Indian MCX gold futures are likely to edge lower, continuing its fall for a fifth week in a row, weighed by expectations of a firm indian rupee amid steady global stock markets. More information about Mcx intraday tips visit my site mcx-today.blogspot.com
The rupee, which hit its maximum level in more than per week, performs an important part in identifying the arrived cost of the dollar-quoted MCX gold.
"Indian stock market will remain under pressure as rupee has started strengthening," said Pranav Mer, senior analyst with Mangal Keshav Commodities, adding mcx gold may trade in a range of Rs 28,900-29,400.
On Monday, MCX gold for August delivery was 0.05% lower at Rs 29,256 per 10 grams. The contract lost 2.8% in the previous four weeks.
Today MCX Gold Selling is advised at Rs 29,400-29,500, for a target of Rs 29,100, said an analyst with Karvy Comtrade in Hyderabad.
Some trader also stayed on the sidelines ahead of a presentation by the US Federal Reserve later in the week, which could give clues on further round of quantitative easing in the United States.
A shift by the Fed to release a third circular of quantitative reducing (QE3) would think about on the money and assistance gold, but the US main financial institution is not predicted to do so soon. The Fed Chair Ben Bernanke will existing his semi-annual financial plan review on Wednesday and Wed.
MCX Silver could also fall in tandem with the yellow metal.
MCX Silver for September delivery on the MCX was 0.36% lower at Rs 52,584 per kg.
"We are on selling side (in MCX silver)," said an analyst from Karvy, adding selling is advised at Rs 53,200, targeting Rs 52,100-51,200, with the stop loss of Rs 54,500.
The rupee, which hit its maximum level in more than per week, performs an important part in identifying the arrived cost of the dollar-quoted MCX gold.
"Indian stock market will remain under pressure as rupee has started strengthening," said Pranav Mer, senior analyst with Mangal Keshav Commodities, adding mcx gold may trade in a range of Rs 28,900-29,400.
On Monday, MCX gold for August delivery was 0.05% lower at Rs 29,256 per 10 grams. The contract lost 2.8% in the previous four weeks.
Today MCX Gold Selling is advised at Rs 29,400-29,500, for a target of Rs 29,100, said an analyst with Karvy Comtrade in Hyderabad.
Some trader also stayed on the sidelines ahead of a presentation by the US Federal Reserve later in the week, which could give clues on further round of quantitative easing in the United States.
A shift by the Fed to release a third circular of quantitative reducing (QE3) would think about on the money and assistance gold, but the US main financial institution is not predicted to do so soon. The Fed Chair Ben Bernanke will existing his semi-annual financial plan review on Wednesday and Wed.
MCX Silver could also fall in tandem with the yellow metal.
MCX Silver for September delivery on the MCX was 0.36% lower at Rs 52,584 per kg.
"We are on selling side (in MCX silver)," said an analyst from Karvy, adding selling is advised at Rs 53,200, targeting Rs 52,100-51,200, with the stop loss of Rs 54,500.
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