Bullions:
On the domestic counter Gold can trade in the range of 30400- 31600 and silver in the range of 61000-63000 in MCX. Gold silver ratio has declined from 58 to 51 recently thus indicating that silver outperformed gold and this ratio can decline further below 49 in near term. The current decline in the domestic gold prices will be good buying opportunity in the upcoming festive season for domestic investors.
Metals:
Base metals can remain on volatile path as some short covering can be seen after the recent fall witnessed in domestic bourses due rupee appreciation. Copper prices can trade in the range of 428-450 in near term. Lead can move in the range of 115-122 while zinc in range of 105-110. Aluminum prices may trade in the range of 107-112. Nickel prices can trade in the range of 930-990 in MCX.
Energy:
After witnessing lot of hammering, crude oil counter can see some short covering and will try to consolidate at present levels further taking cues from falling Greenback and escalation of Middle East tensions. Crude oil can trade in the range of 4570-4950 in MCX and USD 86.5-94.5 in NYMEX.
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