GOLD
LIKELY TO TEST 11725-800 WITH ANY BREAK & CLOSE ABOVE 10650(FEB)
LEAD
LIKELY TO 90/88 UPTO 85 WITH ANY BREAK & CLOSE BELOW 96 & 95, WHILE CLOSE ABV 109
SOME UPTREND AGAIN(JAN)
MCXARUN
9994500540
Tuesday, January 29, 2008
GENERAL MARKET CONDITIONS
Traders are going long on gold, silver and energy ahead of the Fed meeting and going short on the US dollar. US housing numbers further added to US dollar woes. The Fed is expected to cut interest rates between 0.25% and 0.50%. The markets will be looking forward to the statement and whether Fed explicitly says that it will cut interest rates in March. It is all about interest rates and growth for the Fed and inflation has been put in the backburner. Gold and silver will remain firm until the outcome of the Fed meeting tomorrow. I will be hesitant to go short in copper as LME stocks continue to slide despite expectations of a slowdown in demand.
Gold will also be supported by greater Chinese demand ahead of the Chinese New year on 7th February. Chinese retail investors have started investing in physical gold in a big way and that Chinese demand will have a greater effect on gold prices over the coming years than gold demand from India.
Momentum in all the metals is bullish and it is better to trade with the momentum and sell only when the momentum shows signs of fading. Silver should finally break out and should rise more than gold. The technical picture of gold is overbought while that of silver and copper is neutral to bullish. As and when profit taking comes up gold, silver, copper and crude oil will fall.
GOLD -- FEBRURAY FUTURE -- INTRA DAY PIVOT:$922.0
Gold is nearing our price target of $934 and $945. For the day as long as gold holds $915.10 the downside will be limited. Gold has to fall below $915.10 for losses.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1676
$1670 price target achieved. Silver targets $1712, $1740 if $1648 and $1628 holds.
MCXARUN
999450050
Gold will also be supported by greater Chinese demand ahead of the Chinese New year on 7th February. Chinese retail investors have started investing in physical gold in a big way and that Chinese demand will have a greater effect on gold prices over the coming years than gold demand from India.
Momentum in all the metals is bullish and it is better to trade with the momentum and sell only when the momentum shows signs of fading. Silver should finally break out and should rise more than gold. The technical picture of gold is overbought while that of silver and copper is neutral to bullish. As and when profit taking comes up gold, silver, copper and crude oil will fall.
GOLD -- FEBRURAY FUTURE -- INTRA DAY PIVOT:$922.0
Gold is nearing our price target of $934 and $945. For the day as long as gold holds $915.10 the downside will be limited. Gold has to fall below $915.10 for losses.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1676
$1670 price target achieved. Silver targets $1712, $1740 if $1648 and $1628 holds.
MCXARUN
999450050
copper trend indicater
Copper:
Copper trade on ACCESS is showing weaker prices in recent activity reversing the firmer tone seen during the prior session. Trend indicators have turned from a bullish to a bearish bias and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bearish territory.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices cross below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 10-Day simple moving average has a strong bearish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices cross below this moving average. However, despite prices trading below the moving average line, the moving average is in an upward slope from the previous session. If prices trade above the moving average then the trend will be clearly established as up. However, this weakness in the price will need to be watched. As a result the 25-Day simple moving average has a weak bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX has turned higher also this indicates a strengthening in the current upward trend and further gains are possible from here.
