MCX Gold Prices fell down tremendously to Rs 25,000 per 10 gm Monday morning triggered by a drop in overseas bullion to a five-year low of $1,080 an ounce (31.10 gms).
Best Commodity Market Tips Today :
BUY NCDEX Chana Aug Contract, Entry-4585-4580, Stop Loss- 4530, TGT- 1 / TGT- 2 - 4630/ 4680.
Buy NCDEX Menthal Oil Aug Contract, Entry-1000, Stop Loss- 992, TGT- 1 / TGT- 2 - 1015/
Shifting to Gold, Mir simply takes a longer term view of the major downtrend in the yellow metal and highlights that it is hard to avoid the $1,000 level.
The Sen*** slumped 550.93 points or 1.9 percent at 27561.38 while the Nifty slipped 160.55 points or 1.9 poercent at 8361.00. About 1083 shares have advanced, 1741 shares declined, and 142 shares are unchanged.
$60 Brent could be optimal value. Sharma believes that we are seeing a bit of a reversion to the norm again, with the market behaving in a somewhat predictable fashion, while other markets are losing their heads somewhat. He feels that $60 per barrel of Brent remains an optimal price target for year end.
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NCDEX Chana Short term support is seen at 4450 and resistance at 4700, Intra day support is seen at 4550 and resistance at 4620.
Bearish on Crude Oil: Mir notes how the consensus expectation is strong for oil to see a base around $40 levels, which suggest a much lower number might be in sight. Rodriguez says that he remains bearish on oil prices, with the commodity space still trapped in the downward drift. Rodriguez further explains that the financial markets might start backing off after the US rate hike begins. He speaks on the deflation scenario due to lower energy prices and the global economy, noting that the major equity indices are in for a ride as most major companies are commodity based.