April gold closed higher on Tuesday and posted a new contract high close. Today's high-range close sets the stage for a steady
to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways
to higher prices are possible near-term. If March extends this month's rally, monthly resistance crossing at 978.50 is the next
upside target. Closes below the reaction low crossing at 899.50 would confirm that a short-term top has been posted. First
resistance is last Thursday's high crossing at 958.40 then monthly resistance crossing at 978.50. First support is the 10-day
moving average crossing at 929.60. Second support is the reaction low crossing at 899.50.
March silver closed sharply higher on Tuesday and posted a new contract high as it extended this winter's rally. The high-range
close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to
bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, monthly resistance
crossing at 19.870 is the next upside target. Closes below the 20-day moving average crossing at 17.281 are needed to confirm
that a short-term top has been posted. First resistance is today's high crossing at 18.865 then monthly resistance crossing at
19.870. First support is the 10-day moving average crossing at 17.716 then the 20-day moving average crossing at 17.281.
March copper closed higher on Tuesday and closed above October's high crossing at 375.00. The high-range close sets the
stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought and are turning bearish hinting that
a double top with October's high might be forming. If March extends this winter's rally, weekly resistance crossing at 387.00 is
the next upside target. Closes below the 10-day moving average crossing at 367.10 would confirm that a short-term top has
been posted. First resistance is Monday's high crossing at 384.95. Second resistance is weekly resistance crossing at 387.00.
First support is the 10-day moving average crossing at 367.10. Second support is the 20-day moving average crossing at
352.19.
April crude oil closed higher on Tuesday as it extends this month's rally above the previous reaction high crossing at 98.50. The
high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but are
turning neutral to bullish again signaling that sideways to higher prices are possible near-term. If April extends this month's
rally above January's high, upside targets will be hard to project now that April has traded into uncharted territory. Closes
below the 10-day moving average crossing at 97.36 would confirm that a short-term top has been posted. First resistance is
today's high crossing at 101.15. First support is the 10-day moving average crossing at 97.37. Second support is the 20-day
moving average crossing at 93.86.
April Henry natural gas closed higher on Tuesday and closed above the previous contract high crossing at 9.222. Profit taking
tempered early gains and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this
month's rally, monthly resistance crossing at 9.820 is the next upside target. Closes below the 10-day moving average crossing
at 8.883 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 9.391 then monthly
resistance crossing at 9.820. First support is the 10-day moving average crossing at 8.883. Second support is the 20-day
moving average crossing at 8.478.
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Wednesday, February 27, 2008
Comex Gold
International spot gold traded in the range $926.40 - $948.50.
· U.S. stock futures took a turn for the worse Tuesday after the release of stronger-than-expected wholesale inflation data.
· The U.S. Labor Department said PPI rose 1% in January, and increased 0.4% when excluding food and energy. The median estimates of economists surveyed by IFR Markets were for a headline increase of 0.3% and core growth of 0.2%.
· Last month Eskom, the state power utility, cut all power for several days at some of the nation's largest mines. Since then the utility has allowed mines to use 90 percent of former power usage. That amount is forecast to remain for the next four years.
· Gold Fields said the power cuts will likely force it to suspend, scale back or close some of its South African functions. About 6,900 out of its total 53,000 person work force may be let go, the company said. Gold Fields said it was meeting with unions and other groups to find alternatives to layoffs, including early retirement voluntary retrenchments, contractor replacement and reassignment elsewhere within the company. The drop in production has cut into the world's supply, helping in part to boost precious metal prices.
· The euro rose by more than a cent towards its all-time high against the dollar after the closely watched Ifo survey of German business sentiment came in above market expectations, further reinforcing expectations that the European Central Bank will not cut rates any time soon. Earlier in the session, the euro had come under pressure on talk the Ifo would disappoint to the downside.
· The ECB has kept its key refi rate unchanged at 4.00 pct for eight months, unlike the Federal Reserve Board and the Bank of England, both of which are cutting rates, helping to underpin the euro.
