Commodity Outlook and MCX Gold Silver Trend Today

Commodity Outlook Today

The European Central Bank decision to limit the loan to Greece and lingering worries over global economic growth punctured the sentiments as investor’s attention is increasingly turning towards month

ly employment data from the US. In the evening session, while a lot of attention will be essentially on Greece and tomorrow’s US NFP data, the trade balance and weekly employment data from the US will be under the scanner. The trade balance is ex-pected to have narrowed down in December while initial jobless claims are seen rising in the week ending 31 Jan after posting a whooping fall of 43000 to 265000 in the previous week, its lowest reading since April 2000.

MCX Gold Trend

Price shave approaching towards the downside hindrance of 27440 region, break below the same could trigger fresh selling towards 27310 region. But there is equal plausible chance of a recovery towards 27680 region if failed to fall below 27440 region.

MCX Silver Trend

Prices have been consolidating in a triangle chart pattern waiting for a firm move. However, slippage below 37800 region could snatch down prices to 37200 region. But inability to push below 37800 cou ld entice fresh buying towards 38700 region.