MOMENTUM INDICATORS:
MACD: The MACD is in bearish territory.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 47.56). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 47.56 the market is somewhat oversold. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of strength from this indicator before getting too bullish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating oversold prices. Volatility also appears to be decreasing, as evidenced by a smaller distance between the upper and lower bands over the past few sessions. Despite this oversold condition the market may become more oversold before turning higher. As a result, the market will look for additional strength in prices before turning bullish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
3.3785 - Highest High in last 50-Days
3.3766 - 200-Day Simple Moving Average
3.3600 - Highest High in last 10-Days
3.3561 - 20-Day Simple Moving Average Plus 2 Standard Deviations
3.2922 - 100-Day Simple Moving Average
3.2730 - 20-Day Simple Moving Average Plus 1 Standard Deviation
3.1940 - High
3.1769 - 25-Day Simple Moving Average
3.1698 - 10-Day Simple Moving Average
3.1667 - 3-Day Simple Moving Average
3.1205 - Last Price
3.1205 - Low
3.1067 - 20-Day Simple Moving Average Minus 1 Standard Deviation
3.0998 - 50-Day Simple Moving Average
3.0235 - 20-Day Simple Moving Average Minus 2 Standard Deviations
3.0120 - Lowest Low in last 10-Days
2.8530 - Lowest Low in last 50-Days
MCXARUN
9994500540
Copper trade on ACCESS is showing weaker prices in recent activity reversing the firmer tone seen during the prior session. Trend indicators have turned from a bullish to a bearish bias and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bearish territory.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices cross below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 10-Day simple moving average has a strong bearish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices cross below this moving average. However, despite prices trading below the moving average line, the moving average is in an upward slope from the previous session. If prices trade above the moving average then the trend will be clearly established as up. However, this weakness in the price will need to be watched. As a result the 25-Day simple moving average has a weak bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX has turned higher also this indicates a strengthening in the current upward trend and further gains are possible from here.
MOMENTUM INDICATORS:
MACD: The MACD is in bearish territory.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 47.56). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 47.56 the market is somewhat oversold. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of strength from this indicator before getting too bullish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating oversold prices. Volatility also appears to be decreasing, as evidenced by a smaller distance between the upper and lower bands over the past few sessions. Despite this oversold condition the market may become more oversold before turning higher. As a result, the market will look for additional strength in prices before turning bullish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
3.3785 - Highest High in last 50-Days
3.3766 - 200-Day Simple Moving Average
3.3600 - Highest High in last 10-Days
3.3561 - 20-Day Simple Moving Average Plus 2 Standard Deviations
3.2922 - 100-Day Simple Moving Average
3.2730 - 20-Day Simple Moving Average Plus 1 Standard Deviation
3.1940 - High
3.1769 - 25-Day Simple Moving Average
3.1698 - 10-Day Simple Moving Average
3.1667 - 3-Day Simple Moving Average
3.1205 - Last Price
3.1205 - Low
3.1067 - 20-Day Simple Moving Average Minus 1 Standard Deviation
3.0998 - 50-Day Simple Moving Average
3.0235 - 20-Day Simple Moving Average Minus 2 Standard Deviations
3.0120 - Lowest Low in last 10-Days
2.8530 - Lowest Low in last 50-Days
MCXARUN
9994500540
Energy Futures
Crude Oil:
Front month crude oil is weaker in ACCESS trade this morning reversing the firmer tone seen during the prior session. Trend indicators are indicating a bearish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also bearish. However, the recent upturn in the difference between the MACD and the MACD signal line may indicate a short term rally over the next few days and should be watched.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 10-Day simple moving average has a strong bearish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 25-Day simple moving average has a strong bearish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 50-Day simple moving average has a strong bearish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is down. As the ADX is rising this indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bearish territory. However, the recent upturn in the difference between the MACD and the MACD signal line may indicate a short term rally over the next few days.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 42.14). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 42.14 the market is somewhat oversold. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of strength from this indicator before getting too bullish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating oversold prices. Volatility also appears to be increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this oversold condition the market may become more oversold before turning higher. As a result, the market will look for additional strength in prices before turning bullish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
100.39 - 20-Day Simple Moving Average Plus 2 Standard Deviations
100.09 - Highest High in last 50-Days
96.79 - 20-Day Simple Moving Average Plus 1 Standard Deviation
94.43 - Highest High in last 10-Days
93.40 - 25-Day Simple Moving Average
92.80 - 50-Day Simple Moving Average
90.71 - High
90.18 - 10-Day Simple Moving Average
89.60 - 20-Day Simple Moving Average Minus 1 Standard Deviation
89.52 - 3-Day Simple Moving Average
89.28 - Last Price
89.18 - Low
89.14 - 100-Day Simple Moving Average
86.01 - 20-Day Simple Moving Average Minus 2 Standard Deviations
85.42 - Lowest Low in last 50-Days
85.42 - Lowest Low in last 10-Days
79.12 - 200-Day Simple Moving Average
Natural Gas:
Natural Gas contracts are higher this morning extending the prior sessions gains. Trend indicators are indicating a bullish market. However the overall strength of the trend, as indicated by the ADX, is weak and should be watched as a result.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 10-Day simple moving average has a strong bearish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is falling, while the long term trend, based on a 50-Day moving average, is up. However, the weak ADX indicates that the current trend is deteriorating and may possibly reverse. Look for choppiness ahead.
