bullion intraday

Bullion
06 June 2008 11:16:37



Bullion June 06 2008

Major Headlines:


Bullion prices jumped Thursday after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates, in earlier Gold futures fell to a three-week low at New York as a strengthening dollar reduces demand for the precious metal as a hedge against inflation. Silver gained.

Platinum and palladium fell for the third straight day on speculation a slump in U.S. auto sales will erode demand for the metals used in pollution-control devices in cars.U.S. auto sales in May tumbled 11 percent, the most this year and the seventh consecutive monthly slide. Carmakers around the globe account for more than 60 percent of platinum consumption, according to Johnson Matthey Plc, which makes about a third of the world's auto catalysts.

The U.S. Dollar Index, a weighted measure against the euro, yen and four other major currencies rose as much as 0.6 percent today before retreating. The gauge had gained for seven of the past eight sessions. In March, the dollar's plunge to a record helped send gold to the highest ever.

Barclays Capital said gold and other precious metals will be higher than previously forecast and predicted platinum has the ``best'' prospects. Gold will average $890 an ounce in the third quarter, up from an earlier forecast of $860; while platinum will be $2,220 an ounce, from $1,950 previously, London-based analysts including Suki Cooper wrote in a report, Platinum will advance through next year while gold will decline, the report said.

HSBC Holdings Plc's China business said it has become the first foreign bank to win approval to trade on the Shanghai Gold Exchange. China may overtake South Africa as the world's biggest gold producer this year, the nation's demand for gold jumped 23 percent in 2007, making it the world's second-largest consumer, as a booming economy spurs jewelry purchases.


Anglogold Ashanti Ltd., Africa's largest gold company, said output in Ghana will increase 10 percent this year, on higher production at the Iduapriem mine and as it starts an investment program at Obuasi. Total output is expected to climb to 602,000 ounces in 2008,While Ghana's overall production climbed 11 percent to 2.49 million ounces in 2007, AngloGold's output in the country dropped 6 percent because of a national power crisis. Ghana is Africa's second-biggest producer after South Africa


U.S.Economy:

The U.S. Labor Department said that jobless claims were down 18,000 last week to 357,000, lower than expected

Currencies update:

The Bank of England kept its interest rate unchanged at 5.0% and the European Central Bank kept its interest rate at 4.0%.

Euro zone interest rates are now expected to go up 25 basis points next month after European Central Bank President Jean-Claude Trichet caught the market off guard by explicitly raising the
Possibility of a rate rise at the July 3 ECB meeting, Trichet said "it is possible" that the Governing Council could increase interest rates by "a small amount" at its next meeting to ensure inflation
Expectations are anchored solidly.

Germany's factory orders were down 1.8% in April, the fifth consecutive decline. Even so, ECB President Trichet said that the central bank may soon raise the interest rate to restrain inflation.

In Canada, C$6.4 billion of building permits were issued in April, up 14.5% from March and the most in six months.

MCX Gold June - Technical Outlook:


The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Market is expected to sideways and the resistance is seen at 12269 levels. If market breaches 12269 may see prices to take further upside towards 12357 and 12486 However if it holds back below 12052 may see prices to fall further on today. Major support is seen at 11923 and 11835

Recommendations–MCX Gold June: Sell at 12290 Target 12210 and 12090 Stoploss at 12345

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.

Market is expected to remain positive and the resistance is seen at 24258 levels. If market breaches 24258 may see prices to take further upside towards 24595 and 25167 However if it holds back below 23349 may see prices to fall further on today. Major support is seen at 22777 and 22440

Recommendations-MCX Silver July: Sell at 24260 Target 23920 and 23880 stoploss at 24435

MCXARUN
9994500540

safe trade calls

GOLD

for the day buy only abv 12250 S/L 12225 and T/p 12300-12340/close abv test 12425-12500 atleast OR sell only below 12000 S/L 12030 and T/p 11900-880 atleast/towards 11835-775 in coming days (any time close above 12340/12600/12875/13050/13330/ 13510 bullish while close below 12000/ 11775/11375/11200 bearish for medium term)


SILVER


book profit on buy abv 23650, for the day buy only abv 24050 S/L 23970 and T/p 24150-250/towards 24400 OR sell below 23700 S/L 23770 and T/p 23625-500 where good support seen (any time close below 23100-22875/22300/21575-500/20400/19250/18775 bearish rally while close above 24500/25500/26300/ 27700 bullish for medium term)


CRUDE


for the day buy abv 5410 S/L 5390 and T/p 5450-75/upto 5530-60 where good resist seen again OR buy ard 5270-75 S/L 5265 and T/p 5300-10/5340 (now crude need to close above 5475/5730/ 5825 for bullish rally while close below 5210/5120/5050/4740/4450 bearish for medium term)


COPPER


for the day buy only abv 338.5 S/L 337 and T/p 339.75-341/342.5/345.5/347 OR sell only below 334 S/L 335 and T/p 331.5-330.5/below down rally sharp (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)

MCXARUN
9994500540

GENERAL MARKET CONDITIONS

The US dollar sank against the euro after the European central bank chief signalled that it may raise interest rates next month. This statement lifted all metals and energies. Unless the Euro zone shrinks for two consecutive quarters, the ECB will not cut interest rates. For the rest of June and till the next ECB meeting, the speech of the ECB chief has to be followed by action. Action in the form of resilient Euro zone growth. If action falls short of words then only the euro will fall against the US dollar.

