Gold and other precious-metals futures have continued their correction lower as the U.S. dollar gained strength
· MCX Gold traded weak overall for the day and registered days low at Rs. 11306 per 10gram and bounced towards the level of 11380, market registered days high at Rs. 11490 per 10 gram.
· Similarly MCX Silver followed the yellow metal and registered days low at Rs. 21010 per kg and days high remain at Rs. 21436 per kg. Market was trading above Rs. 21150per kg.
· International spot gold registered days low at $884 and bounced towards $892 while silver registered days low at $16.25 and rebound towards 16.40
· Gold fell and platinum declined from a record inLondon on expectations the dollar's biggest rally against the euro in more than two weeks will erode demand for precious metals as an alternative toU.S. stocks and bonds.
· U.S. stocks fell for a second day after American service industries declined to the lowest levels since 2001, reinforcing speculation the economy has tipped into a recession.
· Early Tuesday, the ISM's measure of non-manufacturing activity fell by 12.5 index points to 41.9 in January from 54.4 in December. Economists surveyed by Thomson IFR Markets called for the index to fall to 53.0.
· The euro slipped further after a weak services sector PMI survey was followed by an equally dismal retail sales data in the single currency zone, raising concerns about growth prospects.
Indian Bullion Spot Market
Spot precious metals finished lower in domestic markets tracing the correction in international markets.
· In Mumbai markets, gold (995) diminished by Rs 110 to finish at Rs 11,405/10gm and gold (.999) by Rs 115 to finish at Rs 11,455/10g. Silver (.999) was down by Rs 15 to close at Rs.21,015/kg.
· Chennai gold (995) slipped by Rs 40 to finish at Rs 11,600/10gm and gold (.999) by Rs 60 to close at Rs 11,750/10gm respectively whereas Silver (.999) rose by Rs 150 to close at Rs 20,600/kg.
· Jaipur gold standard closed steady at Rs.11,600/10gm whereas Silver (.999) closed down by Rs 400 at Rs 20,400/kg.
· Ahmedabad gold (995) fell by Rs 110 to close at Rs 11,400/10gm and gold (.999) by Rs 110 Rs 11,450/10gm respectively whereas Silver (.999) was down by Rs 100 to close at Rs 21,100/kg.
· In Delhi bullion markets, gold (995) and gold (.999) declined by Rs 125 to close at Rs.11,525/10gm and Rs.11,575/10gm respectively whereas Silver (.999) ends at Rs.20,650/kg, down by Rs 150.
MCX Gold Apr
Technical Outlook:
Momentum studies are bearish but are not looking 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 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 11320/340 fro the target of 11390 and 11460 with stop loss at 11295
MCX Silver Mar
Technical Outlook:
Momentum studies are bearish but are not looking 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 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 20950-21000 for the target of 21190 and 21376 with stop loss at 20825
MCXARUN
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Wednesday, February 6, 2008
Precious Metals Futures
COMEX Gold:
Gold trading is higher in ACCESS trade this morning reversing the weaker tone seen during the prior session. 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. MACD also has issued a bearish signal, suggesting a reversal in the current trend.
COMEX Silver:
Silver futures are weaker this morning extending the prior sessions weaker close. 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. MACD also has issued a bearish signal, suggesting a reversal in the current trend.
TREND INDICATORS:
Simple Moving Average (10-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 10-Day simple moving average has a weak 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 bearish signal, suggesting a reversal of the current upward trend, based on the 50 day simple moving average. However, MACD tends to be better at picking bottoms than tops and the signal may be viewed with caution.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 59.56). 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 59.56 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 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. The market is overbought and appears to be weakening. Look for a potential top in this area.