MOMENTUM INDICATORS:
MACD: The MACD is in bearish territory. However, the recent upturn in the difference between the MACD and the MACD signal line may indicate a short term rally over the next few days.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 53.47). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 53.47 the market is somewhat overbought. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of weakness from this indicator before getting too bearish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating oversold prices. Volatility also appears to be decreasing, as evidenced by a smaller distance between the upper and lower bands over the past few sessions.
RESISTANCE AND SUPPORT LEVELS:
8.480 - Highest High in last 50-Days
8.415 - Highest High in last 10-Days
8.384 - 20-Day Simple Moving Average Plus 2 Standard Deviations
8.158 - 20-Day Simple Moving Average Plus 1 Standard Deviation
7.955 - High
7.902 - 10-Day Simple Moving Average
7.874 - Last Price
7.874 - Low
7.832 - 3-Day Simple Moving Average
7.789 - 25-Day Simple Moving Average
7.706 - 20-Day Simple Moving Average Minus 1 Standard Deviation
7.577 - 50-Day Simple Moving Average
7.570 - Lowest Low in last 10-Days
7.480 - 20-Day Simple Moving Average Minus 2 Standard Deviations
7.358 - 100-Day Simple Moving Average
7.171 - 200-Day Simple Moving Average
6.914 - Lowest Low in last 50-Days
MCXARUN
9994500540
Front month crude oil is weaker in ACCESS trade this morning reversing the firmer tone seen during the prior session. Trend indicators are indicating a bearish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also bearish. However, the recent upturn in the difference between the MACD and the MACD signal line may indicate a short term rally over the next few days and should be watched.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 10-Day simple moving average has a strong bearish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 25-Day simple moving average has a strong bearish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 50-Day simple moving average has a strong bearish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is down. As the ADX is rising this indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bearish territory. However, the recent upturn in the difference between the MACD and the MACD signal line may indicate a short term rally over the next few days.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 42.14). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 42.14 the market is somewhat oversold. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of strength from this indicator before getting too bullish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating oversold prices. Volatility also appears to be increasing, as evidenced by a larger distance between the upper and lower bands over the past few sessions. Despite this oversold condition the market may become more oversold before turning higher. As a result, the market will look for additional strength in prices before turning bullish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
100.39 - 20-Day Simple Moving Average Plus 2 Standard Deviations
100.09 - Highest High in last 50-Days
96.79 - 20-Day Simple Moving Average Plus 1 Standard Deviation
94.43 - Highest High in last 10-Days
93.40 - 25-Day Simple Moving Average
92.80 - 50-Day Simple Moving Average
90.71 - High
90.18 - 10-Day Simple Moving Average
89.60 - 20-Day Simple Moving Average Minus 1 Standard Deviation
89.52 - 3-Day Simple Moving Average
89.28 - Last Price
89.18 - Low
89.14 - 100-Day Simple Moving Average
86.01 - 20-Day Simple Moving Average Minus 2 Standard Deviations
85.42 - Lowest Low in last 50-Days
85.42 - Lowest Low in last 10-Days
79.12 - 200-Day Simple Moving Average
Natural Gas:
Natural Gas contracts are higher this morning extending the prior sessions gains. Trend indicators are indicating a bullish market. However the overall strength of the trend, as indicated by the ADX, is weak and should be watched as a result.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade below this moving average. Also, the slope of the moving average is in a downward slope from the previous session indicating further weakness. As a result the 10-Day simple moving average has a strong bearish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is falling, while the long term trend, based on a 50-Day moving average, is up. However, the weak ADX indicates that the current trend is deteriorating and may possibly reverse. Look for choppiness ahead.
MOMENTUM INDICATORS:
MACD: The MACD is in bearish territory. However, the recent upturn in the difference between the MACD and the MACD signal line may indicate a short term rally over the next few days.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 53.47). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 53.47 the market is somewhat overbought. However, this by itself isn't a strong enough indication to signal a trade. Look for additional evidence of weakness from this indicator before getting too bearish here.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating oversold prices. Volatility also appears to be decreasing, as evidenced by a smaller distance between the upper and lower bands over the past few sessions.
