Thursday, 15 October 2015

Daily Mcx Commodity Market Trading Tips and Advice

Spot gold prices are trading lower today by $1.43 at $1167.1 per ounce while MCX gold prices are trading higher by 0.08 percent at Rs.27000 per 10 gms. Gold hit three-month highs on Wednesday, extending gains for a fourth session, as concerns over deflationary pressures in China fuelled expectations the Federal Reserve will hold off raising U.S. interest rates, pressuring stocks and the dollar.

In-line with our earlier view, MCX Dec Silver prices gained 0.60% in the past session on an extending process of its privileged bullish trend. Currently prices are facing an immediate resistance at 37710 levels and on a convincing break above the same will extend the gains towards 38400 & 38950 levels.

MCX Nov Copper futures took support from 344.85 levels and started inching higher in the past session, finally resulted as a “bullish hammer” on daily charts. This indicates for an uptrend in coming sessions towards 353.80 & 357 levels.

MCX Oil prices are trading lower by around 1.81 percent trading at Rs.3033 per barrel. Oil eased further below $50 a barrel on Wednesday, falling for a third day, on concern a supply glut will persist and demand slow down as economic growth moderates in No. 2 consumer China.

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