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MTECHTIPS COMMODITY MARKET NEWS 5

MTECHTIPS:-US Mint November Gold coin sales hit most since July 2010; Silver coins top 3 million
The United States Mint sales of American Eagle gold bullion coins in November were the most since July 2010, although the year-to-date tally remains below the first 11 months of 2011 while its sales of silver bullion coins in November topped the 3 million mark for the third straight month.As per latest rata on the Mint's Web site shows 136,500 ounces of gold coins were sold last month, up sharply from 59,000 in October and 41,000 from November 2011.On average, only somewhat more than 54,000 ounces of gold coins were sold over the past 10 months. However, year-to-date sales of 677,000 ounces so far are down around 28% from the same period of 2011.Silver coin sales last month were 3,159,500 ounces, up marginally from 3,153,000 in October but more than double the 1,384,000 ounces sold in November 2011. Prior to this, they had not been above 3 million since January, when they topped 6 million.

MTECHTIPS:-When will MCX Gold prices turn bullish
MCX February Gold would turn out to be bullish if the commodity closes above Rs.32000 for two consecutive sessions. If that scenario matures, then gold prices on the MCX would hit Rs.33000 levels on the exchange for 10 grams.MCX Gold February contract opened positive on the very first day of this week but lost all the gains by the end of the day. In today's session, it has traded lower again down by 0.5% on the MCX.Technically, gold February contract looks bearish until it is traded below Rs 32000. Good support level for this week for gold February contract is at Rs.31050.Traders are advised for this week to take a short sell position in gold February contract around Rs 31700-31750 with stop loss of Rs 32000 and for the target near Rs 31100.

MTECHTIPS:-Charts say India Crude Oil may have a bullish week ahead of it
The morning saw crude oil prices trading a bit low on the international markets. But on India's MCX, crude oil for December delivery was a tad up and was seen trading at Rs.4885, a gain of 0.14% as on 10.19 am IST. The commodity has remained range-bound since and as on 03.51 PM was seen trading at Rs.4884 a barrel, a gain of 0.12%.Economic activity in the manufacturing sector in US contracted in November following two months of modest expansion, while the overall economy grew for the 42nd consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.The PMI registered 49.5 percent, a decrease of 2.2 percentage points from October's reading of 51.7 percent, indicating contraction in manufacturing for the fourth time in the last six months.This had made the commodity to trade low in the international markets.Also, the US fiscal cliff issue is plaguing the markets