On the MCX, Gold June contract traded slightly higher by 0.1 % and touched an intra-day high of Rs. 28,044/10 gms on Tuesday. We expect gold and silver to trade with a negative bias today taking cues from a stronger dollar index and weak sentiments in the global markets. Silver will also take cues from downside in base metals too. However, depreciation in the Indian Rupee will cushion sharp decline on the domestic bourses.
From the intra-day perspective, we expect crude oil prices to trade with a negative bias today on account of expected rise in US crude oil inventories. Additionally, a stronger dollar index will add further downside pressure on oil prices.
MCX Natural Gas Tips :- Buy around 112 levels with a stop loss placed below 109 levels for targets of 118 levels.
MCX Copper Trading Tips :- Sell around 438 levels with a stop loss placed above 441 levels for targets of 434 levels.