GOLD
OUR WORDS "close abv 12340 test 12425-12500 atleast" ACHIEVED SAME DAY book profit on buy abv 12250/12340, for the day buy only abv 12575 S/L 12550 and T/p 12600/675 towards 12750 OR buy ard 12310-15 S/L 12300 and T/p 12390-440/12480 (any time close above 12575-600/ 12875/13050/13330/13510 bullish while close below 12000/11775/11375/11200 bearish for medium term)
SILVER
OUR WORDS " SUSTAIN ABV 24250 TOWARDS 24400 ACHIEVED" book profit on buy abv 23650/24050, for the day buy only abv 24750 S/L 24650 and T/p 24850/24975 towards 25150 OR buy ard 24300-310 S/L 24275 and T/p 24400 -500/24600 (any time close below 23100-22875/22300/21575-500/20400/ 19250/18775 bearish rally while close above 24750/25500/26300/27700 bullish for medium term)
CRUDE
for the day buy only abv 5960 S/L 5930 and T/p 6000-6050 OR buy ard 5820-25 S/L 5810 and T/p 5855-60 upto 5900 (now crude need to close above 5960 for bullish rally while close below 5400/ 5210/5120/5050/4740/4450 bearish for medium term)
COPPER
book profit on buy abv 338.5, for the day buy only abv 345 S/L 343.5 and T/p 347 -347.5/350.5/352.5/abv uprally OR buy ard 338-338.25 S/L 337.5 and T/p 341-343 (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)
MCXARUN
9994500540
Monday, June 9, 2008
energy intraday
Energy: Oil markets could weaken
09 June 2008 09:49:04
Oil Prices pushed record high on NYMEX at $138.74 a barrel after Morgan Stanley analyst Ole Slorer said he expected strong demand in Asia that could drive prices to $150 by July 4. Shipments from the Middle East are mimicking patterns seen in the third quarter last year, when Morgan Stanley based its "oil price spike" predictions on Atlantic Basin draws.
Global demand, especially for gas and distillates in emerging markets, supported the record build in crude prices. However, the governments of a number of countries, such as India and Malaysia, have started lifting their government fuel subsidies, prompting gas prices to rise in those nations. Israel said an attack on Iranian nuclear sites is unavoidable, and according to Flynn, geopolitical tensions in the region also pushed the price of oil higher.
The dramatic reversal in what had been a weakening oil market began Thursday after ECB President Jean-Claude Trichet suggested the bank could raise interest rates and the euro climbed against the dollar. When interest rates rise in Europe, or fall in the U.S., the dollar tends to weaken against the euro.
Many investors tend to buy commodities such as oil as a hedge against inflation when the dollar is falling. Also, a weaker dollar makes oil less expensive to investors dealing in other currencies, and analysts believe the dollar's protracted decline has been a major reason why oil prices have nearly doubled in the past year.
The U.S. Dollar Index was last down 0.8% at 72.435, amid concerns over a potential rise in rates in Europe, and following the U.S. Labor Department said May nonfarm payrolls fell by 49,000 and the unemployment rate rose to a 4-year high of 5.5%. Crude got a lift after an Israeli official said an attack on Iranian nuclear sites looked unavoidable.
The U.S. Oil Fund ETF (USO) leapt to an all-time high on heavy volume Friday, as a weak U.S. dollar, increasing tension in the Middle East and a bullish analyst call fueled buying interest.
Natural gas advanced near the highest in 29 months after crude oil surged and the Near-record high temperatures in the Northeast and Midwest will spur cooling demand, prompting increased electricity output to run air conditioners. Daytime highs in New York will be 95 degrees Fahrenheit (35 Celsius) this weekend, before rising to 97 on June 9, according to the U.S. National Weather Service.
MCX Crude Oil June - Technical Outlook:
Tech The daily stochastic have crossed over up which is a bullish indication. The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Technicals have turned neutral to bullish and market is expected to remain positive above 6073 level. If sustain above this level can see a rally towards 6237 and 6523 If market sustains below 5787 can see a further fall towards 5623 and 5337
Recommendations-MCX Crude Oil June: Buy at 5895 Target 6070 and 6150 Stoploss 5843
MCX Natural gas June - Technical Outlook:
The daily stochastic have crossed over up which is a bullish indication. The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Technicals have turned neutral to bullish and market is expected to remain positive above 552 if sustain above this level can see a rally towards 558 and 567 If market sustains below 543 can see a further fall towards 537 and 528
Recommendations-MCX Natural Gas June: Buy at 538 Target 547 and 558 Stop loss at 533.50
MCXARUN
9994500540
09 June 2008 09:49:04
Oil Prices pushed record high on NYMEX at $138.74 a barrel after Morgan Stanley analyst Ole Slorer said he expected strong demand in Asia that could drive prices to $150 by July 4. Shipments from the Middle East are mimicking patterns seen in the third quarter last year, when Morgan Stanley based its "oil price spike" predictions on Atlantic Basin draws.
