Gold, Silver, Crude oil and Natural Gas have started trading with a strong fall in Domestic Commodity Market. Due to US interest rates are likely to rise and fall in China’s stock market the strong fall in commodity prices is seeing. In International market Gold has dropped down to its five and a half year low level. While crude prices also close to its four-month low levels. However, base metals started strongly because of the weak dollar.
Commodity Trend Today
MCX gold is trading at Rs 24799 level declined 0.40%. While silver prices have slipped 0.55 percent to Rs 33751 per 10 gram. Crude oil have also declined by 1.20 percent and came to Rs. 3042 per barrel level because of China’s economy. Along with crude, Natural gas prices have also declined by 0.40 percent. Although copper is up by 0.35 percent, nickel is up 1.50 percent and lead prices rose 0.35 percent.
Selling pressure is increasing in Crude prices. Because of over-supply in the global market Crude is trading with down trend constantly fifth session. Crude prices came down to the four-month low levels in International Market. While China’s stock market sell-off have also pressured on Crude prices. Brent crude could ever slipped below the $ 53. The NYMEX WTI crude is trading around $ 47 a barrel. According to experts, the price of crude could slipped below $ 45 a barrel.
As per our experts Crude prices are likely to have extremely low. Over supply in the global market, strong dollar and China’s economic slow growth may continue to trend downward in the crude oil prices. WTI Crude could ever break the 45 levels while Brent crude is likely to break below $ 50 a barrel
MCX Commodity Tips
MCX Gold Aug. Sell below 25050 for target of 24900-24740, Stoploss at 25200
MCX Zinc July Buy above 123 with stoploss at 121.80 for the Target of 124.20-125.50
NCDEX Soyabean Aug. Sell below 3290, Target of 3240-3190, Stop loss at 3330
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