Commodity Trading TipsFinancial News

MCX Tips: Gold Price Continues to Fell, Crude in Under Pressure

The round of selling in Gold and Silver price has been continues today also in International Market. After heavy drop in Gold price on Monday, it carries the downtrend on Tuesday also. COMEX Gold had reached to its 5-year low level after hitting 4% down on Monday. While COMEX Silver also fell 0.25% and reached at $ 14.7 per ounce. Apart from these Crude oil is also facing some selling pressure. NYMEX Crude slipped below $ 50.

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Gold prices continue to fall
The sudden sell-off in Shanghai and New York have increased bearish trend in Gold prices. A sharp rally in Dollar made some pressure in Crude prices. COMEX Gold seems trading at $ 1103 level per ounce with loss of nearly 0.5% at the moment. In Domestic Market Gold price fell upto Rs. 300 and satteled at Rs. 25500 level. The main reasons behind this downtrend were the rise in Dollar and selling of Gold by China. Experts believe that as long as US interest rates are rising, Gold prices may continue to slump. However, they also believe that it is the right time to buy gold.

NYMEX Crude prices slipped below $ 50
Due to stronger US dollar trend and demand is lower than supply, crude prices continued to fall. In the past two weeks, crude prices were 12 per cent stumble. Our Commodity experts say that the news of rising interest rates has strengthened in the US dollar, Which is having an negative impact on crude prices. NYMEX crude slipped below $ 50 a barrel. Meanwhile, crude-brained slipped 0.20 percent to $ 56.56 per barrel level has come.

MCX Tips and Trend for Gold, Silver and Crude:

Commodity Gold
Trend Bearish
Support 24800-23996
Resistance 25371-26280
MCX Tips Sell on High
Commodity Silver
Trend Bearish
Support 33559-31930
Resistance 34602-36102
MCX Tips Sell on High
Commodity Crude Oil
Trend Bearish
Support 3205-3108
Resistance 3276-3392
MCX Tips Sell on High

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