Crude oil however remained on edge ahead of the OPEC’s decision on output and inventory report from the US.
A rebound is expected in dollar today ahead of the key ADP non-farm pay rolls, ISM manufacturing index and factory order.
Yesterday, dollar fell against most major counterparts, but jumped against Canada's currency, after the Bank of Canada cut interest rates. The Bank of Canada on Tuesday said it had cut its target interest rate by a quarter point, citing troubles in the U.S. housing market. The Bank of Canada reduced its benchmark-lending rate by 25 basis point to 4.25% yesterday.
February dated contract on MCX is quoting up Rs 20 at Rs 10306 pet 10 grams.
The intraday traders are suggested to sell at the resistance of Rs 10340 and next at Rs 10360. The open interest for the counter is up 0.9% indicating fresh buying in the commodity.
Comex futures for the February expiry are trading at $809.9 an ounce up $2.3 or 0.3%. Intraday traders may enter long at current levels with the profit target of $812.
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