Crude oil is facing decline mode and
has dropped nearly 1% in the domestic market.. MCX crude prices have
gone below 4800 level and currently trading near 4765 level. NYMEX
crude prices are trading near $88.50/ barrel while Brent crude prices
have come down to $109. On Wednesday the U.S. Energy Department will
release inventory data which may affect the market trend.
MCX Gold and Silver still continue to
fall . However decline rate is slightly lower in MCX as compared to
the international market but MCX silver has lost nearly 0.65% today.
The white metal is facing stiff support near 59000 level and if
silver fails to sustain this level, a free fall till 58000 can be seen.
Bounce back rally after this level may lift up the prices to
60000-60500 level again in near term.
Day traders are suggested to buy silver
on lower levels like 59100-150 for the target of 59500-59800-60200
levels.
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