Gold silver Updates and MCX Tips for Today

In domestic markets, gold and silver are trading on the edge. The RSI indicator are favouring the positive trend for Gold So we can expect a rally in Gold above 29930 level.
Yesterday MCX Silver rose 1.6% and as expected, the rally has continued today also. Silver is now trading above 54200 and heading towards 54500 level. If it successfully breaches this level, we can see prices to reach 54800-55000 soon.
Technical Charts are also suggesting buying signal for both the precious metals. In other commodities, one can buy crude above 5000 level for the targets of 5050-570 level.

Crude Oil Tips- MCX Updates

Crude oil is likely to remain bearish for the day and can see some more sell offs if trades below 41180 levels. A Successful trade above 4245 may negate the bearish trend and Crude can lift up to 4280-4320 levels.

For Intraday Sell crude below 4200 for target of 4150 and 4120 with stop loss of 4244

Crude Oil Updates: Trading levels for today

Crude oil is likely to dragg down as invetors are concerned about a slowdown in the US and other major economies of the world along with the expectations that top exporter of crude oil Saudi would increase its output which will result in lowering the crude oil prices.

Crucial Level for Downside in crude oil is Seen near 4222 below which a strong selling pressure taregtting 4080-4000 may triggerout.

Bulishness is expected if crude oil closes above 4300.

For Intraday Traders can sell crude oil June futures below 4230 for the targets of 4200-4160 Stoploss above 4280

Above 4300 go for long positions.

MCX Crude Oil Trend- Short Term range

MCX Crude May contract closed on Tuesday at 4975 rupees per barrel, down by 75 rupees against previous close of 5055. The contract opened weak this morning at 4972 made the same level as an intraday high and last traded at 4893 down by 82 rupees after touching an intraday low of 4883.

In international markets, Crude prices last traded near 110.2 USD per barrel. Crude in dollar terms may touch 107-103 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4700-4600 in the coming few trading days.

Support for Crude is seen at 4825 and below it; prices can test 4775 while the resistance levels are seen at 4960 and 5040 respectively. Short term range for MCX Crude May contract is seen at 4600-5000.