If the focus of global central banks shifts to managing inflation then short term global interest rates will rise. Gold and other inflation related investments will rise on this prospect. Expectations of higher interest rates will result in more investment flows in these instruments. Crude oil prices have jumped over five percent, corn, wheat soybean etc are higher. The successive higher base is getting lower in these commodities. Last time crude oil fell around $10 was from $119.93 to $110. Now from $135 to $121.60. Crude oil’s lower base is getting higher. Unless this stops inflation related instruments will attract jittery investors.

MCX is launching a crude palm oil futures contract from today. One tick implies the rupee’s one thousand profit/loss. Other details can be checked at the MCX website. Spread traders should look at spreads between crude oil prices and crude palm oil. This should provide an excellent spread trading opportunity. Later on if the government of India restarts refined soybean oil futures then spread trade between crude palm oil futures and refined soybean oil futures will be another excellent medium of investing.

NYMEX CRUDE OIL -- FUTURE -- INTRA DAY PIVOT: $133.10

Crude oil can target $135 and $144 in the rest of June as long as $119.10 holds.

MCXARUN
9994500540

last day server problem

last day some internet problem in our city,
cause only we couldn't post the tips last day

dear customers,

this blog will be moderate for customers only in very sooner
future service in every half an hour we update the trading tips for metals & energies

GET YOUR PASSWORD SOONER

MCXARUN
9994500540

safe trade calls

gold


we book profit on sell below 12140, for the day sell below 12085/12060 S/L 12110 and T/p 12000/close below test 11900-880 atleast/towards 11835-775 where strong support seen OR sell ard 12282-85 S/L 12295 and T/p 12225/ 12175 (any time close above 12340/ 12600/12875/13050/13330/13510 bullish while close below 12000/11775/11375/ 11200 bearish for medium term)


silver


we book profit on sell below 23150, for the day sell below 23175 S/L 23250 and T/p 23075-23000/22875-900/close below 22875 test 22550 atleast/towards 22450 -22325 in coming days OR buy only abv 23600 S/L 23540 and T/p 23675/23775 upto 23850 (any time close below 22750-300/21575-500/ 20400/19250/ 18775 bearish rally while close above 24500/25500/26300/27700 bullish for medium term)


copper


EIA Crude oil inventory schedule to release today. for the day sell only below 5300 S/L 5325 and T/p 5270/5210 atleast/towards 5140 in coming days OR sell ard 5432-40 S/L 5445 and T/p 5390-65 (now crude need to close above 5475/5730/5825 for bullish rally while close below 5300/5120/5050/4740/4450 bearish for medium term)


copper


we book profit on sell below 333, for the day sell only below 331.5-330 S/L 332.60 and T/p 326.5-27/below down rally sharp OR buy abv 338.5 S/L 337 and T/p 339.75-341/342.5 upto 345.5 (upside strong rally only on close above 352.5/361.5 while close below 330-326.5/310 bearish for medium term)

MCXARUN
9994500540

energy intraday

Energy
04 June 2008 10:57:26

Energy June 04 2008

Major Headlines:

Oil fell steeply to trade beneath $126 a barrel on Tuesday due to concerns over slowing demand and a sharp rebound in the dollar, which came after the U.S. Federal Reserve warned that the weak greenback had fuelled inflation in the world's number one energy consumer.

Oil prices fell Tuesday after Federal Reserve Chairman Ben Bernanke indicated that more interest rate cuts are unlikely, comments that sent the dollar higher and raised questions about oil's ability to reach new highs in the short term. Gas prices rose slightly to a new record near $3.98 a gallon.

In a speech to an international monetary conference in Spain, Bernanke suggested that further rate cuts are unlikely because of concerns about inflation. Since last year, a series of Fed cuts designed to shore up the economy has led to a protracted decline in the dollar's value against the euro. That helped feed the record run-up in oil prices as investors bought commodities such as oil as a hedge against inflation.

Kuwait's Oil Minister Mohammad al-Olaim said on Tuesday that the Organization of Petroleum Exporting Countries was prepared to pump more oil if the market needs it.
"OPEC is prepared to increase supplies only if the market needs it," Olaim said in statements reported by the official KUNA news agency.

Oil fell on fears of lower demand as the global economy remains weak and as investors continue to book profits amid some speculation prices may not extend their record breaking rally. There was some support, however, from supply fears during the Atlantic hurricane season, a weak dollar and ongoing tension between major producer Iran and the West.

