with mixed sentiments in the last week.
In the beginning of the last week gold
traded slightly lower on back of uncertainty
over concerns with respect to
Euro Zone debt crisis which will lead to
rise in risk aversion in the global markets.
This is the first time when India
dropped to the second position in gold
consumption rankings. However, gold
prices improved from mid of the last
week as rise in crude oil prices which
boosted inflation-led demand for gold.
Holdings in the SPDR Gold Trust, the
world’s largest gold-backed exchangetraded
fund, rose around 0.3 percent
to 1,281.28 tonnes by 16th February
2012from the previous 1,278.34 tonnes
on February 9, 2012.
Outlook and Support/Resistance
Levels for this week : Gold and
silver is expected to trade slightly higher
due to revival in the global markets as
an optimism over Greece rescue package
will lead to weakness in the US
dollar. Additionally, rise in crude oil
prices due to supply concerns will also
fuel inflation-led demand for gold which
will also act as a positive factor. Spot
Gold has a strong support at $1710/
$1685 levels and resistance at $1750/
$1780 levels. MCX April Gold has a
strong support at 27,930/27,700 levels
and resistance at 28,330/28,600 levels.
Spot Silver has a strong support at
$32.78/$31.90 levels and resistance at
$34.20/$35.00 levels. MCX March Silver
has a strong support at 55,600/
54,650 levels and resistance at 57,100/
58,000 levels.
Base Metals : Base metal prices
traded lower in the last week on the
back of weak demand from China, the
world’s largest consumer of metal. Additionally,
escalating tensions over
Europe’s debt crisis coupled with a
stronger dollar. Appreciation in the Indian
Rupee led further decline on the
domestic bourses.
Outlook and Support/Resistance
Levels for this week : We expect
base metal to trade lower on account
of uncertainty over Greece debt
crisis coupled with a stronger dollar.
Additionally, Moody’s downgrade warning
will lead to weak sentiments in the
global markets which will further pull
metal prices in downward direction.
MCX February Copper shall find a
strong support at 405/398 levels and
resistance at 421/427 levels. Weekly
Recommendation: Sell MCX March
Copper between 420-421, SL-427,
Target 405/398
In the beginning of the last week gold
traded slightly lower on back of uncertainty
over concerns with respect to
Euro Zone debt crisis which will lead to
rise in risk aversion in the global markets.
This is the first time when India
dropped to the second position in gold
consumption rankings. However, gold
prices improved from mid of the last
week as rise in crude oil prices which
boosted inflation-led demand for gold.
Holdings in the SPDR Gold Trust, the
world’s largest gold-backed exchangetraded
fund, rose around 0.3 percent
to 1,281.28 tonnes by 16th February
2012from the previous 1,278.34 tonnes
on February 9, 2012.
Outlook and Support/Resistance
Levels for this week : Gold and
silver is expected to trade slightly higher
due to revival in the global markets as
an optimism over Greece rescue package
will lead to weakness in the US
dollar. Additionally, rise in crude oil
prices due to supply concerns will also
fuel inflation-led demand for gold which
will also act as a positive factor. Spot
Gold has a strong support at $1710/
$1685 levels and resistance at $1750/
$1780 levels. MCX April Gold has a
strong support at 27,930/27,700 levels
and resistance at 28,330/28,600 levels.
Spot Silver has a strong support at
$32.78/$31.90 levels and resistance at
$34.20/$35.00 levels. MCX March Silver
has a strong support at 55,600/
54,650 levels and resistance at 57,100/
58,000 levels.
Base Metals : Base metal prices
traded lower in the last week on the
back of weak demand from China, the
world’s largest consumer of metal. Additionally,
escalating tensions over
Europe’s debt crisis coupled with a
stronger dollar. Appreciation in the Indian
Rupee led further decline on the
domestic bourses.
Outlook and Support/Resistance
Levels for this week : We expect
base metal to trade lower on account
of uncertainty over Greece debt
crisis coupled with a stronger dollar.
Additionally, Moody’s downgrade warning
will lead to weak sentiments in the
global markets which will further pull
metal prices in downward direction.
MCX February Copper shall find a
strong support at 405/398 levels and
resistance at 421/427 levels. Weekly
Recommendation: Sell MCX March
Copper between 420-421, SL-427,
Target 405/398
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