company having a strong hold in providing most authentic and accurate Mcx Tips as well as Commodity tips. We are a team of highly qualified and experienced analysts team, who deliver their expertise in providing stock market calls for traders which include tips Mcx Tips as well as Commodity tips. All services are provided through SMS and Instant Messenger. Our research is based around these services: