Bullion: Gold prices pared some of their overnight losses after U.S. firstquarter economic growth was revised lower. The nation's gross domestic product, the broadest measure of all goods and services produced in the economy, grew at a 1.8 percent annual rate between January and March, the Commerce Department said Wednesday. This was less than earlier readings and below the 2.4 percent gain forecast by economists.
Energy: Crude oil futures on the MCX were trading higher today due to weakness in rupee against the dollar, However, weak bias in benchmark contracts on the NYMEX capped rise in MCX oil futures, NYMEX crude oil futures edged lower today due to profit booking and firm dollar against the euro.
Metals: Copper closed lower on the London Metal Exchange Wednesday, weighed by concerns over Chinese metals demand and a weaker-thanexpected reading on U.S. economic growth. At the PM kerb close, LME three-month copper was down 0.8 percent at USD 6,735 a metric ton. Aluminum was down 0.8 percent at USD 1,770 a ton. Nickel lost the most ground, ending the session 2.4 percent lower at USD 13,600 a ton.
MCX Gold Aug futures contract trend is looking weak on chart, day traders can sell on rise Major support is seen in range of 26020, 25750 and 25600. While important resistance is seen near 26380. 26550, and 27750.
Recommendation - Day traders can sell at 26200 Target 26020 & 25750 SL above 26350
MCX Silver July futures contract is looking weak on chart, day traders can sell on rise Major support is seen in range of 38800, 38200 and 37600 . While important resistance is seen near 40100 , 40600 and 41100.
Recommendation - Day traders can sell at 39800 Target 39000 & 38600 SL above 40200
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