Wednesday, 2 July 2014

Bullion, Mcx and Commodity Market Outlook By MarketMagnify

Spot gold continued its momentum and traded at highest point in about 11 weeks as clashes in eastern Ukraine and the Middle East boosted safe haven demand for the precious metal. However prices declined by 0.13 and settled at $1325.4/oz. 

A quick pull back above 28060 region could validate buying gushes towards 28170 followed by utmost objective of 28410. In this expectation, spoiled attempts to crack above 28060 region could give a price slippage to 27860/740.

Spot silver prices gained by 0.2 percent in contrast to the decline in bullion prices. Good manufacturing numbers from US as well as China has indicated that industrial activity is gaining momentum in turn supportive for silver prices. In addition, strength in Nickel prices also boosted silver prices 

Prices still dither to make tangible trades above 45500 and such happening trades could live up buying thoughts towards 45700/ 46500. On the contrary, failed to step above 45500 region could bid fresh selling to 44700/44300.

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