RESISTANCE AND SUPPORT LEVELS:
8.480 - Highest High in last 50-Days
8.415 - Highest High in last 10-Days
8.384 - 20-Day Simple Moving Average Plus 2 Standard Deviations
8.158 - 20-Day Simple Moving Average Plus 1 Standard Deviation
7.955 - High
7.902 - 10-Day Simple Moving Average
7.874 - Last Price
7.874 - Low
7.832 - 3-Day Simple Moving Average
7.789 - 25-Day Simple Moving Average
7.706 - 20-Day Simple Moving Average Minus 1 Standard Deviation
7.577 - 50-Day Simple Moving Average
7.570 - Lowest Low in last 10-Days
7.480 - 20-Day Simple Moving Average Minus 2 Standard Deviations
7.358 - 100-Day Simple Moving Average
7.171 - 200-Day Simple Moving Average
6.914 - Lowest Low in last 50-Days
MCXARUN
9994500540
Precious Metals
COMEX Gold:
Gold trading is higher in ACCESS trade this morning extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 69.84). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 69.84 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are likely.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
927.80 - High
927.80 - Highest High in last 50-Days
927.80 - Highest High in last 10-Days
926.53 - 20-Day Simple Moving Average Plus 2 Standard Deviations
924.40 - Last Price
917.07 - 3-Day Simple Moving Average
917.00 - Low
905.71 - 20-Day Simple Moving Average Plus 1 Standard Deviation
894.64 - 10-Day Simple Moving Average
873.35 - 25-Day Simple Moving Average
864.08 - 20-Day Simple Moving Average Minus 1 Standard Deviation
855.00 - Lowest Low in last 10-Days
843.26 - 20-Day Simple Moving Average Minus 2 Standard Deviations
839.30 - 50-Day Simple Moving Average
800.77 - 100-Day Simple Moving Average
773.40 - Lowest Low in last 50-Days
736.40 - 200-Day Simple Moving Average
COMEX Silver:
Silver futures are higher this morning extending the prior sessions gains. Trend indicators are indicating a bullish market. However the overall strength of the trend, as indicated by the ADX, is weak and should be watched as a result. However the MACD has issued a bullish signal, suggesting that mometum may be swinging back to the upside.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is falling, while the long term trend, based on a 50-Day moving average, is up. However, the weak ADX indicates that the current trend is deteriorating and may possibly reverse. Look for choppiness ahead.
MOMENTUM INDICATORS:
MACD: MACD has issued a bullish signal, as the signal line has crossed above the True MACD. With the current long term trend, based on a 50 day simple moving average, to the upside, this suggests that prices will continue to rise for a time. Furthermore, the market just put in a 50-Day new high. Look for the upward trend to continue.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 64.20). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 64.20 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are likely.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be decreasing, as evidenced by a smaller distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
16.812 - 20-Day Simple Moving Average Plus 2 Standard Deviations
16.715 - Highest High in last 50-Days
16.655 - Highest High in last 10-Days
16.655 - High
16.490 - Last Price
16.421 - 3-Day Simple Moving Average
16.415 - Low
16.371 - 20-Day Simple Moving Average Plus 1 Standard Deviation
16.141 - 10-Day Simple Moving Average
15.692 - 25-Day Simple Moving Average
15.488 - 20-Day Simple Moving Average Minus 1 Standard Deviation
15.255 - Lowest Low in last 10-Days
15.083 - 50-Day Simple Moving Average
15.047 - 20-Day Simple Moving Average Minus 2 Standard Deviations
14.465 - 100-Day Simple Moving Average
13.740 - Lowest Low in last 50-Days
13.737 - 200-Day Simple Moving Average
MCXARUN
9994500540
Gold trading is higher in ACCESS trade this morning extending the prior sessions gains. Trend indicators are indicating a bullish market and the overall strength of the trend is strong, as indicated by the ADX. Momentum readings are also in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is rising, while the long term trend, based on a 50-Day moving average, is up. As the ADX is rising it indicates that the current trend is strong and should remain intact. Look for the current trend to continue.
