Monday, October 22, 2012

Copper and Gold Updates For Today: 22nd Oct

Gold Updates For Today
With rupee trading flat against dollar, and Comex Gold weakened, Gold on the MCX started off on a negative note. It opened at Rs.31252 and was seen trading at Rs.31200 in the first minutes of the trade. Soft US housing data combined with firm reticence on the part of Spain to opt for a bailout saw investors flocking to Dollar, the traditional hedge against gold. This in turn saw gold prices grazing in the negative territtory. On the Comex division of NYMEX, gold for December delivery was seen trading down at 0.18% at $1,720.85 a troy ounce. The commodity charted a session low of $1,718.65 a high of $1,721.15. It recovered later on and touched $1727.45 a gain of 0.19%. 

Copper Updates For Today
Copper for November delivery on the MCX has breached an important support level of Rs.432 on Monday's session. This move heralds a downside momentum for copper prices for the coming session. Currently MCX Copper is trading at 432 level having a down trend today. The US earnings season results toppled the market confidence in copper and when combined with weak Japanese export data and concerns on Chinese slowdown resulted in a bearish trend in the markets. The latest copper updates are suggesting that copper for November delivery has a good support at Rs.425 and resistance at Rs.435. Traders are advised to take short sell position below 432 with stop loss of Rs 435 for the target near Rs 428 and 425.

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