Global demand, especially for gas and distillates in emerging markets, supported the record build in crude prices. However, the governments of a number of countries, such as India and Malaysia, have started lifting their government fuel subsidies, prompting gas prices to rise in those nations. Israel said an attack on Iranian nuclear sites is unavoidable, and according to Flynn, geopolitical tensions in the region also pushed the price of oil higher.
The dramatic reversal in what had been a weakening oil market began Thursday after ECB President Jean-Claude Trichet suggested the bank could raise interest rates and the euro climbed against the dollar. When interest rates rise in Europe, or fall in the U.S., the dollar tends to weaken against the euro.
Many investors tend to buy commodities such as oil as a hedge against inflation when the dollar is falling. Also, a weaker dollar makes oil less expensive to investors dealing in other currencies, and analysts believe the dollar's protracted decline has been a major reason why oil prices have nearly doubled in the past year.
The U.S. Dollar Index was last down 0.8% at 72.435, amid concerns over a potential rise in rates in Europe, and following the U.S. Labor Department said May nonfarm payrolls fell by 49,000 and the unemployment rate rose to a 4-year high of 5.5%. Crude got a lift after an Israeli official said an attack on Iranian nuclear sites looked unavoidable.
The U.S. Oil Fund ETF (USO) leapt to an all-time high on heavy volume Friday, as a weak U.S. dollar, increasing tension in the Middle East and a bullish analyst call fueled buying interest.
Natural gas advanced near the highest in 29 months after crude oil surged and the Near-record high temperatures in the Northeast and Midwest will spur cooling demand, prompting increased electricity output to run air conditioners. Daytime highs in New York will be 95 degrees Fahrenheit (35 Celsius) this weekend, before rising to 97 on June 9, according to the U.S. National Weather Service.
MCX Crude Oil June - Technical Outlook:
Tech The daily stochastic have crossed over up which is a bullish indication. The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Technicals have turned neutral to bullish and market is expected to remain positive above 6073 level. If sustain above this level can see a rally towards 6237 and 6523 If market sustains below 5787 can see a further fall towards 5623 and 5337
Recommendations-MCX Crude Oil June: Buy at 5895 Target 6070 and 6150 Stoploss 5843
MCX Natural gas June - Technical Outlook:
The daily stochastic have crossed over up which is a bullish indication. The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Technicals have turned neutral to bullish and market is expected to remain positive above 552 if sustain above this level can see a rally towards 558 and 567 If market sustains below 543 can see a further fall towards 537 and 528
Recommendations-MCX Natural Gas June: Buy at 538 Target 547 and 558 Stop loss at 533.50
MCXARUN
9994500540
basemetals intraday
Base Metals: Metals gain as global stockpiles fall
09 June 2008 09:46:53
The U.S. Labor Department said that the unemployment rate shot up from 5.0% to 5.5% in May, the highest since October of 2004. Non-farm payrolls were down 49,000 in May, not as bas as expected.
Statistics Canada said that the unemployment rate remained at 6.1% in May with a net gain of 8,400 jobs, slightly less than expected. Over the past twelve months, there has been a net gain of 339,000 jobs.
The German government reported that industrial production was down .8% in April, weaker than expected.
Copper
Copper jumped the most in three weeks as the dollar weakened on a rise in U.S. unemployment, boosting demand for the metal as a store of value.
The U.S. Dollar Index, a gauge of six major currencies including the euro and yen, fell as much as 1 percent today after the Labor Department said the U.S. jobless rate climbed
the most in more than two decades last month. Copper has gained 19 percent this year as the dollar fell to record lows, boosting demand for commodities priced in the currency.
