NFIB Small Business Optimism and Commodity Tips

1
NFIB Small Business Optimism and Commodity Tips
Mcx Gold commodity trading this morning
once again Gold is trading higher to
1234.50, up by 0.35percentage wherein we feel
lower USDX and call that US Fed may delay raising
rates amidst slowing global growth is helping
Bullion. Nevertheless, as also said yesterday if
we look at the demand side, no major positivity
is noticed as investment demand is just
callously declining. Today, we have to seek
guidance of USD especially when no major economic
data are expected. At this moment especially when
the safe-haven euphoria is pushing precious
metals higher, Euro too trading higher and we
suggesting a sell on bullion could go wrong.
However, we may relate to weak economic cues from
UK and EU today which might once again turn
negative and indirectly put pressure on
Euro and later on Gold. On the whole we may
see a mixed trend today so recommend making only
intraday trades. Technically 1244 would be a
crucial point to watch and should be kept as SL
in short positions. Gold commodity traded in a
ranged manner after opening with strong gap-up
yesterday.Comex Gold at electronic session
finished higher by 0.7percentage to 1230
however, the same was lower than its
opening rate at 1238 an ounce. Gold active
Dec contract at MCX closed little changed
with prices standing at 27111 per 10 Grams,
wherein probably rupee movement capped gains
locally Global Market View Today morning,
all the Asian markets are trading on a
mixed to positive note despite the sharp
selloff in the US markets overnight.
SP 500 closed at 1874.74 down by
1.65percentage as markets continue to reel under
the uncertainty about the Global growth
prospects. SGX Nifty is trading on a negative
note down by 20.00 points after the spectacular
bounce back from yesterdays low. Dollar
index has continued to trade lower
yesterday against most of its trading
partners. US dollar index was currently trading
at 85.29, bouncing back from a earlier low of
85.15. Euro and Pound on the other side added to
1.2726 and 1.6074 respectively. Todays
Economic Data UK- CPI PPI, Germany ZEW
survey numbers and from the US NFIB small
business optimism. Precisely, for the past
three to four sessions, especially when the
USD index has declined a tad most of the
assets have been moving in a ranged manner Mcx
Silver commodity trading market also hold a
similar view as other than broader cues over
USDX, equities sliding and cues from the Fed,
there are no major changes seen in very
short-term. We maintain selling bias in the
commodity while we believe, as our view in base
metals too stay heterogeneous to bearish,
probably once again silver would underperform
gold and thus whitish metal would be seen as
better bet on the selling side today.
Silver is standing on similar lines s in
case with gold wherein
2
commodity closed higher by 0.25percentage
yesterday, lower from its intraday highs.
Silver locally at MCX though finished weaker by
0.45percentage to Rs 38335 per 10 Kg, thanks to
the Rupee affect Commodity Market Tips Sell Mcx
Silver Dec below 38560 SL 38820 Tgt 37950 Sell
Mcx Gold Dec below 27030 SL 27120 Tgt 26850