The US Federal Reserve has given a very strong indication of increasing interest rates at the end of this year. After 2 days meeting, Fed said the US economy fully on track and the employment situation is improving constantly. Housing and Consumer expenditure is growing. So at the end of this year expectation to increase interest rates is increasing. This impacts on Gold. At COMEX Gold come down to $1092 level. Weakness in Silver. Crude Oil is trading above $48 at NYMEX.
At MCX Gold traded near Rs 24725 while Silver is looking around Rs 33975. Crude oil is trading near Rs 3137 and Natural gas is trading near Rs 185.
In Agri Commodities, Crude palm oil August Future is trading around Rs 420 down 0.26%. Guar gum November future gain 2% is trading near Rs 8330.
Commodity Advice For Today
Gold Mini MCX (August futures) Buy – 24 700, stop loss – 24 600 Target 24 900.
Natural Gas MCX (August futures) Sell – 189, stoploss – 192 Targets- 178.
Crude palm oil (August futures) BUY – 420, stop loss – 416 goals – 432