Sell MCX Gold Dec around Rs 31000; SL Rs 31090: Fortune Fin

Bullion: Gold futures on domestic exchanges declined as the rupee was strong against the US dollar. Gold's recent declines have strengthened the case for even lower prices. Gold prices are hovering a breath above $1,700 and could easily tumble to $1,680 in the next few days as technical indicators are pointing to lower prices.

Energy: Crude oil futures fell Wednesday after the Energy Department reported a big jump in U.S. oil inventories that signaled the market has plenty of supply.

Metals: Base metal prices are mostly higher in Asia trading, as dip buying and a stronger-than-expected HSBC flash China manufacturing PMI for October lend support. Benchmark three-month copper is trading at $7,892.50/ton, up 0.8% from its previous settlement.

MCX Gold December Contract is looking negative for the day. Market may find support near 30810 & 30700; intraday resistance can be seen near 31000 & 31090. Day traders are advised to sell intraday on rise. (Sell around 31000 with SL 31090, for the target of 30810 & 30700.)

MCX Silver December Contract is looking negative for the day. Market may find support near 58800 & 58200; intraday resistance can be seen near 59300 & 59800. Day traders are advised to sell intraday on rise. (Sell around 59300 with SL 59800, for the target of 58800 & 58200.)

MCX Natural Gas October contract is looking negative for the day. Market may find support near 185 & 182 intraday resistance can be seen near 189 & 192. Day traders are advised to sell intraday on rise. (Sell around 189 with SL 192 for the target of 185 & 182.)

MCX Crude oil November contract is looking negative for the day. Market may find support near 4600 & 4540; intraday resistance can be seen near 4670 & 4720. Day traders are advised to sell intraday on rise. (Sell around 4670 with SL 4720, for the target of 4600 & 4540.)

MCX Copper November contract is looking slightly negative for the day. Market may find support near 425 & 422; intraday resistance can be seen near 428.50 & 431. Day traders are advised to sell intraday on rise. (Sell around 428.50 with SL 431, for the target of 425 & 422.)

MCX Nickel October contract is looking slightly negative for the day. Market may find support near 876, 868, intraday resistance can be seen near 894 & 902. Day traders are advised to sell intraday on rise. (Sell around 894 with SL 902, for the target of 876 & 868.)

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.