Today, the United States will release weekly energy inventory figures which are likely to provide more direction. Seasonally, the world's biggest energy consumer's gasoline demand should be rising during the summer driving season but some analysts reckon such purchases may not be as high this year because of the credit crunch.

NYMEX July natural gas is trading at new contract highs with hot temperatures in the forecast for much of the U.S

Natural Gas supply to Western Australia is expected to be disrupted for days after an explosion on Tuesday at an offshore plant which supplies 30-40 percent of the state's domestic gas needs, the operator of the plant said.

Apache Energy, a unit of U.S.-based oil and gas producer Apache Corp (APA.N), said it had notified the government of the blast along with those customers affected, but it did not immediately provide details on how much supply would be curtailed or identify the users facing delivery cuts.


MCX Crude Oil June - Technical Outlook:

The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Market is expected to remain negative and the support is seen at 5306 if market breaches below 5306 may see prices to take further correction towards 5260 and 5192 However if it holds back above 5420 may see prices to rise further on today. Major resistance is seen at 5488 and 5534

Recommendations-MCX Crude Oil June: Sell at 5410 Target 5340 and 5260 Stoploss 5460


MCX Natural gas June - Technical Outlook:

The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Market is expected to remain positive and the resistance is seen at 527.80 levels. If market breaches 527.80 may see prices to take further upside towards 534.10 and 542.30 However if it holds back below 513.30 may see prices to fall further on today. Major support is seen at 505.10 and 496

Recommendations-MCX Natural Gas June: Buy at 516 Target 520 and 527 Stop loss at 512


MCXARUN
9994500540

bullion intraday

Bullion
04 June 2008 10:55:03

Bullion June 04 2008

Major Headlines:

Gold fell as Federal Reserve Chairman Ben S. Bernanke signaled he's finished cutting U.S. borrowing costs rates for now, boosting the dollar and eroding the appeal of precious metals as alternative investments.

The U.S. Dollar Index, a weighted measure against the euro, yen and four other major
currencies, rose as much as 0.8 percent. In March, the dollar's plunge to a record helped send gold to the highest ever.

Gold, which investors use as a hedge against U.S. dollar weakness, is lower due to indications that the U.S. Fed may be done lowering official interest rates, which is positive for the dollar, and shift focus to tackling inflation. However, the Fed is unlikely to raise rates until housing prices stabilize

Bernanke also indicated that the Fed's current rate stance is "well positioned" to promote moderate growth and low inflation and that the Fed will monitor foreign exchange markets to ensure that the dollar remains a "strong and stable" currency.

Importantly, gold traders will continue to closely monitor the crude oil market and the value of the U.S. dollar versus the other major currencies. Weaker crude oil prices and a firmer greenback would put strong downside price pressure on the precious yellow metal. Any resumption of dollar weakness or crude oil strength would bolster the gold bulls to a degree. However, gold bulls are worried that gold prices have been trending lower for 2 1/2 months while during this time frame crude oil prices have hit all-time highs

Gold production in South African slumped by almost 16% during the first quarter of the year as mines were first shut down by a power shortage and then had to operate with reduced electricity supplies, Output for the three months amounted to 1.68 million troy ounces, or 52,228 kilograms, compared with about 1.99 million ounces in the previous quarter, On a Year-on-year basis, production was almost 17% lower, the Chamber of Mines said.

U.S.Economy:

Federal Reserve Chairman Bernanke told an international monetary conference in Spain that further rate cuts were not likely because of rising inflation. He expects the U.S. economy to improve in the second half of 2008 and into 2009.

The U.S. Commerce Department said that factory orders were up 1.1% in April, much stronger than expected. Durable goods orders, however, were down .6% in April.



Currencies update:

Eurostat said that real GDP in the Euro area 15 was up .8% in the first quarter and up 2.2% from a year ago, up slightly from an earlier estimate. Also, an index of industrial producer prices was up 6.1% in April from a year ago, the most in seven years.

The Reserve Bank of Australia kept its interest rate unchanged at 7.25%, as expected. The June Australian dollar is steady.

MCX Gold June - Technical Outlook:


The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Market is expected to remain negative and the support is seen at 12048 If market breaches below 12048 may see prices to take further correction towards 11926 and 11782 However if it holds back above 12260 may see prices to rise further on today. Major resistance is seen at 12358 and 12480

Recommendations–MCX Gold June: Sell at 12200 Target 12130 and 12050 Stoploss at 12260

MCX Silver July - Technical Outlook:

The daily stochastic have crossed over down which is a bearish indication. The stochastic indicators are decreasing from overbought level, which is bearish and should support lower prices. The market's short-term trend is negative as the close remains below the 9-day EMA. The upside closing price reversal on the daily chart is somewhat positive.

Market is expected to remain negative and the support is seen at 23027 If market breaches below 23027 may see prices to take further correction towards 22713 and 22427 However if it holds back above 23627 may see prices to rise further on today. Major resistance is seen at 23913 and 24227

Recommendations-MCX Silver July: Sell at 23410 Target 24210 and 22950 stoploss at 23555


MCXARUN
9994500540