The metal also gained today as global stockpiles fell, helping to quell demand concerns, Barclays Capital analysts wrote in a report today. Inventories monitored by the London Metal Exchange dropped 950 metric tons, or 0.8 percent, to 122,550 tons, marking a 1.9 percent decline this week. Supplies tallied by the Shanghai Futures Exchange fell 13 percent to 38,829 tons this week.
Peruvian mine workers postponed a potential national strike to June 30 to give Congress time to vote on legislation on better pay and benefits.
Chilean trucking companies ended a three-day nationwide strike that sparked shortages of food and cut copper production, after the government agreed to cut their tax payments on diesel.
Shanghai copper stockpiles fell for a second week, dropping by 13 percent, Inventories, based on a survey of five warehouses monitored by the Shanghai Futures Exchange, declined by 5,725 metric tons to 38,829 tons this week, the exchange said.
MCX Copper June - Technical Outlook:
The daily stochastics have crossed over up which is a bullish indication. MACD is heading downwards in positive region, showing decrease in bullish momentum. The prices closed above short term and medium term EMA, which supports bears.
Technical have turned neutral to bullish and market is expected to remain positive above 346.1 levels. If sustain above this level can see a rally towards 349.2 and 354.1, If market sustains below 341.2 can see a further fall towards 338.1 and 333.2.
Recommendations-MCX Copper June: Buy at 342.50 Target 346 and 348 SL 340.10
Nickel
Nickel headed for its first weekly gain in six in London as power disruptions in Western Australia and declining stockpiles increased concern about adequate supply.
Nickel stockpiles tracked by the London Metal Exchange have fallen 7.7 percent since the end of April. Apache Corp., operator of an Australian natural-gas plant, said it may take two months to partially restore production after a June 3 explosion at a pipeline. Nickel producer Minara Resources Ltd. has operated at reduced capacity since then.
Higher nickel prices will bolster earnings for companies including OAO GMK Norilsk Nickel, the biggest producer of the metal used in stainless steel.
Nickel slumped 21 percent last year as inventories monitored by the LME expanded sixfold. Inventory fell 0.2 percent to 47,490 tons, at LME .
Apache stopped supplying gas from Varanus Island off Australia's northwest coast after a rupture in a pipeline triggered a fire, shutting off about a third of the state's supplies.
Minara, Australia's second-largest nickel producer, secured alternative supplies for its Murrin Murrin mine from Woodside Petroleum Ltd., a company spokesman said. Last month, the company forecast production of 34,000 tons to 38,000 tons this year.
Oxiana resumed full production at its Golden Grove zinc mine in Western Australia after sourcing alternative power, the Melbourne-based company said today. It had been using standby diesel power since June 3.
MCX Nickel June - Technical Outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical have turned neutral to bullish and market is expected to remain positive above 998 levels. If sustain above this level can see a rally towards 1037 and 1067, If market sustains below 967 can see a further fall towards 928 and 898.
Recommendations: MCX Nickel June: Buy at 955 Target 969 and 978 SL 948
Zinc
Hindustan Zinc Ltd., India's largest producer of the metal, lowered prices for the third time in eight days to match global rates.
The price of zinc was cut by 5,000 rupees, or 5 percent, to 92,700 rupees ($2,160) a metric ton; Lead prices were kept unchanged at 96,700 rupees a ton.
Shanghai copper stockpiles fell for a second week, dropping by 13 percent; SHFE Zinc stockpiles dropped 408 tons to 68,250 tons, based on a survey of seven warehouses in Shanghai.
MCX Zinc June - Technical Outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 83.6 level. If broken can see further fall to 82.7 and 81.6, If market holds above 84.7 further rally can be seen towards 85.6 and 86.7.
Recommendations- MCX Zinc June: Sell at 85.20 Target 83.8 and 82.5 SL 86.80
Lead
Hindustan Zinc Ltd., India's largest producer of the metal, lowered prices for the third time in eight days to match global rates. The price of zinc was cut by 5,000 rupees, or 5 percent, to 92,700 rupees ($2,160) a metric ton; Lead prices were kept unchanged at 96,700 rupees a ton.
Inventory at LME increased by 975MT on Friday.
MCX Lead June -Technical outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 83.4 level. if broken can see further fall to 82.3 and 81.3 , If market holds above 84.4 further rally can be seen towards 85.5 and 86.5
Recommendations –MCX Lead June: Sell at 85.20 Target 83.8 and 82.5 SL 86.80
Aluminium
Shanghai copper stockpiles fell for a second week, dropping by 13 percent, Stockpiles of aluminium slipped 1.1 percent, or 2,061 tons, to 187,720 tons, based on a survey of 11 warehouses in Shanghai.
