Bullion: – Gold costs were higher on Friday despite moderate improvements in U.S. economic data as investors focused on stronger demand from India and continued to adjust their domain portfolios following option expiry. Gold costs increased despite data showing U.S. third-quarter gdp increased 2%, defeating predictions of 1.7% growth.
On the MCX Gold Oct agreement dropped 0.8 percent taking hints from bearishness in the identify gold. Additionally, admiration in the Indian rupee applied disadvantage stress on the gold prices on MCX.
In the coming week, we expect gold prices to stay demure as traders would take a delay and watch position before US elections and problems that possible distinct tensing in the Federal budget could be experienced as financial high ledge is approaching to an end.
MCX Crude oil Nov agreement is looking adverse for the day. Industry might discover assistance near 4620 & 4575, intraday level of resistance can be seen near 4685 & 4735. Day investors are recommended to offer intraday on increase. (Sell around 4685 with SL 4735, for the focus on of 4620 & 4575.)
Copper prices in the coming week is expected to observe a recovery on the returning of positive data from the US and China economic system along with anticipations of stimulation measures to be declared by the Japaneses policy creators.
Silver costs might also take hints from the Bank of Japan conference to be planned on Oct 30, 2012. In the local markets devaluation in the Indian Rupee might support an benefit in the MCX Silver costs.
MCX Silver Dec Agreement is looking adverse for the day. Industry might discover assistance near 59300 & 58700; intraday level of resistance can be seen near 59800 & 60300. Day investors are recommended to offer intraday on increase. (Sell around 59800 with SL 60300, for the focus on of 59300 & 58700.)