Precious metals like gold and silver are trending down in early morning trade on Wednesday at the Multi Commodity Exchange of India (MCX) on increasing indications that Greece may pull down the Eurozone into a deep crisis
MCX gold June contract is trading at Rs 28523, done 0.45% as of 10:39 AM IST while MCX silver May contract is trading down by 0.83% at Rs 54678. At the COMEX, both precious metal contracts are trending lower.
-The EU had earlier agreed to bailout Greece if the country agreed to certain conditions. However, Greece's newly elected leftist party refused to accept the agreement of the bailout fund. This has sparked concerns that Greece may leave the Eurozone and may also trigger a deep crisis in the region. A German politician reiterated that Greece will not receive any bailout fund unless the country accepts the conditions set forth.
view for the day
“Precious metals are trading lower on COMEX today. We expect prices to trade lower for the day on account of weakening Euro and also escalating fears about Greece's political crisis”
MCX gold June support Rs 28570/Rs 28450/Rs 28330, resistance Rs 28730/Rs 28810/Rs 28930
MCX silver July support Rs 54800/Rs 54350/Rs 53900, resistance Rs 55450/Rs 55850/Rs 56250
MCX gold June contract is trading at Rs 28523, done 0.45% as of 10:39 AM IST while MCX silver May contract is trading down by 0.83% at Rs 54678. At the COMEX, both precious metal contracts are trending lower.
-The EU had earlier agreed to bailout Greece if the country agreed to certain conditions. However, Greece's newly elected leftist party refused to accept the agreement of the bailout fund. This has sparked concerns that Greece may leave the Eurozone and may also trigger a deep crisis in the region. A German politician reiterated that Greece will not receive any bailout fund unless the country accepts the conditions set forth.
view for the day
“Precious metals are trading lower on COMEX today. We expect prices to trade lower for the day on account of weakening Euro and also escalating fears about Greece's political crisis”
MCX gold June support Rs 28570/Rs 28450/Rs 28330, resistance Rs 28730/Rs 28810/Rs 28930
MCX silver July support Rs 54800/Rs 54350/Rs 53900, resistance Rs 55450/Rs 55850/Rs 56250
No comments:
Post a Comment