· Durable goods are expected to drop 3.5 pct in January following a 5.2 pct increase in December. Durable goods excluding transportation are expected to have dropped by 0.7 pct in January following a 2.6 pct increase in the previous month.
Medium term outlook (Spot Gold)
Bullish above $916. Resistances are $926, $932, $947, $954, $973, $984; supports $896, $883. Expecting further up-trend above $954.60.
Last day DGCX Gold April traded in the range $929.40 - $951.00 and last quoted at $950.40 ($940.50).
TECHNICAL OUTLOOK (Intra-day)
GOLD (Apr) - Bullish above $ 947.30; bearish below $ 943.00
MCXARUN
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· U.S. stock futures took a turn for the worse Tuesday after the release of stronger-than-expected wholesale inflation data.
· The U.S. Labor Department said PPI rose 1% in January, and increased 0.4% when excluding food and energy. The median estimates of economists surveyed by IFR Markets were for a headline increase of 0.3% and core growth of 0.2%.
· Last month Eskom, the state power utility, cut all power for several days at some of the nation's largest mines. Since then the utility has allowed mines to use 90 percent of former power usage. That amount is forecast to remain for the next four years.
· Gold Fields said the power cuts will likely force it to suspend, scale back or close some of its South African functions. About 6,900 out of its total 53,000 person work force may be let go, the company said. Gold Fields said it was meeting with unions and other groups to find alternatives to layoffs, including early retirement voluntary retrenchments, contractor replacement and reassignment elsewhere within the company. The drop in production has cut into the world's supply, helping in part to boost precious metal prices.
· The euro rose by more than a cent towards its all-time high against the dollar after the closely watched Ifo survey of German business sentiment came in above market expectations, further reinforcing expectations that the European Central Bank will not cut rates any time soon. Earlier in the session, the euro had come under pressure on talk the Ifo would disappoint to the downside.
· The ECB has kept its key refi rate unchanged at 4.00 pct for eight months, unlike the Federal Reserve Board and the Bank of England, both of which are cutting rates, helping to underpin the euro.
· Durable goods are expected to drop 3.5 pct in January following a 5.2 pct increase in December. Durable goods excluding transportation are expected to have dropped by 0.7 pct in January following a 2.6 pct increase in the previous month.
Medium term outlook (Spot Gold)
Bullish above $916. Resistances are $926, $932, $947, $954, $973, $984; supports $896, $883. Expecting further up-trend above $954.60.
Last day DGCX Gold April traded in the range $929.40 - $951.00 and last quoted at $950.40 ($940.50).
TECHNICAL OUTLOOK (Intra-day)
GOLD (Apr) - Bullish above $ 947.30; bearish below $ 943.00
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Energy intraday
· MCX Crude oil March traded near Rs. 3996 as days high following international energy prices, US data also supported the movement.
· NYMEX crude managed to trade above $100, Natural Gas also following higher energy prices. but market is still waiting for inventory data to be released today.
· Oil steadied as players weighed cold weather in the US and Europe and ongoing worries over geopolitical tensions in key producing countries against expectations of further gains in US crude oil inventories. In addition, analysts said the the profit-taking spree seen in earlier trades had run out of steam as the market remains nervous ahead of the OPEC cartel's production meeting in Vienna on March 5.
· Markets expect US inventory data will show crude stocks rose again last week, meaning there is a risk that oil could trend lower as supply side worries wane slightly. On the other hand, however, with the current cold snap in the US and Europe, markets could get uneasy should tomorrow's data also show further falls in distillates, as expected.
· All the same, it is underpinning prices for now, while concerns over the security of supplies from Iran, Iraq, Nigeria and Venezuela have not yet gone away.
· The UN Security Council is expected to pass a resolution on Friday on possible stricter sanctions against Iran because it claims it has not been forthcoming over the aims of its nuclear programme.
