Commodity Updates- Crude Trend and MCX Gold Silver Tips for Today

The very first day of the week saw a downfall in NYMEX crude oil prices along with a weak start in COMEX Gold and Silver. International crude prices have witnessed a decline of 1% to trade around $84/barrel and prices are expected to remain negative for the day.

 Gold and Silver are also likely to persist the negative trend Today. Technical charts suggest that trading below 29600 level can invite more downside in Gold august futures while above the level of 29750, we can expect prices to surge up beyond 30000 level.

 Silver on MCX is taking resistance near 52500 but rallies can be seen only above 53200 level. Traders can go for Intraday buy above 52350 for the Targets of 52500-52750. Selling is recommended below 51750 only.

MCX Crude Oil Updates : 10 June 2011

MCX Crude June contract closed on Thursday at 4548 rupees per barrel, up by 26 rupees against previous close of 4522. The contract opened up this morning at 4554 made an intraday high at 4562 and last traded at 4520 down by 28 rupees after touching an intraday low of 4515 rupees.

In international markets, Crude prices last traded near 101 USD per barrel. Crude prices seen falling on the back of profit booking and may test 96-93 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4340-4220 in the coming few days on the back of short selling.

Support for the said contract is seen at 4450 and below it; prices can test 4375 while the resistance levels are seen at 4575 and 4650 respectively. In the near term, MCX May Crude prices are likely to trade in a range of 4150-4600