Today Only MCX gold tips for gold price in commodity market.
Today MCX Gold lowered to its the most fragile in a month on Monday before recuperating a little bit as costs became more eye-catching, but speculators unwinding long positions and worries about the health of the global Stock market economy could curb gains. Falling equities could force speculators to cash in MCX gold to cover losses and to turn to the safety of the dollar, although the steel may find assistance at around USD 1,700, a stage which may ignite more purchasing from jeweler makers ahead of the year-end festive season In India.
MCX Gold was standing at USD 1,724.45 an ounce by 0638 GMT, up USD 4.47, but still down from an 11-month peak of USD 1,795.68 marked in early October. It hit a low of around USD 1,714 an ounce earlier on Monday.
“In the other metals as well, I think we’re coming closer to the bottom of the current range,” he said, referring to industrial metals.
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Protect resources and other big investors have cut their bullish bets on US commodities to the lowest levels since the end of August, with funds mostly bailing out of MCX gold after its repeated failure to breach the USD 1,800-an-ounce mark.
Cash MCX gold powered to a record of about USD 1,920 in 2011, when investors turned to the metal as a safe haven during the debt crisis in Europe.
Investors are switching their interest to the US Government Reserve’s plan conference on Tuesday and Wednesday after the central bank announced its third round of aggressive economic stimulus last month, which eventually sent MCX gold price to a peak in October.
In other stock markets, shares in Asia fell on Monday as lackluster earnings from leading US companies, a key driver of the world’s third-biggest economy market, dented risk appetites and prompted investors to take profits on recent gains.
Weddings also take place during this period, with MCX gold jeweler is an essential part of the dowry Indian parents give to their daughters.
“There are very good orders from India. I guess there will be more buying as prices come off,” said a dealer in Singapore.
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Gold futures traded slightly higher during the initial hours of trading on Multi Commodity Exchange (MCX) Tuesday taking support from steady global prices. Prices of silver on the other hand continued to recede on selling, underpinned by weak demand in the spot markets. Depreciation in dollar against euro and some optimism in Greece debt-crisis aided the prices.
Overseas gold and silver in London spot respectively traded at USD 1,541.55/oz, up 2.53 and USD 35.90/oz, up 0.10.
MCX most active August contract at Rs 22,677, up Rs 29 and so far moved between Rs 22,682- 22,660/10gm. Contract volume was 834 lots.
MCX gold mini most active July contract traded at Rs 22,520/10 gm, up Rs 27 and fluctuated between Rs 22,522- 22,500/10gm. Volume was 822 lots.
Silver July contract shed Rs 106 at Rs 53,901/kg at 10:41 IST and so far made intra-day high and low of Rs 53,960- 53,751/kg so far. Volume so far was 2,823 lots.
MCX silver mini most traded June contract dropped Rs 113 at Rs 53,916/kg and traded between Rs 53,980- 53,754/kg. Volume recorded 5,549 lots.
Spot MCX gold traded slightly higher in major markets of Mumbai, Ahmedabad and New Delhi Tuesday on the back slightly decent demand. The white metal traded further down on selling and poor demand.
Demand has weakened in silver and it is likely to traded sluggish in coming days , said Madan Jain, a Mumbai based trader in silver. He said that global prices of the white metal will be under pressure due to ongoing Greece debt crisis and demand in major markets is also very weak. Spot silver prices in the near term will rule in the range of Rs 52,000- 55,000/kg.
In Mumbai, 995- standard gold traded at Rs 22,745 and 999- pure traded at Rs 22,846. In Delhi, 995 quoted at Rs 22,725 and 999 at Rs 22,845 and in Ahmedabad 995 traded at Rs 22,725 and 999 at Rs 22,801. (Prices in per 10 gm)
Silver in Mumbai traded at Rs 55,245, in Delhi at Rs 54,550 and in Ahmedabad at Rs 54,338. (Prices in per kg).
International markets continued to shine in the gold, but silver has seen a marginal decline. Euro gains against the dollar has recovered the gold.
August gold futures on Comaks price of $ 1547.2 per ounce of strength is trading above the level. In the business of the day at $ 1546.4 per ounce of gold, 0.3 per cent was closed at the level.
July MCX Silver futures on Comaks with a sense of the slight decline to $ 36.5 per ounce level has gone down.
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July silver futures gained on Comaks with mild expressions of the cross has reached 35.5 dollars per ounce. In yesterday’s trading on Comaks silver half dollars per ounce to close at 35.4 per cent was faster.
Silver declined today, silver is trading at about 1 per cent. The mint oil is increasingly being witnessed on the business. June futures trading in mentha oil is trading at around 1 per cent.
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Silver price dropped tracking weakness in base metal prices after prices gained after release of US data’s. The Gold Silver ratio is unchanged today at 42.91. The risk in this ratio continues to lie in a break above 43.94.Silver opened the day at 53319 which was also the low for the day.
Silver rose alongside crude and other base metals to a high of 53870. Profit taking had the metal close the day at 53058.Now technically market is trading in the range as RSI for 18days is currently indicating 39.52, where as 50DMA is at 58412.7 and silver is trading below the same and getting support at 52409 and below could see a test of 51759 level, And resistance is now likely to be seen at 53789, a move above could see prices testing 54519.
Silver trading range is 51759-54519.
Silver price dropped tracking weakness in base metal prices after prices gained after release of US data’s
Silver is having resistance at 53789 and support at 52409 level.