MOMENTUM INDICATORS:
MACD: The MACD is in bullish territory. Also, the market just made a 50-Day new high here, indicating further strength. Look for more new highs.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 69.84). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 69.84 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are likely.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
927.80 - High
927.80 - Highest High in last 50-Days
927.80 - Highest High in last 10-Days
926.53 - 20-Day Simple Moving Average Plus 2 Standard Deviations
924.40 - Last Price
917.07 - 3-Day Simple Moving Average
917.00 - Low
905.71 - 20-Day Simple Moving Average Plus 1 Standard Deviation
894.64 - 10-Day Simple Moving Average
873.35 - 25-Day Simple Moving Average
864.08 - 20-Day Simple Moving Average Minus 1 Standard Deviation
855.00 - Lowest Low in last 10-Days
843.26 - 20-Day Simple Moving Average Minus 2 Standard Deviations
839.30 - 50-Day Simple Moving Average
800.77 - 100-Day Simple Moving Average
773.40 - Lowest Low in last 50-Days
736.40 - 200-Day Simple Moving Average
COMEX Silver:
Silver futures are higher this morning extending the prior sessions gains. Trend indicators are indicating a bullish market. However the overall strength of the trend, as indicated by the ADX, is weak and should be watched as a result. However the MACD has issued a bullish signal, suggesting that mometum may be swinging back to the upside.
TREND INDICATORS:
Simple Moving Average (10-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 10-Day simple moving average has a strong bullish bias.
Simple Moving Average (25-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 25-Day simple moving average has a strong bullish bias.
Simple Moving Average (50-Day): Recent activity this morning has seen prices trade above this moving average. Also, the slope of the moving average is in an upward slope from the previous session indicating further strength. As a result the 50-Day simple moving average has a strong bullish bias.
ADX: The Average Directional Change (ADX) indicates the strength of a markets underlying trend. A rising ADX is interpreted as building trend strength, while a falling ADX indicates weakness in the underlying trend and the potential of a market reversal. On this market, the 14-Day ADX is falling, while the long term trend, based on a 50-Day moving average, is up. However, the weak ADX indicates that the current trend is deteriorating and may possibly reverse. Look for choppiness ahead.
MOMENTUM INDICATORS:
MACD: MACD has issued a bullish signal, as the signal line has crossed above the True MACD. With the current long term trend, based on a 50 day simple moving average, to the upside, this suggests that prices will continue to rise for a time. Furthermore, the market just put in a 50-Day new high. Look for the upward trend to continue.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 64.20). This indicator issues bullish signals when the RSI line dips below the oversold zone (currently set at 20.00); a bearish signal is generated when the RSI rises into the overbought zone (currently set at 80.00). Nevertheless with the RSI at 64.20 the market is somewhat overbought, but given the 50-Day new high here, greater overbought levels are likely.
VOLATILITY INDICATORS:
Bollinger Bands (20-Day Average +/-1 Standard Deviation): As prices are closer to the bottom band than the top band, the Bollinger Bands are indicating overbought prices. Volatility also appears to be decreasing, as evidenced by a smaller distance between the upper and lower bands over the past few sessions. Despite this overbought condition the market may become more overbought before turning lower. Also, given that we posted a 50-Day new high, the chance for further bullish momentum is higher. As a result, the market will look for additional weakening in prices before turning bearish on this indicator.
RESISTANCE AND SUPPORT LEVELS:
16.812 - 20-Day Simple Moving Average Plus 2 Standard Deviations
16.715 - Highest High in last 50-Days
16.655 - Highest High in last 10-Days
16.655 - High
16.490 - Last Price
16.421 - 3-Day Simple Moving Average
16.415 - Low
16.371 - 20-Day Simple Moving Average Plus 1 Standard Deviation
16.141 - 10-Day Simple Moving Average
15.692 - 25-Day Simple Moving Average
15.488 - 20-Day Simple Moving Average Minus 1 Standard Deviation
15.255 - Lowest Low in last 10-Days
15.083 - 50-Day Simple Moving Average
15.047 - 20-Day Simple Moving Average Minus 2 Standard Deviations
14.465 - 100-Day Simple Moving Average
13.740 - Lowest Low in last 50-Days
13.737 - 200-Day Simple Moving Average
MCXARUN
9994500540
Energy
Crude oil fell from a one-week high in New York and MCX on speculation that an economic slowdown in the U.S. will spread to oil-consuming countries throughout the world. Oil continued lower below the 90 usd mark, tracking stock markets south as a slowing economic outlook continues to weigh on projections for crude demand.
