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 unquestionable extent. INR was seen touching 62.25 against USD, an appreciation of 0.34% .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 .
Indian Rupee appreciated against US Dollar by 0.38% which is likely to put further pressure on the yellow metal prices during intra-day trade. Technically, the trend in gold futures for December delivery on India’s Multi Commodity Exchange (MCX) looks laterally to bearish for the day and intra-day traders are advised to sell on rise.
Gold futures for February delivery on India’s Multi Commodity Swap (MCX) was seen trading with a deficit of 0.11% at Rs.30099 per 10 grams as of 15.30 IST while Comex gold futures for February delivery on electronic platform was seen trading with a loss of 4 cents at $1221.5 per troy ounce
In the global market, nugget fell 27% in 2013, reaching a 34-month low of $1,180.50 in June, on concerns that the Federal Reserve would start tapering its monetary stimulus.
Gold futures in the global market were seen trading five month low on continuing economic rally in US plus around the globe. There are concerns that US Federal Reserve would stop pumping money in to the system on recovering economic conditions in the US. Investors fear that stimulus tapering could onset as early as in this year during the Fed policy makers meet for Fed policy meeting
Gold fell 27% in 2013, reaching a 34-month dejected of $1,180.50 in June, on concerns that the Federal Reserve would start tapering its monetary stimulus.
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.
Technically, the current in gold futures for December delivery on India’s Multi Commodity Exchange (MCX) looks sideways to bearish for the day and intra-day traders are advised to market on rise.
Indian Rupee appreciated against US Dollar by 0.38% which is likely to put further pressure on the yellow metal prices during intra-day trade.
The trend in MCX crude oil December delivery remains bearish and is expected to trade fell for the day. Intra-day renitency is seen at 5840 and 5885 levels interim support is seen at 5760.
MCX crude oil for December delivery was seen trading plus a loss of 0.77% at Rs.5794 per barrel
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.