Commodity Outlook and MCX Suggestion

Commodity Outlook

After bullish sentiments in USD, Gold prices have also follow the same trend. Gold trend suggest that international price are expected to remain in range as investors would await the FOMC meeting minutes tomorrow to get cues on the future course of Fed’s bond buying program. In MCX Gold is looking in a consolidate frame today now it is trading at 30830 level down by 330 points. In Crude updates our research report suggest that crude prices may go up as supply concerns from Middle East and expectations of lower inventories can push prices higher. In base metal today's outlook is international price can remain in range on caution ahead of Chinese and Euro zone Manufacturing numbers and FOMC meeting minutes. However, weaker rupee can push prices higher in India.

MCX Suggestion Today

For today we suggest to sell bullion, and Buy in Crude Oil.

Currency Updates

As the Rupee ended at record low of 63.13 a dollar on yesterday Indian eqiuty market gone down in the same ratio. Today rupee started with a all time low of 63.80. This report may conduct the first support at 65 level and after that it may get 68 level soon. Our essential concern is that the strategy powers still don't 'get it' -supposing this is a honestly minor squall which will cool off generally rapidly with equitably minor activities. In the event that this remains the case, then a quick move to 65 against the U.s. dollar is likely, which in turn may as well help center personalities.