· Iran, the world's fourth-largest oil producer, has warned of "decisive reciprocal measures" should the UN impose further sanctions, sparking fears it plans to withhold oil sales.
· Meanwhile in Nigeria, Africa's largest oil producer, militant attacks against the oil industry could escalate, especially if the courts rule that last year's presidential elections were flawed.
· Elsewhere, there are fears over the security of supplies from Iraq, where Turkey last week launched a military incursion into the oil-rich north in a bid to flush out Kurdish separatist rebels. And in Venezuela, the spat with Exxon-Mobil over the nationalisation of oil projects continues, with the South American country still withholding oil sales from the US oil giant.
MCX Crude Oil March
Technical Outlook:
Momentum studies are 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 Crude Oil March: Buy at 3920-30 for the target of 4040 and 4100 with stop loss at 3885
MCX Natural gas March
Technical Outlook:
Momentum studies are 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:
Natural gas March:
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· NYMEX crude managed to trade above $100, Natural Gas also following higher energy prices. but market is still waiting for inventory data to be released today.
· Oil steadied as players weighed cold weather in the US and Europe and ongoing worries over geopolitical tensions in key producing countries against expectations of further gains in US crude oil inventories. In addition, analysts said the the profit-taking spree seen in earlier trades had run out of steam as the market remains nervous ahead of the OPEC cartel's production meeting in Vienna on March 5.
· Markets expect US inventory data will show crude stocks rose again last week, meaning there is a risk that oil could trend lower as supply side worries wane slightly. On the other hand, however, with the current cold snap in the US and Europe, markets could get uneasy should tomorrow's data also show further falls in distillates, as expected.
· All the same, it is underpinning prices for now, while concerns over the security of supplies from Iran, Iraq, Nigeria and Venezuela have not yet gone away.
· The UN Security Council is expected to pass a resolution on Friday on possible stricter sanctions against Iran because it claims it has not been forthcoming over the aims of its nuclear programme.
· Iran, the world's fourth-largest oil producer, has warned of "decisive reciprocal measures" should the UN impose further sanctions, sparking fears it plans to withhold oil sales.
· Meanwhile in Nigeria, Africa's largest oil producer, militant attacks against the oil industry could escalate, especially if the courts rule that last year's presidential elections were flawed.
· Elsewhere, there are fears over the security of supplies from Iraq, where Turkey last week launched a military incursion into the oil-rich north in a bid to flush out Kurdish separatist rebels. And in Venezuela, the spat with Exxon-Mobil over the nationalisation of oil projects continues, with the South American country still withholding oil sales from the US oil giant.
MCX Crude Oil March
Technical Outlook:
Momentum studies are 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 Crude Oil March: Buy at 3920-30 for the target of 4040 and 4100 with stop loss at 3885
MCX Natural gas March
Technical Outlook:
Momentum studies are 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:
Natural gas March:
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Base metals intraday
· MCX Copper erased declines on speculation that increasing demand from China will erode global inventories. Tin extended gains to a record. Copper April traded near Rs. 330 per kg following Comex trading.
· Copper inventories in warehouses monitored by the London Metal Exchange were little changed after climbing 13,850 tons, or 10 percent, in the previous two days. Imports of refined copper and alloys into China gained 7.1 percent in January from a year earlier, the customs office said Feb. 22.
· Prices in London have increased 23 percent this year compared with a 15 percent advance in the UBS Bloomberg Constant Maturity Commodity Index of 26 raw materials.
· LME copper inventories fell 100 tons to 149,125 tons, the exchange said today in its daily warehouse report. They jumped 7,625 tons yesterday and 6,225 tons on Feb. 22.
· Supply may expand in April through June when companies are due to start up some 500,000 tons of annual production capacity, The new mines include Codelco's Gaby in Chile, Equinox Minerals Ltd.'s Lumwana copper deposit in Zambia and Oxiana Ltd.'s Prominent Hill in Australia.