United Co. Rusal, the world's largest aluminium producer, plans to spend $300 million on building a shipping facility on the Gulf of Finland.
MCX Aluminium June -Technical outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical have turned neutral to bullish and market is expected to remain positive above 127.2 levels. If sustain above this level can see a rally towards 128.3 and 130.3, If market sustains below 125.2 can see a further fall towards 124.1 and 122.1
Recommendations–MCX Aluminium June: Buy at 125.5 Target 127 and 128 SL 124.60
MCXARUN
9994500540
09 June 2008 09:46:53
The U.S. Labor Department said that the unemployment rate shot up from 5.0% to 5.5% in May, the highest since October of 2004. Non-farm payrolls were down 49,000 in May, not as bas as expected.
Statistics Canada said that the unemployment rate remained at 6.1% in May with a net gain of 8,400 jobs, slightly less than expected. Over the past twelve months, there has been a net gain of 339,000 jobs.
The German government reported that industrial production was down .8% in April, weaker than expected.
Copper
Copper jumped the most in three weeks as the dollar weakened on a rise in U.S. unemployment, boosting demand for the metal as a store of value.
The U.S. Dollar Index, a gauge of six major currencies including the euro and yen, fell as much as 1 percent today after the Labor Department said the U.S. jobless rate climbed
the most in more than two decades last month. Copper has gained 19 percent this year as the dollar fell to record lows, boosting demand for commodities priced in the currency.
The metal also gained today as global stockpiles fell, helping to quell demand concerns, Barclays Capital analysts wrote in a report today. Inventories monitored by the London Metal Exchange dropped 950 metric tons, or 0.8 percent, to 122,550 tons, marking a 1.9 percent decline this week. Supplies tallied by the Shanghai Futures Exchange fell 13 percent to 38,829 tons this week.
Peruvian mine workers postponed a potential national strike to June 30 to give Congress time to vote on legislation on better pay and benefits.
Chilean trucking companies ended a three-day nationwide strike that sparked shortages of food and cut copper production, after the government agreed to cut their tax payments on diesel.
Shanghai copper stockpiles fell for a second week, dropping by 13 percent, Inventories, based on a survey of five warehouses monitored by the Shanghai Futures Exchange, declined by 5,725 metric tons to 38,829 tons this week, the exchange said.
MCX Copper June - Technical Outlook:
The daily stochastics have crossed over up which is a bullish indication. MACD is heading downwards in positive region, showing decrease in bullish momentum. The prices closed above short term and medium term EMA, which supports bears.
Technical have turned neutral to bullish and market is expected to remain positive above 346.1 levels. If sustain above this level can see a rally towards 349.2 and 354.1, If market sustains below 341.2 can see a further fall towards 338.1 and 333.2.
Recommendations-MCX Copper June: Buy at 342.50 Target 346 and 348 SL 340.10
Nickel
Nickel headed for its first weekly gain in six in London as power disruptions in Western Australia and declining stockpiles increased concern about adequate supply.
Nickel stockpiles tracked by the London Metal Exchange have fallen 7.7 percent since the end of April. Apache Corp., operator of an Australian natural-gas plant, said it may take two months to partially restore production after a June 3 explosion at a pipeline. Nickel producer Minara Resources Ltd. has operated at reduced capacity since then.
Higher nickel prices will bolster earnings for companies including OAO GMK Norilsk Nickel, the biggest producer of the metal used in stainless steel.
Nickel slumped 21 percent last year as inventories monitored by the LME expanded sixfold. Inventory fell 0.2 percent to 47,490 tons, at LME .
Apache stopped supplying gas from Varanus Island off Australia's northwest coast after a rupture in a pipeline triggered a fire, shutting off about a third of the state's supplies.
Minara, Australia's second-largest nickel producer, secured alternative supplies for its Murrin Murrin mine from Woodside Petroleum Ltd., a company spokesman said. Last month, the company forecast production of 34,000 tons to 38,000 tons this year.
Oxiana resumed full production at its Golden Grove zinc mine in Western Australia after sourcing alternative power, the Melbourne-based company said today. It had been using standby diesel power since June 3.
