Monday, 22 October 2012

Commodity News today : 22 oct . 20122


Gold and Silver 
 Yesterday Gold closed almost unchanged at $1749. The metal continues to consolidate the nasty fall from $1795 to $1730over the past two week. From a price perspective, while the metal holds below $1758, the risk is to the downside. Our short term target after $1730 is $1693, which is the 38.2% retracement of the may to September up move ($1528 to $1795).
Silver was slightly higher yesterday and closed at $33.14.the metal is still weak following the impulsive downfall fro $35.10 to $32.57 in the last couple of week. We need a close above $33.59 to remove the negative bias. Our initial target $31.84.

Crude Oil 
Enthusiasm in WTI was perhaps somewhat dampened by the strong build in EIA crude oil inventories. The report stated:U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.9 million barrels from the previous week. At 369.2 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year.

 MCX crude oil is range bound in between 4800 and 4930. As crude is manage to holds above 4856, it looks good to me and there could be chance for a upside momentum. Price could test 5030, if there will be a close above 4940 levels.

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