MUMBAI (Commodity Online): MCX Commodities like gold, silver, copper and crude oil are trading down in early trade on Monday, tracking international trends following a firm dollar.
MCX gold is trading down by over 0.35% as of 12:05 PM IST while MCX silver is down by 0.48%, MCX copper down 0.83% and MCX crude oil by 0.56%. At COMEX, gold and copper are trading in the red while silver is trading positive and NYMEX crude oil is down by about 40 cents.
-The US Dollar firmed and rose higher. In fact, the dollar hit a 16 month high against many currencies on the back of a weak Euro.
-Last Friday's US economic data regarding payroll and unemployment had come out positive and this also seems to be contributing in weakening gold prices.
Speculators and money managers lowered their net longs in COMEX gold for the week ending Jan 3, latest CFTC data showed. This is the lowest in around 2 years. Bearish bets on copper were reduced down to its lowest level since November.
Later in the day, German trade balance and industrial production data will be released. Germany is the largest economy in Europe and any shocks could overturn the markets
MCX Technical Target by Angel Commodities for Jan 09, Monday
Gold: support – Rs 27491/Rs 27620, Resistance – Rs 27820/Rs 27950
Silver: support – Rs 50850/Rs 51360, Resistance – Rs 52060/Rs52570
Copper: support – Rs 395.20/Rs 399.25, Resistance – Rs 402.30/Rs 404.65
Crude oil: support – Rs 5245/Rs 5295, Resistance – Rs 5374/Rs 5424