MCX Nickel June - Technical Outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical have turned neutral to bullish and market is expected to remain positive above 998 levels. If sustain above this level can see a rally towards 1037 and 1067, If market sustains below 967 can see a further fall towards 928 and 898.
Recommendations: MCX Nickel June: Buy at 955 Target 969 and 978 SL 948
Zinc
Hindustan Zinc Ltd., India's largest producer of the metal, lowered prices for the third time in eight days to match global rates.
The price of zinc was cut by 5,000 rupees, or 5 percent, to 92,700 rupees ($2,160) a metric ton; Lead prices were kept unchanged at 96,700 rupees a ton.
Shanghai copper stockpiles fell for a second week, dropping by 13 percent; SHFE Zinc stockpiles dropped 408 tons to 68,250 tons, based on a survey of seven warehouses in Shanghai.
MCX Zinc June - Technical Outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 83.6 level. If broken can see further fall to 82.7 and 81.6, If market holds above 84.7 further rally can be seen towards 85.6 and 86.7.
Recommendations- MCX Zinc June: Sell at 85.20 Target 83.8 and 82.5 SL 86.80
Lead
Hindustan Zinc Ltd., India's largest producer of the metal, lowered prices for the third time in eight days to match global rates. The price of zinc was cut by 5,000 rupees, or 5 percent, to 92,700 rupees ($2,160) a metric ton; Lead prices were kept unchanged at 96,700 rupees a ton.
Inventory at LME increased by 975MT on Friday.
MCX Lead June -Technical outlook:
The daily stochastics have crossed over down which is a bearish indication. The prices closed below short term and medium term EMA, which supports bears. MACD is heading downwards in positive region, showing decrease in bullish momentum.
Technical are neutral to bearish signalling sideways to lower prices in the near term. Initial support for the market is around 83.4 level. if broken can see further fall to 82.3 and 81.3 , If market holds above 84.4 further rally can be seen towards 85.5 and 86.5
Recommendations –MCX Lead June: Sell at 85.20 Target 83.8 and 82.5 SL 86.80
Aluminium
Shanghai copper stockpiles fell for a second week, dropping by 13 percent, Stockpiles of aluminium slipped 1.1 percent, or 2,061 tons, to 187,720 tons, based on a survey of 11 warehouses in Shanghai.
United Co. Rusal, the world's largest aluminium producer, plans to spend $300 million on building a shipping facility on the Gulf of Finland.
MCX Aluminium June -Technical outlook:
The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical have turned neutral to bullish and market is expected to remain positive above 127.2 levels. If sustain above this level can see a rally towards 128.3 and 130.3, If market sustains below 125.2 can see a further fall towards 124.1 and 122.1
Recommendations–MCX Aluminium June: Buy at 125.5 Target 127 and 128 SL 124.60
MCXARUN
9994500540
bullion intraday
Bullion: Gold import by India comes down
09 June 2008 09:48:26
August gold closed up $23.50 at $899.00 and July silver closed up 26 cents at $17.43, both influenced by weaker dollar.
Gold and other precious metals futures rose sharply Friday, propelled by weakness in the U.S. dollar and the latest surge to record highs in crude oil prices, Yet another factor lending support to the precious complex was comments from Israel's deputy prime minister warning that the country would attack Iran if the latter pursues nuclear-weapons programs.
A U.S. Defense Department official said there's no change in status that would indicate Israel is preparing military action against Iran
Gold jumped the most in six months after the U.S. jobless rate had the biggest gain in more than two decades, spurring a drop in the dollar. Silver also rose. The unemployment rate increased to 5.5 percent in May from 5 percent in April, marking the biggest increase since February 1986, the U.S. Labor Department said last Friday
Gold Fields Ltd. workers at Africa's second-biggest gold producer's Beatrix mine have been on strike over ``internal grievances'' for more than 24 hours on last week , leaving 100 miners trapped underground, a labor union said.
Gold imports by India, the world's biggest buyer of bullion, slumped 64 percent in May from a year earlier as high prices cooled demand from jewelers and investors. Purchases totaled 25 metric tons, compared with 69 tons a year ago, India imported 722 tons of bullion in 2007, less than the 1,000 tons estimated by the World Gold Council at the beginning of the year.
U.S.Economy:
The U.S. Labor Department said that the unemployment rate shot up from 5.0% to 5.5% in May, the highest since October of 2004. Non-farm payrolls were down 49,000 in May, not as bas as expected. The September U.S. T-bonds closed higher while the White House tried to blame the jump in the unemployment rate on teenagers looking for work.
