Precious Metals continue to remain in range for the second day. Gold is trading at1317.10 an ounce, unchanged from previous close and Silver is losing 7 cents totrade at 21.71 an ounce. Prices in the domestic market are down nearly apercent with Gold at 29240.0, down 232.0 or 0.79% and Silver at 48179.0, down474.0 or 0.96%. The rupee strengthened against the dollar for the fourthconsecutive day to close at 61.44, up 30 paise or 0.49%; October futures closedat 61.82, up 31 paise. Gold is trading below a good intraday resistance at1320.0 above which we expect prices to move higher to 1340.0-1350.0 levelstoday. On the downside, any declines should find support at 1300.0 and furtherlower at 1280.0 in intraday. Silver has once again settled into the previousrange of 22.25-21.30. The intraday bias is neutral on precious metals.
BaseMetals are also having a quiet session today; three month copper futures aredown 11.75 to 7183.0 per ton. With the exception of Nickel which is up 0.60% at13636.0 per ton, the rest of the metals are also trading marginally in red. OnMCX, except nickel, base metals are losing nearly a percent each due to therupee � copper is down 4.45 or 0.975 at 450.0 and nickel is down 2 points totrade at 842.0 at the time of writing this. Copper is likely to consolidatefurther in intraday with support coming into play at 7150.0 and resistance at7210.0. A breakdown below 7150.0 should provide good short sellingopportunities in intraday; our bias is negative on base metals today.
Oil and Gas pricesare higher today; crude oil is trading at 103.73 per barrel, up 42 cents or0.41% and natural gas is slightly higher at 3.503 per mmbtu, up 0.11%. Pricesare lower in the domestic market crude is down 50 points or 0.76% at 6404.0and natural gas is down 1.235 to trade at 217.10 now. Crude Oil seems to be ina recovery mode and we expect prices to remain positive today and moving intonext week; having build a strong support zone near 101.0-103.0 prices look setto test 106.0-107.0 in the coming days. We will be looking for buyingopportunities above 104.0 today.
BaseMetals are also having a quiet session today; three month copper futures aredown 11.75 to 7183.0 per ton. With the exception of Nickel which is up 0.60% at13636.0 per ton, the rest of the metals are also trading marginally in red. OnMCX, except nickel, base metals are losing nearly a percent each due to therupee � copper is down 4.45 or 0.975 at 450.0 and nickel is down 2 points totrade at 842.0 at the time of writing this. Copper is likely to consolidatefurther in intraday with support coming into play at 7150.0 and resistance at7210.0. A breakdown below 7150.0 should provide good short sellingopportunities in intraday; our bias is negative on base metals today.
Oil and Gas pricesare higher today; crude oil is trading at 103.73 per barrel, up 42 cents or0.41% and natural gas is slightly higher at 3.503 per mmbtu, up 0.11%. Pricesare lower in the domestic market crude is down 50 points or 0.76% at 6404.0and natural gas is down 1.235 to trade at 217.10 now. Crude Oil seems to be ina recovery mode and we expect prices to remain positive today and moving intonext week; having build a strong support zone near 101.0-103.0 prices look setto test 106.0-107.0 in the coming days. We will be looking for buyingopportunities above 104.0 today.
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