RESISTANCE AND SUPPORT LEVELS:
17.345 - Highest High in last 50-Days
17.345 - Highest High in last 10-Days
17.117 - 20-Day Simple Moving Average Plus 2 Standard Deviations
16.785 - High
16.747 - 3-Day Simple Moving Average
16.744 - 20-Day Simple Moving Average Plus 1 Standard Deviation
16.634 - 10-Day Simple Moving Average
16.590 - Last Price
16.490 - Low
16.191 - 25-Day Simple Moving Average
15.998 - 20-Day Simple Moving Average Minus 1 Standard Deviation
15.765 - Lowest Low in last 10-Days
15.625 - 20-Day Simple Moving Average Minus 2 Standard Deviations
15.360 - 50-Day Simple Moving Average
14.712 - 100-Day Simple Moving Average
13.824 - 200-Day Simple Moving Average
13.740 - Lowest Low in last 50-Days
MCXARUN
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Gold trading is higher in ACCESS trade this morning reversing the weaker tone seen during the prior session. 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. MACD also has issued a bearish signal, suggesting a reversal in the current trend.
COMEX Silver:
Silver futures are weaker this morning extending the prior sessions weaker close. 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. MACD also has issued a bearish signal, suggesting a reversal in the current trend.
TREND INDICATORS:
Simple Moving Average (10-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 10-Day simple moving average has a weak 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 bearish signal, suggesting a reversal of the current upward trend, based on the 50 day simple moving average. However, MACD tends to be better at picking bottoms than tops and the signal may be viewed with caution.
RSI: The 14-Day RSI is in neutral territory. (RSI is at 59.56). 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 59.56 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 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. The market is overbought and appears to be weakening. Look for a potential top in this area.
RESISTANCE AND SUPPORT LEVELS:
17.345 - Highest High in last 50-Days
17.345 - Highest High in last 10-Days
17.117 - 20-Day Simple Moving Average Plus 2 Standard Deviations
16.785 - High
16.747 - 3-Day Simple Moving Average
16.744 - 20-Day Simple Moving Average Plus 1 Standard Deviation
16.634 - 10-Day Simple Moving Average
16.590 - Last Price
16.490 - Low
16.191 - 25-Day Simple Moving Average
15.998 - 20-Day Simple Moving Average Minus 1 Standard Deviation
15.765 - Lowest Low in last 10-Days
15.625 - 20-Day Simple Moving Average Minus 2 Standard Deviations
15.360 - 50-Day Simple Moving Average
14.712 - 100-Day Simple Moving Average
13.824 - 200-Day Simple Moving Average
13.740 - Lowest Low in last 50-Days
MCXARUN
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outlook
April gold closed lower on Tuesday and below the 20-day moving average crossing at 905.20 confirming that a short-term top
has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 25%
retracement level of the August-January rally crossing at 873.90 is the next downside target. Closes above the 10-day moving
average crossing at 914.70 would temper the near-term bearish outlook in the market. First resistance is today's high crossing at
911.30 then the 10-day moving average crossing at 914.70. First support is today's low crossing at 888.40 then the 25%
retracement level crossing at 873.90.
March silver closed lower on Tuesday as it extended the decline off last Friday's high. The low-range close sets the stage for a
steady to lower opening on Wednesday. Stochastics and the RSI have turning bearish signaling that a short-term top might be in
or is near. Closes below the 20-day moving average crossing at 16.368 are needed to confirm that a short-term top has been
posted. If March renews the rally off December's low, weekly resistance crossing at 17.500 is the next upside target. First
resistance is last Friday's high crossing at 17.345 then month resistance crossing at 17.500. First support is today's low
crossing at 16.300 then the 25% retracement level of the August-February rally crossing at 15.895.
March copper closed lower on Tuesday and below the 10-day moving average crossing at 322.21 confirming that a short-term
top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI
are turning neutral hinting that a short-term top might be in or is near. If March extends today's decline, the reaction low
crossing at 311.65 is the next downside target. If March renew the rally off January's low, the reaction high crossing at 337.85
is the next upside target. First resistance is last Friday's high crossing at 334.20. Second resistance is the reaction high crossing
at 336.00. First support is today's low crossing at 318.20. Second support is last Monday's low crossing at 311.65.