· China's Yunnan Tin Co., the world's largest producer of the metal, plans to raise output about 12 percent this year, according to an earnings statement distributed yesterday.
· MCX Nickel march traded at Rs. 1124 per kg, while Zinc March traded near Rs. 99 per kg. MCx Lead April registered days high near Rs. 130.50 per kg.
MCX Copper April
Technical Outlook:
Momentum studies are 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 April: Buy at 326 for the target of 332 and 337 with stop loss at 321.50
MCX Zinc March
Technical Outlook:
Momentum studies are 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 March: Buy at 97.50 for the target of 102 and 103.50 with stop loss at 95.40
MCX Nickel March
Technical Outlook:
Momentum studies are 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 March: Buy at 1120 for the target of 1148 and 1160 with stop loss at 1106
MCX Lead Feb
Technical Outlook:
Momentum studies are 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 March: Buy at 128.50 for the target of 131 and 134 with stop loss at 126.20
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· Copper inventories in warehouses monitored by the London Metal Exchange were little changed after climbing 13,850 tons, or 10 percent, in the previous two days. Imports of refined copper and alloys into China gained 7.1 percent in January from a year earlier, the customs office said Feb. 22.
· Prices in London have increased 23 percent this year compared with a 15 percent advance in the UBS Bloomberg Constant Maturity Commodity Index of 26 raw materials.
· LME copper inventories fell 100 tons to 149,125 tons, the exchange said today in its daily warehouse report. They jumped 7,625 tons yesterday and 6,225 tons on Feb. 22.
· Supply may expand in April through June when companies are due to start up some 500,000 tons of annual production capacity, The new mines include Codelco's Gaby in Chile, Equinox Minerals Ltd.'s Lumwana copper deposit in Zambia and Oxiana Ltd.'s Prominent Hill in Australia.
· China's Yunnan Tin Co., the world's largest producer of the metal, plans to raise output about 12 percent this year, according to an earnings statement distributed yesterday.
· MCX Nickel march traded at Rs. 1124 per kg, while Zinc March traded near Rs. 99 per kg. MCx Lead April registered days high near Rs. 130.50 per kg.
MCX Copper April
Technical Outlook:
Momentum studies are 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 April: Buy at 326 for the target of 332 and 337 with stop loss at 321.50
MCX Zinc March
Technical Outlook:
Momentum studies are 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 March: Buy at 97.50 for the target of 102 and 103.50 with stop loss at 95.40
MCX Nickel March
Technical Outlook:
Momentum studies are 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 March: Buy at 1120 for the target of 1148 and 1160 with stop loss at 1106
MCX Lead Feb
Technical Outlook:
Momentum studies are 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 March: Buy at 128.50 for the target of 131 and 134 with stop loss at 126.20
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Bullion intraday
· MCX Gold April traded near Rs. 12068 following international trend, Silver traded more aggressive and touched contract high registered days high near Rs. 23544.
· International spot gold traded towards days high near $944.60 and spot silver traded at $18.49 per toz.
· U.S. stock futures took a turn for the worse Tuesday after the release of stronger-than-expected wholesale inflation data.
· Prior to the release of the January produce price index, S&P 500 futures were trading around 1,371 and Nasdaq 100 futures were around 1,788.
· The Dow industrials "Diamonds" ETF (DIA) was last down 0.2% at $125.33 in ahead of Tuesday's open vs. a pre-PPI data level of about $125.54.
· The U.S. Labor Department said PPI rose 1% in January, and increased 0.4% when excluding food and energy. The median estimates of economists surveyed by IFR Markets was for a headline increase of 0.3% and core growth of 0.2%. Tomi Kilgore
· Last month Eskom, the state power utility, cut all power for several days at some of the nation's largest mines. Since then the utility has allowed mines to use 90 percent of former power usage. That amount is forecast to remain for the next four years.