In spot silver is getting resistance at 36.40$ and holding support at 34.70$ level.
This year, April-May during the gold and silver with a turnover of Rs 1,615,138 which is nearly two times higher than last year. Similarly, with 38 per cent is the second largest agri-commodity. Agri commodity has a turnover of around Rs 240 329 crore.
MCX silver mini June contract prices too traded down Rs 488 at Rs 52,735/kg and traded between Rs 53,460-52,637/kg. Volume recorded 66,565 lots.
Most active silver July contract traded Rs 490 down at Rs 52,703/kg and so far made intra-day high and low of Rs 53,440-52,611/kg so far. Volume so far was 32,105 lots.
Crude oil and Silver will fall and for the last time short below 98$ and 57000.Crude oil targets are 94$,92$ and ???.Silver targets are 53000,51000 and ????[for clients only].[52000 Hits]
Crude Oil and Silver will fall again below 102$ and 58000.Crude oil targets are 96$,94$ and ???.[95$ HITS]
U.S. release of poor economic data and volatile financial condition of Greece at the international level to halt in the Delhi bullion market Gold Price bullion Rs 120 to Rs 1800 per ten gram went up and silver sliding 56 100 rupees per kg on the tick added.
Analog to information from overseas bullion viewed sustainability in business. 1540.50 dollars per ounce during the trading price of gold are the last business day in New York closed its price 1540.20 dollars per ounce. 1541.60 U.S. dollars per ounce of gold futures trading was recorded.
Up to the hilt in the business of silver. During the trading price of silver 37.20 per ounce spoken. 36.79 dollars per ounce in the previous trading day closed.
Experts say that the market study has reduced the credibility of the agency Moody Greece. Other manufacturing industry in the U.S. Rogajhar and bad data has been released. The investors have once again put bullion and Roanr.
Local bullion market opposite trend was seen in both precious metals. During the trading price of gold rose to Rs 120 to Rs 22 700 22 820 rupees per ten grams were. Silver prices fell by Rs 57 900 56 100 rupees per kg from Rs 1,800 were left.
Coin buying and selling of Saincda declined to Rs 4500-4500. No changes were seen in Guinea.
Traders say the market is more Bikwal. The focus of speculation in the market and silver is more inward. More people are coming to market to sell silver. Although the market is not subscribed. Consumer demand for gold is expected to come.
Expressions are as follows –
Gold Price (per ten grams) – Standard – 22 820, Bitur – 2,700
Silver (per kg) – Onch – 999, spot – 56 100, forward – 56,000
Silver Coin (per Saincda) - buying – 61,000, selling – 62,000
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Comex Gold : Finally Gold able to managed above 1525 US % and almost closed at 1535.80 indicate near term strong bull favour. Now we may consider support 1510-1500 US $, higher level resistance 1550-1565-1577 in near term watch out. First sign of weakness only above 1470 US $ if close with volume.
US market will be remain closed Monday in observance of Memorial Day. UK markets will also be closed on Monday.
Last week strong move were saw from the lower level 22152 and finally made a high 22568 and managed to closed above 22500 level. Higher and higher formation on the chart and looks up move continue and any dip to buying opportunity. On a technical front, we may consider support in gold updates 22400-22411 and resistance 22590, break out this range will move one side. With a lot of talk in Europe about Greece’s debt crisis, gold safe haven buying should continue in the near term.
Buy on Decline……
But without level.. do not trade.
Close above 1526 US $ in Comex do not hold short position.
MCX Gold futures are expected to open on a mixed note as the prices came off highs near $1350 an ounce in the global arena and trade around $1340 an ounce right now. The US dollar seems to be holding the key for the yellow metal right now and unless the greenback drops well above 1.4000 mark against the Euro, Gold could find it difficult to get back to its winning ways.
The COMEX Gold futures for December jumped by around 25 dollars in intraday moves to top a high of $1348.93 in Asia before it fell back off and extended its losses throughout the European session. Prices fell further in early New York trades, bottoming out at $1333.30 per ounce. The commodity ended at $1338.70 per ounce, still adding $14.20 per ounce from the previous close after a massive drop in the last session.
It was surprising to see Gold not rally much in New York yesterday, particularly when Goldman Sachs noted that Fed may target a whopping $2 trillion in its Asset buying programme- much higher than what the markets have been expecting so far. The existing home sales data out yesterday was steady even though the Federal Reserve Chief Ben Bernanke stated that the US housing markets remain weak and high levels of mortgage defaults may well persist for some time to come.
Media reports quoted Bernanake saying that the Fed is concerned about reported irregularities in foreclosure practices at a number of large financial institutions, and the Fed is looking into whether systematic weaknesses are leading to improper foreclosures.
Gold should ideally have hung around with decent gains in such an environment but the intraday sell off took the charm out of the yellow metal. The prices are quoting at $1340.50 per ounce, up $1.60 per ounce from the previous close after hitting a high of $1343.80 per ounce. Dollar quotes at 1.3963 against the Euro, giving up after its impressive recovery in New York. Gold could set highs near $1350 yet again today, mimicking its moves in the last session as the last few days movement has made the path utterly unclear for the yellow meta.
MCX Gold futures for December ended at Rs 19547 per 10 grams, after testing a high of Rs 19625 early in the session. The contract looked supported around Rs 19500 mark in evening trades. We could expect a flat opening with the overall range likely to be Rs 19510- 19598. Watch out for a break on either sides for an extension of the trend.
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