March crude oil closed lower on Tuesday and below the 10-day moving average crossing at 90.11. Today's low-range close sets
the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to
lower prices are possible near-term. If March extends today's decline, January's low crossing at 85.42 is the next downside
target. Closes above last week's high crossing at 92.71 are needed to confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 90.09. Second resistance is the 20-day moving average crossing at 91.11.
First support is today's low crossing at 87.50. Second support is January's low crossing at 85.42.
March Henry natural gas posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady
to higher opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-
term. If March extends the decline off January's high, January's low crossing at 7.534 is the next downside target. Closes above
last week's high crossing at 8.123 are needed to renew the rally off January's low. First resistance is Monday's high crossing at
8.011 then last week's high crossing at 8.123. First support is Monday's low crossing at 7.580. Second support is January's
low crossing at 7.534.
MCXARUN
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has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 25%
retracement level of the August-January rally crossing at 873.90 is the next downside target. Closes above the 10-day moving
average crossing at 914.70 would temper the near-term bearish outlook in the market. First resistance is today's high crossing at
911.30 then the 10-day moving average crossing at 914.70. First support is today's low crossing at 888.40 then the 25%
retracement level crossing at 873.90.
March silver closed lower on Tuesday as it extended the decline off last Friday's high. The low-range close sets the stage for a
steady to lower opening on Wednesday. Stochastics and the RSI have turning bearish signaling that a short-term top might be in
or is near. Closes below the 20-day moving average crossing at 16.368 are needed to confirm that a short-term top has been
posted. If March renews the rally off December's low, weekly resistance crossing at 17.500 is the next upside target. First
resistance is last Friday's high crossing at 17.345 then month resistance crossing at 17.500. First support is today's low
crossing at 16.300 then the 25% retracement level of the August-February rally crossing at 15.895.
March copper closed lower on Tuesday and below the 10-day moving average crossing at 322.21 confirming that a short-term
top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI
are turning neutral hinting that a short-term top might be in or is near. If March extends today's decline, the reaction low
crossing at 311.65 is the next downside target. If March renew the rally off January's low, the reaction high crossing at 337.85
is the next upside target. First resistance is last Friday's high crossing at 334.20. Second resistance is the reaction high crossing
at 336.00. First support is today's low crossing at 318.20. Second support is last Monday's low crossing at 311.65.
March crude oil closed lower on Tuesday and below the 10-day moving average crossing at 90.11. Today's low-range close sets
the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to
lower prices are possible near-term. If March extends today's decline, January's low crossing at 85.42 is the next downside
target. Closes above last week's high crossing at 92.71 are needed to confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 90.09. Second resistance is the 20-day moving average crossing at 91.11.
First support is today's low crossing at 87.50. Second support is January's low crossing at 85.42.
March Henry natural gas posted an inside day with a higher close on Tuesday. The high-range close sets the stage for a steady
to higher opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-
term. If March extends the decline off January's high, January's low crossing at 7.534 is the next downside target. Closes above
last week's high crossing at 8.123 are needed to renew the rally off January's low. First resistance is Monday's high crossing at
8.011 then last week's high crossing at 8.123. First support is Monday's low crossing at 7.580. Second support is January's
low crossing at 7.534.