· Gold Fields said the power cuts will likely force it to suspend, scale back or close some of its South African functions. About 6,900 out of its total 53,000 person work force may be let go, the company said. Gold Fields said it was meeting with unions and other groups to find alternatives to layoffs, including early retirement voluntary retrenchments, contractor replacement and reassignment elsewhere within the company. The drop in production has cut into the world's supply, helping in part to boost precious
· The euro rose by more than a cent towards its all-time high against the dollar after the closely watched Ifo survey of German business sentiment came in above market expectations, further reinforcing expectations that the European Central Bank will not cut rates any time soon. Earlier in the session, the euro had come under pressure on talk the Ifo would disappoint to the downside.
· The ECB has kept its key refi rate unchanged at 4.00 pct for eight months, unlike the Federal Reserve Board and the Bank of England, both of which are cutting rates, helping to underpin the euro.
· Durable goods are expected to drop 3.5 pct in January following a 5.2 pct increase in December. Durable goods excluding transportation are expected to have dropped by 0.7 pct in January following a 2.6 pct increase in the previous month.
Indian Bullion Spot Market
Precious metals end with gains in spot markets tracing the record high touched in domestic futures market.
· In Mumbai markets, gold (995) finished at Rs 12,265 per 10 gm and gold (.999) at Rs 12,320/10gm. Silver (.999) closed at Rs 22,735/kg.
· Ahmedabad gold (995) closed at Rs 12,250/10gm and gold (.999) at Rs 12,300/10gm whereas Silver (.999) closed at Rs 23,000/kg.
· In Delhi bullion markets, gold (995) closed at Rs 12,250/10gm and gold (.999) closed at Rs 12,330/10gm whereas Silver (.999) ends at Rs 22,470/kg.
MCX Gold Apr
Technical Outlook:
Momentum studies are 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 Gold April: Buy at 12010-30 for target of 12210 and 12330 with stop loss at 11920
MCX Silver Mar
Technical Outlook:
Momentum studies are 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 Silver March: Buy at 23300 for the target of 23800 and 24000 with stop loss at 23165
MCXARUN
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· International spot gold traded towards days high near $944.60 and spot silver traded at $18.49 per toz.
· U.S. stock futures took a turn for the worse Tuesday after the release of stronger-than-expected wholesale inflation data.
· Prior to the release of the January produce price index, S&P 500 futures were trading around 1,371 and Nasdaq 100 futures were around 1,788.
· The Dow industrials "Diamonds" ETF (DIA) was last down 0.2% at $125.33 in ahead of Tuesday's open vs. a pre-PPI data level of about $125.54.
· The U.S. Labor Department said PPI rose 1% in January, and increased 0.4% when excluding food and energy. The median estimates of economists surveyed by IFR Markets was for a headline increase of 0.3% and core growth of 0.2%. Tomi Kilgore
· Last month Eskom, the state power utility, cut all power for several days at some of the nation's largest mines. Since then the utility has allowed mines to use 90 percent of former power usage. That amount is forecast to remain for the next four years.
· Gold Fields said the power cuts will likely force it to suspend, scale back or close some of its South African functions. About 6,900 out of its total 53,000 person work force may be let go, the company said. Gold Fields said it was meeting with unions and other groups to find alternatives to layoffs, including early retirement voluntary retrenchments, contractor replacement and reassignment elsewhere within the company. The drop in production has cut into the world's supply, helping in part to boost precious
· The euro rose by more than a cent towards its all-time high against the dollar after the closely watched Ifo survey of German business sentiment came in above market expectations, further reinforcing expectations that the European Central Bank will not cut rates any time soon. Earlier in the session, the euro had come under pressure on talk the Ifo would disappoint to the downside.
· The ECB has kept its key refi rate unchanged at 4.00 pct for eight months, unlike the Federal Reserve Board and the Bank of England, both of which are cutting rates, helping to underpin the euro.
