Commodity Updates: Gold Silver and Copper Trend For Today

In the international market, Comex gold – silver are trading traded on the decline. Gold has witnessed a decline of 0.12 per cent and currently trading at 1727 dollars. Silver is trading with a loss of 0.5 per cent, although prices are above $34 per ounce.
MCX Silver might see an initial decline due to these international cues. Technically, nearest support is being seen near 62600 level and consistent trades below 62000 wil be required for
prolongation of fresh selling towards 61550/61100.
Copper, on London Metal Exchange (LME), is looking slightly strong. MCX copper is likely to trade positive above 442 while below the support level of 436.00. we can expect prices to decline to some extent.

Silver Updates and trading levels for today

Selling pressure in Gold Silver commodities can be seen in international markets. As a result silver in MCX made a soften opening. Earlier on yesterday MCX silver went beyond Rs 60,000. Its been 7 months since silver crossed the level of Rs 60,000. Since August 20, silver futures market prices so far has been increased by 11 per cent. In the last 2 week spot silver prices have increased by 10 per cent. In the international market, silver touched the level of $32, which is the highest level in 4 months. 

Currently, with an initial decline of nearly 200 points MCX silver is trading at Rs 61800 level. Prices are expected to face support at 61500-61000 level. Trading below 61000 can attract sellers in the market.

Gold Silver Trend Today and Commodity Tips for 23 August

Gold - Silver Trend

The expectations of getting Bailout package to Eurozone has resumed the boom in commodity market. Comex Gold and silver have witnessed quite a good jump in prices. At the moment, comex Gold has climbed nearly 1.5% while Silver is trading up 2% in international Market.
Meanwhile on NYMEX with 0.5 per cent upside, crude oil is trading at 97.80 dollars a barrel . Brent crude on the ICE with a gain of 0.5 per cent trading at $115.50 a barrel.


On domestic front, Bullion metals are expected to trade higher on the back of strong global cues.
Intraday traders can follow tips below-

Commodity Tips for Today

MCX Gold (October Futures): Buy - 30250, stoploss - 30150 and the target - 30400



MCX Silver (September Futures): Buy - 55100, stoploss - 54900 and the target – 55500



MCX Crude has a buying target of 5400-5420 when accumulated above 5365.

Crude Updates and Commodity Tips for Today

Crude oil prices have seen some positiveness in the market today and MCX crude managed to touch 4800 level. The trend of mcx crude is likely to remain positive for the day long but the trading range may confine withing the range of 4750-4850. However a breach above 4870 can extend the the positiveness towards 4900 level also. Below 4715, Crude may see free fall again.

Commodity Tips for Today-

MCX Silver- Buy Silver On dips around 53100 level for the target of 53500.

Another Commodity we are picking from base metals- MCX copper. Since, LME copper is trading up with volume, we can expect some rise in domestic market also. So one can go for buy in copper above 425 for the targets of 428-429 while keeping a strict stop-loss below 423.70.