MCXARUN
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Technicals – MCX (Intra day calls)
CRUDE OIL (February) BULLISH ABOVE 3506BEARISH BELOW 3489
GOLD (April) BULLISH ABOVE 11408 BEARISH BELOW 11370
SILVER (March) BULLISH ABOVE 21220 BEARISH BELOW 21130
COPPER (February) BULLISH ABOVE 283.1 BEARISH BELOW 282.20
LEAD (February) BULLISH ABOVE 109.70 BEARISH BELOW 109.3
NICKEL (February) BULLISH ABOVE 1068 BEARISH BELOW 1063
ZINC (February) BULLISH ABOVE 95.20BEARISH BELOW 94.70
MCXARUN
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GOLD (April) BULLISH ABOVE 11408 BEARISH BELOW 11370
SILVER (March) BULLISH ABOVE 21220 BEARISH BELOW 21130
COPPER (February) BULLISH ABOVE 283.1 BEARISH BELOW 282.20
LEAD (February) BULLISH ABOVE 109.70 BEARISH BELOW 109.3
NICKEL (February) BULLISH ABOVE 1068 BEARISH BELOW 1063
ZINC (February) BULLISH ABOVE 95.20BEARISH BELOW 94.70
MCXARUN
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Tuesday, February 5, 2008
Technicals – MCX (Intra day calls)
CRUDE OIL (February) BULLISH ABOVE 3545BEARISH BELOW 3514
GOLD (April) BULLISH ABOVE 11510 BEARISH BELOW 11474
SILVER (March) BULLISH ABOVE 21466 BEARISH BELOW 21375
COPPER (February) BULLISH ABOVE 287.30 BEARISH BELOW 286.50
LEAD (February) BULLISH ABOVE 111.7 BEARISH BELOW 111.3
NICKEL (February) BULLISH ABOVE 1084 BEARISH BELOW 1080
ZINC (February) BULLISH ABOVE 98.10BEARISH BELOW 97.70
MCXARUN
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GOLD (April) BULLISH ABOVE 11510 BEARISH BELOW 11474
SILVER (March) BULLISH ABOVE 21466 BEARISH BELOW 21375
COPPER (February) BULLISH ABOVE 287.30 BEARISH BELOW 286.50
LEAD (February) BULLISH ABOVE 111.7 BEARISH BELOW 111.3
NICKEL (February) BULLISH ABOVE 1084 BEARISH BELOW 1080
ZINC (February) BULLISH ABOVE 98.10BEARISH BELOW 97.70
MCXARUN
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outlook
April gold closed lower on Monday and below the 10-day moving average crossing at 915.00 signaling that a short-term top has
been posted. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI have turned bearish
signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 904.00
would confirm that a short-term top has been posted. If March extends this winter's rally, monthly resistance crossing at 950.00
is the next upside target. First resistance is last Wednesday's high crossing at 942.20 then monthly resistance crossing at
950.00. First support is today's low crossing at 896.00 then the reaction low crossing at 855.00.
March silver closed lower on Monday as it consolidated some of this winter's rally. The mid-range close sets the stage for a
steady opening on Tuesday. Stochastics and the RSI are overbought and are turning bearish signaling that a short-term top
might be in or is near. Closes below the 20-day moving average crossing at 16.312 are needed to confirm that a short-term top
has been posted. If March extends the rally off December's low, weekly resistance crossing at 17.500 is the next upside target.
First resistance is last Friday's high crossing at 17.345 then month resistance crossing at 17.500. First support is today's low
crossing at 16.445 then the 20-day moving average crossing at 16.312.
March copper closed higher on Monday as it consolidates above the 20-day moving average. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are
possible near-term. If March extends last week's rally, the reaction high crossing at 336.00 is the next upside target. First
resistance is last Friday's high crossing at 334.20. Second resistance is the reaction high crossing at 336.00. First support is last
Thursday's low crossing at 319.90. Second support is last Monday's low crossing at 311.65.
March crude oil closed higher on Monday and above the 10-day moving average crossing at 90.25. Today's high-range close
sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bullish signaling that
sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 91.48 are needed to
confirm that a short-term low has been posted. If March renews last Friday's decline, January's low crossing at 85.42 is the
next downside target. First resistance is the 20-day moving average crossing at 91.48. Second resistance is last Wednesday's
high crossing at 92.71. First support is today's low crossing at 88.07. Second support is January's low crossing at 85.42.
March Henry natural gas posted an upside reversal and closed sharply higher on Monday. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices
are possible near-term. If March extends the decline, January's low crossing at 7.534 is the next downside target. Closes above
last week's high crossing at 8.123 are needed to renew the rally off January's low. First resistance is today's high crossing at
8.011 then last week's high crossing at 8.123. First support is today's low crossing at 7.580. Second support is January's low
crossing at 7.534.