· Durable goods are expected to drop 3.5 pct in January following a 5.2 pct increase in December. Durable goods excluding transportation are expected to have dropped by 0.7 pct in January following a 2.6 pct increase in the previous month.
Indian Bullion Spot Market
Precious metals end with gains in spot markets tracing the record high touched in domestic futures market.
· In Mumbai markets, gold (995) finished at Rs 12,265 per 10 gm and gold (.999) at Rs 12,320/10gm. Silver (.999) closed at Rs 22,735/kg.
· Ahmedabad gold (995) closed at Rs 12,250/10gm and gold (.999) at Rs 12,300/10gm whereas Silver (.999) closed at Rs 23,000/kg.
· In Delhi bullion markets, gold (995) closed at Rs 12,250/10gm and gold (.999) closed at Rs 12,330/10gm whereas Silver (.999) ends at Rs 22,470/kg.
MCX Gold Apr
Technical Outlook:
Momentum studies are 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 Gold April: Buy at 12010-30 for target of 12210 and 12330 with stop loss at 11920
MCX Silver Mar
Technical Outlook:
Momentum studies are 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 Silver March: Buy at 23300 for the target of 23800 and 24000 with stop loss at 23165
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Technicals – MCX (Intra day calls)
CRUDE OIL (March) BULLISH ABOVE 3995 BEARISH BELOW 3975
GOLD (April) BULLISH ABOVE 12096 BEARISH BELOW 12055
SILVER (March) BULLISH ABOVE 23610 BEARISH BELOW 23530
COPPER (February) BULLISH ABOVE 330.5 BEARISH BELOW 329.50
LEAD (February) BULLISH ABOVE 129.70BEARISH BELOW 129.30
NICKEL (February) BULLISH ABOVE 1115 BEARISH BELOW 1107
ZINC (February) BULLISH ABOVE 98.40 BEARISH BELOW 98.00
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GOLD (April) BULLISH ABOVE 12096 BEARISH BELOW 12055
SILVER (March) BULLISH ABOVE 23610 BEARISH BELOW 23530
COPPER (February) BULLISH ABOVE 330.5 BEARISH BELOW 329.50
LEAD (February) BULLISH ABOVE 129.70BEARISH BELOW 129.30
NICKEL (February) BULLISH ABOVE 1115 BEARISH BELOW 1107
ZINC (February) BULLISH ABOVE 98.40 BEARISH BELOW 98.00
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Safe trade
GOLD
our S/L hit, for the day buy only abv 12150 & more abv 12200 S/L 12120 and T/p 12300-350 atleast OR buy ard 11960-970 S/L 11950 and T/p 12050-100, anytime sustain below 11875 lead sharp correction test 12800-12725 atleast (any time close above 12200 bullish while close below 11875/11575-475/11300/10950-900/10500/10050/ 9850/9575 bearish for medium term)
SILVER
book profit on buy ard 22925-40/23275, for the day buy only abv 23850 S/L 23750 and T/p 24000-24200 atleast OR buy ard 23390-410 S/L 23350 and T/p 23550-23650 (any time close below 22900-650/21940/21700-475/20950/ 20300/19725/19375/19000/ 18625/ 18250/18100/17750/17050/ 16450 bearish rally while close above 23850 bullish for medium term)
CRUDE
OUR WORDS sustain abv 3985-4000 test 4075 atleast upto 4100 running. book profit on buy abv 3960, for the day buy only abv 4020 S/L 4000 and T/p 4050-75 atleast OR buy ard 3955-60 S/L 3945 and T/p 3970-3995 (now crude need to close above 4020 for bullish rally while close below 3840/3790/3635-3590/3475/3395/3350/ 3090/2810 bearish for medium term)
COPPER
for the day buy only abv 332.5 S/L 331 and T/p 335.5/337.5/339/sustain abv 339 rally test 342-346 atleast upto 351 OR buy ard 325.8-326.2 S/L 325 and T/p 328-330.5 (upside strong rally only on close above 339.5/348 while close below 321.5/315.5/302.5/286.5/278/ 270/265/250/235 bearish for medium term)
MCXARUN
9994500540
our S/L hit, for the day buy only abv 12150 & more abv 12200 S/L 12120 and T/p 12300-350 atleast OR buy ard 11960-970 S/L 11950 and T/p 12050-100, anytime sustain below 11875 lead sharp correction test 12800-12725 atleast (any time close above 12200 bullish while close below 11875/11575-475/11300/10950-900/10500/10050/ 9850/9575 bearish for medium term)
