Buy MCX Silver at Rs 56300: Dani Commodities

Gold, oil and other commodities zoomed to new heights after the FOMC minutes revealed a discussion between members regarding the costs and benefits of a new large-scale asset purchase program, otherwise thought of as QE3. Members of the committee agreed that additional easing could provide support for the economic recovery by further depressing longer-term interest rates. However, few members voiced concern over the impact such easing would have on markets which deal in Treasury securities and agency mortgage backed securities. Overall, the committee appears to be maintaining their stance and will provide additional easing if general economic conditions deteriorate further.

Gold for October delivery jumped $26.2 at $ 1664.5 per ounce on the Comex division of the New York Mercantile Exchange. The move higher came after HSBC said its preliminary reading of Chinese manufacturing activity for August dropped its worst level in nine months.

Crude for October delivery advanced 83 cents at $98.08 a barrel on the New York Mercantile Exchange. That's the highest close for a most-active oil  contract since early May.

MCX GOLD
International: Major Support at USD1550. Bullish till USD1625.
Domestic: Buy at 30620, Stop loss 30520, Target 30740.

MCX SILVER
International: Major Support at USD26. Bullish above USD28.
Domestic: Buy at 56300, Stop loss 55800, Target 56900.

MCX COPPER
Domestic: Buy at 423.50, Stop loss 421 Target 426.

MCX LEAD
Domestic: Buy at 106.10, Stop loss 105.60, Target 106.60.

MCX ZINC
Domestic: Buy at 100.60, Stop loss 100.10 Target 101.20.

MCX ALUMINIUM
Domestic: Buy at 102.40, Stop loss 102, Target 102.80.

MCX NICKEL
Domestic: Buy above 888, Stop loss 882, Target 896

MCX CRUDE OIL
International: Major Support for WTI at USD83 Bullish above USD 91
Domestic: Buy at 5410, Stop loss 5380, Target 5440

MCX NATURAL GAS
Domestic: Buy at 157, Stop loss 155, Target 159.

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