Commodity News For 31st Oct. 2011

Gold closed lower at $1709. Market was range  bound, with a very subdued trading as hurricane Sandy was the main concern for the market.

Silver also opened lower at $31.70, along with copper and cct. rude oil. For past 4 trading session, gold is trading sideways, but as the 7 RSI is at 38, there is still room for further down side. Next technical target should be $1693 (38.2retracement of the may to October uptrend) followed by $1662 (50% retracement). Upside resistance poised at $1720 and $1748. Silver also trading sideways for last 7 session. Immediate  support is at $31.50, the bottom of this sideways trend and resistance is at $32.50.

Crude Oil 
Technically MCX crude is range bound between 4600 to 4690. Weakness is still present as market made a double bottom at 4600. A close below that, could see 4530 and 4470 levels. Strong resistance poised at 4709 and 4770. Fundamentally, price could be well supported as the main focus of U.S oil market is on Hurricane Sandy and its post landfall effect. With the shitting down of the refineries, price may climb higher.

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26th Sept. Today's Update for Bullions, Base-Metals and Energy .

•  Bullions
 Gold futures held onto modest gains Tuesday following reports of increased bullion purchases by central banks. The central banks of Turkey, Russia, South Korea and Kazakhstan increased their gold reserves in July. The latest IMF data showed South Korea increased its holdings of gold by nearly 16 tonnes in July, along with Paraguay, which raised its reserves in July from a few thousand ounces to more than 8 tonnes, continuing the trend among central banks to hold more bullion. U.S. home prices rose for a sixth straight month in July in the latest sign of a sustainable housing market recovery, while a jump in consumer confidence this month offered a harbinger that Americans are ready to loosen their spending. Protesters clashed with police in Spain's capital on Tuesday as the government prepares a new round of unpopular austerity measures for the 2013 budget to be announced on Thursday.

•  Base—Metals 
Copper rose yesterday, recovering nearly prior day's losses, after a double dose of positive economic data in the United States bolstered investor appetite for risk. Data later in the day showing U.S. consumer confidence jumped to its highest level in seven months in September as Americans were more optimistic about the job market and income prospects supported the move higher. Also supporting prices, was Monday's news that China's Yunnan province will stockpile 300,000 tonnes of industrial metals, including aluminum, copper and zinc, from local producers under a plan that will also help smelters  secure  more  bank  loans.  The  positive  tone  spread  across  the  wider  base  metals  complex,  with  London  Metal  Exchange  (LME) lead futures ending the day at a near eight-month high and nickel touching a five-month peak.

•  Energy
 Nymex crude-oil futures fell amid concerns over weak demand and rising inventories. U.S. oil inventory data due today are expected to show a 1.6-million-barrel rise in crude-oil stocks, a one-million-barrel gain in stocks of distillates such as diesel fuel and heating oil and a 300,000-barrel-rise in gasoline stocks. Saudi Arabia and its Gulf allies want to see Brent prices drop to $100 a barrel, a more-comfortable level for the ailing global economy. Their higher output is battling against worries about the potential for disruptions in supplies from the world's oil patch as rhetoric over Iran's nuclear program increases.

MCX GOLD

31458.0	Change 58.0	Open 31429.0	High 31478.0	Low 31429.0

INTERNATIONAL GOLD

1,765.10	Change -1.30	Open 1,762.70	High 1,767.70	Low 1,761.50

MCX SILVER

62466.0	Change 152.0	Open 62390.0	High 62535.0	Low 62390.0

INTERNATIONAL CRUDE

109.84	Change -0.61	Open 109.88	High 110.23	Low 109.78

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