MCX Gold, Crude Oil, Copper decline as Indian Rupee soar
Mumbai-India (Dec 2) India gold, crude oil and copper futures fell on Monday as a result of appreciation of Indian Rupee (INR) against US Dollar (USD). Weak international cues were seen pressuring the commodities to certain extent. INR was seen touching 62.25 against USD, an appreciation of 0.34% as of 17.07 IST on Monday.
Comex gold futures recorded a drop on fears that US Central bank may start reducing its monetary soon on improving economic conditions in the United States. Comex gold for February delivery on electronic platform was seen trading with a loss of $13.8 at $1236.6 per troy ounce as of 17.12 IST on Monday.
Gold futures for February delivery on India's Multi Commodity Exchange (MCX) was seen trading with a loss of 0.77% at Rs.29008 per 10 grams as of 17.05 IST on Monday.
Technical Analysis
The trend in MCX gold for February delivery looks sideways to bearish for the day and intra-day traders are advised to sell on rise.
Intra-day, support for the commodity is seen at 28800 and below that it may test level of 28600 while resistance is seen at 29300 and 29500 levels, according to Amrita Mashar, Research Analyst at Commodity Online.
Intra-day traders may take sell position near 29100 with the stop loss of 29300 for the target near 28950 and 28800.
The trend in MCX crude oil December delivery remains bearish and is expected to trade down for the day. Intra-day resistance is seen at 5840 and 5885 levels while support is seen at 5760. Traders can take short position around 5805 with the stop loss of 5840 for the target of 5765.
MCX crude oil for December delivery was seen trading with a loss of 0.77% at Rs.5794 per barrel as of 16.52 IST on Monday.
MCX copper for February delivery is expected to trade with a negative bias for the day. Intra-day support is seen at 445 and 441 levels while resistance is seen at 449.5 and 453 levels. The trend is expected remain bearish till the break of the resistance level of 453 and traders are advised to sell at higher levels.
MCX copper for February delivery was seen trading with a loss of 0.82% at Rs.447.15 per barrel as of 16.54 IST on Monday.
