Gold Updates
Spot gold prices gained by more than 1.2 percent today on the back of weakness in the US Dollar Index (DX). The yellow metal touched an intra-day high of $1637/oz and hovered around $1636/oz. On the MCX, the Gold August contract gained 1.4 percent today, but appreciation in the Indian Rupee capped further gains and the yellow metal trading around Rs. 30247 on wednusday. In last few days lot of positive accumulation happened in the Gold Cautious point is buying at higer levels seems decreasing. The Gold is now trading in overbought level. Market sentiments are showing again buy signal for short term. Positionally Support for the Gold is 29317-28536. Immediate resistance for Gold is 30416-30600.
MCX Crude Tips
Nymex crude oil prices increased by 1.3 percent today on the back of expectations of decline in US crude oil inventories coupled with weakness in the DX. Crude oil prices touched an intra-day high of $85.53/bbl and were trading around $85.40/bbl. On the domestic bourses, prices gained by 1.2 percent but appreciation in the Indian Rupee capped further gains and hovered around Rs.4712/bbl. Currently Crudeoil is in HOLD SHORT position Crudeoil is showing some Up momentum So buy above 4725.0 with stop at 4522.0 The Crudeoil is now trading is approaching oversold level. The Crudeoil is now trading is approaching oversold level.