· MCX Crude Oil registered days low at Rs. 3499 per barrel and was trading with major loss. Market registered days high at Rs. 3554 per barrel.
· Some OPEC members, including Iran's Governor Hossein Kazempour Ardebili, have said the group is unlikely to raise output because there are sufficient supplies in the market and signs of a global economic slowdown mean demand may fall.
· U.S. economic growth probably slowed to 1.2 percent in the fourth quarter as high fuel costs and rising unemployment limited consumer spending, according to a survey of economists. Asian stocks fell for the first time in four days after Goldman Sachs Group Inc. said the Japanese economy has probably fallen into a recession.
· Natural gas on Multi Commodity Exchange (MCX) retreated from intraday high but has continued to trade positive Monday extending the 3.6 percent rise noted in previous two trading sessions following it settled on Friday at the highest price since Jan 19.
· MCX gas edged up for a third day today tracking the sharp gains on international exchange on Friday. The gains were however kept in a check as Nymex gas slipped to the red zone in the electronic trade session today.
· While temperatures are expected to be warm earlier this week, forecasts released Friday called for colder weather during the 6-to 10-day period in the U.S. Northeast and Midwest which could give a boost to heating demand. According to forecast by AccuWeather.com, as reported by Dow Jones newswires, temperatures are expected to drop into the single digits in New York this weekend and remain in the teens and 20s Fahrenheit during the first week of February.
MCX Crude Oil Feb (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Crude Oil Feb: Buy at 3520-3510 for the target of 3595 and 3645 with stop loss at 3480
MCX Natural gas Feb (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Natural Gas Feb: Buy at 306 for the target of 321 and 332 with stop loss at 297
MCXARUN
9994500540
· MCX Crude Oil registered days low at Rs. 3499 per barrel and was trading with major loss. Market registered days high at Rs. 3554 per barrel.
· Some OPEC members, including Iran's Governor Hossein Kazempour Ardebili, have said the group is unlikely to raise output because there are sufficient supplies in the market and signs of a global economic slowdown mean demand may fall.
· U.S. economic growth probably slowed to 1.2 percent in the fourth quarter as high fuel costs and rising unemployment limited consumer spending, according to a survey of economists. Asian stocks fell for the first time in four days after Goldman Sachs Group Inc. said the Japanese economy has probably fallen into a recession.
· Natural gas on Multi Commodity Exchange (MCX) retreated from intraday high but has continued to trade positive Monday extending the 3.6 percent rise noted in previous two trading sessions following it settled on Friday at the highest price since Jan 19.
· MCX gas edged up for a third day today tracking the sharp gains on international exchange on Friday. The gains were however kept in a check as Nymex gas slipped to the red zone in the electronic trade session today.
· While temperatures are expected to be warm earlier this week, forecasts released Friday called for colder weather during the 6-to 10-day period in the U.S. Northeast and Midwest which could give a boost to heating demand. According to forecast by AccuWeather.com, as reported by Dow Jones newswires, temperatures are expected to drop into the single digits in New York this weekend and remain in the teens and 20s Fahrenheit during the first week of February.
MCX Crude Oil Feb (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Crude Oil Feb: Buy at 3520-3510 for the target of 3595 and 3645 with stop loss at 3480
MCX Natural gas Feb (Daily Chart)
Technical Outlook:
Momentum studies are bearish but are now at oversold levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over down which is a bearish indication. The stochastics indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day moving average. The upside closing price reversal on the daily chart is somewhat positive.
Recommendations:
MCX Natural Gas Feb: Buy at 306 for the target of 321 and 332 with stop loss at 297
MCXARUN
9994500540
Base metals
MCX Copper traded range bound on Monday between Rs. 273-279 per kg. Market was moderately bearish. Similarly Zinc Feb also traded between 88.95-91 levels.
· MCX Nickel was trading above 1070 per kg with moderate gains.
· Sales of new homes in the US fell faster than expected in December, for the second straight month, leaving home sales down in 2007 more than 40 pct from the year before, a calendar-year decline not seen in 25 years.
· The Commerce Department reported today that last month's new home sales were down 4.7 pct to a seasonally adjusted annual rate of 604,000 units, the lowest sales rate since 559,000 in February of 1995. Forecasters had expected only a minor drop to about 645,000 units.