MCXARUN
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been posted. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI have turned bearish
signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 904.00
would confirm that a short-term top has been posted. If March extends this winter's rally, monthly resistance crossing at 950.00
is the next upside target. First resistance is last Wednesday's high crossing at 942.20 then monthly resistance crossing at
950.00. First support is today's low crossing at 896.00 then the reaction low crossing at 855.00.
March silver closed lower on Monday as it consolidated some of this winter's rally. The mid-range close sets the stage for a
steady opening on Tuesday. Stochastics and the RSI are overbought and are turning bearish signaling that a short-term top
might be in or is near. Closes below the 20-day moving average crossing at 16.312 are needed to confirm that a short-term top
has been posted. If March extends the rally off December's low, weekly resistance crossing at 17.500 is the next upside target.
First resistance is last Friday's high crossing at 17.345 then month resistance crossing at 17.500. First support is today's low
crossing at 16.445 then the 20-day moving average crossing at 16.312.
March copper closed higher on Monday as it consolidates above the 20-day moving average. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are
possible near-term. If March extends last week's rally, the reaction high crossing at 336.00 is the next upside target. First
resistance is last Friday's high crossing at 334.20. Second resistance is the reaction high crossing at 336.00. First support is last
Thursday's low crossing at 319.90. Second support is last Monday's low crossing at 311.65.
March crude oil closed higher on Monday and above the 10-day moving average crossing at 90.25. Today's high-range close
sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain neutral to bullish signaling that
sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 91.48 are needed to
confirm that a short-term low has been posted. If March renews last Friday's decline, January's low crossing at 85.42 is the
next downside target. First resistance is the 20-day moving average crossing at 91.48. Second resistance is last Wednesday's
high crossing at 92.71. First support is today's low crossing at 88.07. Second support is January's low crossing at 85.42.
March Henry natural gas posted an upside reversal and closed sharply higher on Monday. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices
are possible near-term. If March extends the decline, January's low crossing at 7.534 is the next downside target. Closes above
last week's high crossing at 8.123 are needed to renew the rally off January's low. First resistance is today's high crossing at
8.011 then last week's high crossing at 8.123. First support is today's low crossing at 7.580. Second support is January's low
crossing at 7.534.
MCXARUN
9994500540
GENERAL MARKET CONDITIONS
It’s a technical trade in all metals and energies in the absence of major market moving news. Gold and silver will continue to find buyers at lower levels unless there is a short term technical breakdown. Some of the retail investors who are stuck at higher levels will average out at lower levels. For the rest of the week gold will consolidate before the next move. Physical demand is still not there in India. Investment demand will continue to dictate gold and silver. Based metals will find buyers at lower levels as markets prepare for greater Chinese demand after the Chinese New Year celebrations are over.
President George W. Bush’s $3.1 trillion federal budget that trims Medicare and health care programs and boosts military spending projects the deficit this year and next will hit near-record levels. If the spending does not reverse the growth rates of the US economy, the US dollar could again nosedive. This is an election year in the US and all the politicians in the US try to ensure that a temporary feel good factor is there among the voters.
GOLD -- APRIL FUTURE -- INTRA DAY PIVOT:$919.0
Gold has to break $919 for gains else it will trade in $895-$919 wider range.
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $89.54
In the short term as long as crude oil holds $85 it will target $95 and $102+. Crude oil has to fall below $85 for further gains.
MCXARUN
9994500540
President George W. Bush’s $3.1 trillion federal budget that trims Medicare and health care programs and boosts military spending projects the deficit this year and next will hit near-record levels. If the spending does not reverse the growth rates of the US economy, the US dollar could again nosedive. This is an election year in the US and all the politicians in the US try to ensure that a temporary feel good factor is there among the voters.
GOLD -- APRIL FUTURE -- INTRA DAY PIVOT:$919.0
Gold has to break $919 for gains else it will trade in $895-$919 wider range.
NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $89.54
In the short term as long as crude oil holds $85 it will target $95 and $102+. Crude oil has to fall below $85 for further gains.
MCXARUN
9994500540
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