SILVER
book profit on buy ard 22925-40/23275, for the day buy only abv 23850 S/L 23750 and T/p 24000-24200 atleast OR buy ard 23390-410 S/L 23350 and T/p 23550-23650 (any time close below 22900-650/21940/21700-475/20950/ 20300/19725/19375/19000/ 18625/ 18250/18100/17750/17050/ 16450 bearish rally while close above 23850 bullish for medium term)
CRUDE
OUR WORDS sustain abv 3985-4000 test 4075 atleast upto 4100 running. book profit on buy abv 3960, for the day buy only abv 4020 S/L 4000 and T/p 4050-75 atleast OR buy ard 3955-60 S/L 3945 and T/p 3970-3995 (now crude need to close above 4020 for bullish rally while close below 3840/3790/3635-3590/3475/3395/3350/ 3090/2810 bearish for medium term)
COPPER
for the day buy only abv 332.5 S/L 331 and T/p 335.5/337.5/339/sustain abv 339 rally test 342-346 atleast upto 351 OR buy ard 325.8-326.2 S/L 325 and T/p 328-330.5 (upside strong rally only on close above 339.5/348 while close below 321.5/315.5/302.5/286.5/278/ 270/265/250/235 bearish for medium term)
MCXARUN
9994500540
GENERAL MARKET CONDITIONS
Silver shines brighter than other metals. It’s all about the dollar decline story and expectations that Fed interest rate cuts may prevent an immediate US recession for metals and energies. Silver is getting its due. Shorts in silver are getting squared off and new longs are being built. The rise in silver will also result in some short term hot money flowing into silver which so far has lagged and means more gains for silver. The Eurozone economy may not slowdown as much which has resulted in traders paring bets over interest rate cuts by the European central bank. This has resulted in the Euro/USD edging past 1.50 for more. Unless profit taking comes in silver, silver will continue to trade firm.
Crude oil is floating over $100 a barrel and looks headed for $107 and $112 in the short term. Higher crude oil and energy prices are inflationary and gold is the best hedge against a global slowdown. Only in the last quarter of 2008 higher base effects will result in lower headline inflation till then global inflation will remain on the higher side. It’s a momentum market and momentum is bullish in all metals and energies.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1856
Silver intra day key support at $1834. For the day, silver holds $1887 then $1988 is the target.
COPPER -- MARCH FUTURE -- INTRA DAY PIVOT: $384.0
Copper targets $390, $403 if it holds $378 and $372.0
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $97.52
Only a break of $102 will result in $107 and $112. Key weekly support at $95.31 and $97.52.
MCXARUN
9994500540
Crude oil is floating over $100 a barrel and looks headed for $107 and $112 in the short term. Higher crude oil and energy prices are inflationary and gold is the best hedge against a global slowdown. Only in the last quarter of 2008 higher base effects will result in lower headline inflation till then global inflation will remain on the higher side. It’s a momentum market and momentum is bullish in all metals and energies.
SILVER -- MARCH FUTURE -- INTRA DAY PIVOT $1856
Silver intra day key support at $1834. For the day, silver holds $1887 then $1988 is the target.
COPPER -- MARCH FUTURE -- INTRA DAY PIVOT: $384.0
Copper targets $390, $403 if it holds $378 and $372.0
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $97.52
Only a break of $102 will result in $107 and $112. Key weekly support at $95.31 and $97.52.
MCXARUN
9994500540
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