· India's demand for steel is likely to grow eight per cent-nine per cent in 2008, driven by a strong domestic economy with increased spending on infrastructure, real estate, and corporate capital expenditures, Fitch Ratings said in its annual outlook for the country's steel sector Monday.
· The FOMC meeting will be a key event for the market this week, with potential for gains if policy-setters were to trim interest rates by 50 basis points, as many economists expect.
· India's State-run and private companies produced around 923,098 metric tons of aluminium in the first nine months of this financial year, up eight per cent from a year earlier, the latest government data show. The country produced around 515,308 tons of copper during the same period, up 12 per cent from a year earlier, the data show.
· The country also produced 313,802 tons of zinc during the period, up from 277,928 tons a year earlier. It produced 41,258 tons of lead during April-December, up around 29 per cent on year.
MCX Copper Feb (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Copper Feb: Buy at 276.50 for the target of 281.50 and 283 with stop loss at 274.60
MCX Zinc Feb (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Zinc Feb: Buy at 89.80- 90.00 for the target of 91.50 and 92.40 with stop loss at 89.10
MCX Nickel Jan (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Nickel Feb: Sell at 1080-90 for the target of 1040 and 1025 with stop loss at 11105
MCX Lead Dec (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Lead Jan:
MCXARUN
9994500540
· MCX Nickel was trading above 1070 per kg with moderate gains.
· Sales of new homes in the US fell faster than expected in December, for the second straight month, leaving home sales down in 2007 more than 40 pct from the year before, a calendar-year decline not seen in 25 years.
· The Commerce Department reported today that last month's new home sales were down 4.7 pct to a seasonally adjusted annual rate of 604,000 units, the lowest sales rate since 559,000 in February of 1995. Forecasters had expected only a minor drop to about 645,000 units.
· India's demand for steel is likely to grow eight per cent-nine per cent in 2008, driven by a strong domestic economy with increased spending on infrastructure, real estate, and corporate capital expenditures, Fitch Ratings said in its annual outlook for the country's steel sector Monday.
· The FOMC meeting will be a key event for the market this week, with potential for gains if policy-setters were to trim interest rates by 50 basis points, as many economists expect.
· India's State-run and private companies produced around 923,098 metric tons of aluminium in the first nine months of this financial year, up eight per cent from a year earlier, the latest government data show. The country produced around 515,308 tons of copper during the same period, up 12 per cent from a year earlier, the data show.
· The country also produced 313,802 tons of zinc during the period, up from 277,928 tons a year earlier. It produced 41,258 tons of lead during April-December, up around 29 per cent on year.
MCX Copper Feb (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Copper Feb: Buy at 276.50 for the target of 281.50 and 283 with stop loss at 274.60
MCX Zinc Feb (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Zinc Feb: Buy at 89.80- 90.00 for the target of 91.50 and 92.40 with stop loss at 89.10
MCX Nickel Jan (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Nickel Feb: Sell at 1080-90 for the target of 1040 and 1025 with stop loss at 11105
MCX Lead Dec (Daily Chart)
Technical Outlook:
Momentum studies are still bullish but are now at overbought levels and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Lead Jan:
MCXARUN
9994500540
Bullion
Precious metals hovered close to Friday's record highs Monday as the dollar lost ground to the euro, and with the prospects of a rate cut Wednesday underpinning prices.
· MCX Gold Feb registered days high near 11740 was trading with a gain of Rs. 220 per 10 gram; similarly MCX silver March was trading higher following the yellow metal, registered days high at Rs. 20460 per kg with a gain of Rs. 300 per kg.
· International Spot gold traded at $929 per toz and silver gained almost 122 cent and traded at $16.69 per toz.
· Speculation of another Federal Reserve rate cut at the Federal Open Market Committee meeting Wednesday.
· Production at South African gold and platinum mines remains halted Monday due to electricity cuts, although market participants are expecting some guidance from the national power producer Eskom from Tuesday. In light of reduced South African platinum production, UBS has raised its one- and three-month platinum price forecast to USD1800/oz.
· New home sales were down 4.7% from November's pace and much weaker than expected. For all of 2007, new home sales were down 26%.
· The cost of borrowing gold for one year is 0.4248 percent, compared with an average of 0.26917 percent in the past 12 months, according to data compiled by Bloomberg. Rates reflect forecasts about the amount of metal available for borrowing.