The jump in crude oil was too much for the stock market. The September S&P 500 fell 45.90 to 1,361.30, the lowest close in seven weeks.
Currencies update:
Statistics Canada said that the unemployment rate remained at 6.1% in May with a net gain of 8,400 jobs, slightly less than expected. Over the past twelve months, there has been a net gain of 339,000 jobs. The June Canadian dollar was down .06 at 98.09.
The German government reported that industrial production was down .8% in April, weaker than expected.
MCX Gold June - Technical Outlook:
The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Technical have turned neutral to bullish and market is expected to remain positive above 12645 levels. If sustain above this level can see a rally towards 12771 and 12988 If market sustains below 12428 can see a further fall towards 12302 and 12085
Recommendations–MCX Gold Aug: Buy at 12465 Target 12540 and 12690 Stoploss at 12415
MCX Silver July - Technical Outlook:
The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Technicals have turned neutral to bullish and market is expected to remain positive above 24883 levels. If sustain above this level can see a rally towards 25117 and 25508 If market sustains below 24492 can see a further fall towards 24258 and 23867
Recommendations-MCX Silver July: Buy at 24570 Target 24880 and 25120 stoploss at 24420
MCXARUN
9994500540
09 June 2008 09:48:26
August gold closed up $23.50 at $899.00 and July silver closed up 26 cents at $17.43, both influenced by weaker dollar.
Gold and other precious metals futures rose sharply Friday, propelled by weakness in the U.S. dollar and the latest surge to record highs in crude oil prices, Yet another factor lending support to the precious complex was comments from Israel's deputy prime minister warning that the country would attack Iran if the latter pursues nuclear-weapons programs.
A U.S. Defense Department official said there's no change in status that would indicate Israel is preparing military action against Iran
Gold jumped the most in six months after the U.S. jobless rate had the biggest gain in more than two decades, spurring a drop in the dollar. Silver also rose. The unemployment rate increased to 5.5 percent in May from 5 percent in April, marking the biggest increase since February 1986, the U.S. Labor Department said last Friday
Gold Fields Ltd. workers at Africa's second-biggest gold producer's Beatrix mine have been on strike over ``internal grievances'' for more than 24 hours on last week , leaving 100 miners trapped underground, a labor union said.
Gold imports by India, the world's biggest buyer of bullion, slumped 64 percent in May from a year earlier as high prices cooled demand from jewelers and investors. Purchases totaled 25 metric tons, compared with 69 tons a year ago, India imported 722 tons of bullion in 2007, less than the 1,000 tons estimated by the World Gold Council at the beginning of the year.
U.S.Economy:
The U.S. Labor Department said that the unemployment rate shot up from 5.0% to 5.5% in May, the highest since October of 2004. Non-farm payrolls were down 49,000 in May, not as bas as expected. The September U.S. T-bonds closed higher while the White House tried to blame the jump in the unemployment rate on teenagers looking for work.
The jump in crude oil was too much for the stock market. The September S&P 500 fell 45.90 to 1,361.30, the lowest close in seven weeks.
Currencies update:
Statistics Canada said that the unemployment rate remained at 6.1% in May with a net gain of 8,400 jobs, slightly less than expected. Over the past twelve months, there has been a net gain of 339,000 jobs. The June Canadian dollar was down .06 at 98.09.
The German government reported that industrial production was down .8% in April, weaker than expected.
MCX Gold June - Technical Outlook:
The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Technical have turned neutral to bullish and market is expected to remain positive above 12645 levels. If sustain above this level can see a rally towards 12771 and 12988 If market sustains below 12428 can see a further fall towards 12302 and 12085
Recommendations–MCX Gold Aug: Buy at 12465 Target 12540 and 12690 Stoploss at 12415
MCX Silver July - Technical Outlook:
The stochastic 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 EMA. The downside closing price reversal on the daily chart is somewhat negative.
Technicals have turned neutral to bullish and market is expected to remain positive above 24883 levels. If sustain above this level can see a rally towards 25117 and 25508 If market sustains below 24492 can see a further fall towards 24258 and 23867
Recommendations-MCX Silver July: Buy at 24570 Target 24880 and 25120 stoploss at 24420
MCXARUN
9994500540
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