Today commodity market open with the red sign, in the early morning bullion lost its position. If we talking about yellow metal its open 42 point down in the morning and from that’s point it’s lost control and go to downwards direction. Gold is expected to trade more low in the afternoon. Currently gold is down by more than -150 on the MCX. Similarly white metal follows the trend of yellow metal and goes -483 point from its previous close at 2:18pm. Today in the morning silver open at 59706 and its touch a intraday low of 59220 and a intraday high of 59706. On the domestic market bullion is expected to trade low today. On the Forex market dollar lost its position by -0.45 point against Indian currency.
Base metal tips
In the Domestic market base metal lost its position from morning. On the MCX nickel open at 952.80 and its look week on the Domestic market. In the Global market nickel position is not constable, lots of up and down had watched in the previous week. Nickel for Jan contract continue with red flag and expected to drop more 4-5 point on the MCX. On the MCX copper position is move around 435 to 437, some negative movement is expected on the Domestic market for Feb contract.
Crude oil for Jan contract opens at 5143 in the domestic market and continuing fallen from that position. And on the global market crude is expecting trading low; Crude oil demand is expected to go slower in near the 2030. Crude expected to drop more in the next trading sessions.
Sell silver below 59225 tgt 59175, 59125, 59100………..sl 59650
Sell gold below 30710 tgt 30680 , 30620……..sl 31000
Buy mentha oil above 1354 tgt 1360, 1371………….sl 1336
Sell cotton below 16350 tgt 16340, 16320,16300………..sl 16450
Sell crude oil below 5114 tgt 5100, 5080……..5165
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