Indian Bullion Spot Market
Precious metals almost steady in spot markets. The yellow metal, however was underpinned by expectations of yet another interest rate cut by the Federal Reserve. Meanwhile the dollar also traded weak against the euro.
· In Mumbai markets, gold (995) finished at Rs11,710/10gm and gold (999) at Rs.11,760/10g. Arrivals in gold were at 150 kilos. Silver (.999) closed at Rs.20,880/kg. Arrivals were in silver were at 250 kilos.
· Chennai gold (995) finished at Rs11,700/10gm and gold (999) at Rs.11,800/10gm respectively whereas Silver (.999) closed at Rs.20,450/kg, rising by Rs.950.
· Jaipur gold standard closed at Rs.11,800/10gm whereas Silver (.999) closed at Rs.20,900/kg.
· Ahmedabad gold (995) closed at Rs.11,700/10gm and gold (999) at Rs11,750/10gm whereas Silver (.999) closed at Rs.20,900/kg.
· In Delhi bullion markets, gold (995) closed at Rs.11,750/10gm and gold (999) closed at Rs.11,800/10gm whereas Silver (.999) ends at Rs.20,540/kg.
MCX Gold Apr (Daily Chart)
Technical Outlook:
Momentum studies are bullish now and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Gold April: Sell at 11740-750 for the target of 11690 and 11640 with stop loss at 11775
MCX Silver Mar (Daily Chart)
Technical Outlook:
Momentum studies are still bullish now and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Silver March: Sell at 21450-480 for the target of 21300 and 21170 with stop loss at 21560
MCXARUN
9994500540
· MCX Gold Feb registered days high near 11740 was trading with a gain of Rs. 220 per 10 gram; similarly MCX silver March was trading higher following the yellow metal, registered days high at Rs. 20460 per kg with a gain of Rs. 300 per kg.
· International Spot gold traded at $929 per toz and silver gained almost 122 cent and traded at $16.69 per toz.
· Speculation of another Federal Reserve rate cut at the Federal Open Market Committee meeting Wednesday.
· Production at South African gold and platinum mines remains halted Monday due to electricity cuts, although market participants are expecting some guidance from the national power producer Eskom from Tuesday. In light of reduced South African platinum production, UBS has raised its one- and three-month platinum price forecast to USD1800/oz.
· New home sales were down 4.7% from November's pace and much weaker than expected. For all of 2007, new home sales were down 26%.
· The cost of borrowing gold for one year is 0.4248 percent, compared with an average of 0.26917 percent in the past 12 months, according to data compiled by Bloomberg. Rates reflect forecasts about the amount of metal available for borrowing.
Indian Bullion Spot Market
Precious metals almost steady in spot markets. The yellow metal, however was underpinned by expectations of yet another interest rate cut by the Federal Reserve. Meanwhile the dollar also traded weak against the euro.
· In Mumbai markets, gold (995) finished at Rs11,710/10gm and gold (999) at Rs.11,760/10g. Arrivals in gold were at 150 kilos. Silver (.999) closed at Rs.20,880/kg. Arrivals were in silver were at 250 kilos.
· Chennai gold (995) finished at Rs11,700/10gm and gold (999) at Rs.11,800/10gm respectively whereas Silver (.999) closed at Rs.20,450/kg, rising by Rs.950.
· Jaipur gold standard closed at Rs.11,800/10gm whereas Silver (.999) closed at Rs.20,900/kg.
· Ahmedabad gold (995) closed at Rs.11,700/10gm and gold (999) at Rs11,750/10gm whereas Silver (.999) closed at Rs.20,900/kg.
· In Delhi bullion markets, gold (995) closed at Rs.11,750/10gm and gold (999) closed at Rs.11,800/10gm whereas Silver (.999) ends at Rs.20,540/kg.
MCX Gold Apr (Daily Chart)
Technical Outlook:
Momentum studies are bullish now and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Gold April: Sell at 11740-750 for the target of 11690 and 11640 with stop loss at 11775
MCX Silver Mar (Daily Chart)
Technical Outlook:
Momentum studies are still bullish now and will tend to support reversal action if it occurs. The daily stochastics have crossed over up which is a bullish indication. The stochastics indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day moving average. The downside closing price reversal on the daily chart is somewhat negative.
Recommendations:
MCX Silver March: Sell at 21450-480 for the target of 21300 and 21170 with stop loss at 21560
MCXARUN
9994500540
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