Sharp fall can be seen in both precious metals (MCX Gold and Silver) today. MCX Silver trading lower at 55089 with around 3.4% of loss in the domestic market. While MCX Gold is trading at 28635 with around 0.6% of loss in domestic markets.
Showing posts with label Precious Metal. Show all posts
Showing posts with label Precious Metal. Show all posts
Precious Metal Outlook and Trading Strategy
Precious metals inched lower today, tracking the downbeat sentiment in riskier assets as investors remained worried about the euro zone's debt crisis ahead of a Group of 20 summits.
Precious metals are trading higher on COMEX today. We expect prices to trade higher on account of spot premiums surged to record levels riding on renewed safe-haven demand as fears about Greece's debt crisis returned after its government recently, traders said on Thursday. shocked the markets with a call for a referendum on a European Union aid deal.
MCX Bullions Intraday Technical Levels for 01-Nov
| COMMODITY | MCX GOLD – DEC | MCX SILVER – DEC |
| TREND | Consolidate | Consolidate |
| RESISTANCE 2 | 28100 | 59500 |
| RESISTANCE 1 | 27700 | 57800 |
| SUPPORT 1 | 26900 | 53600 |
| SUPPORT 2 | 26600 | 52200 |
| STRATEGY | Buy on lower levels | Buy on lower levels |
MCX Bullion Updates - Gold and Silver Report
MCX GOLD - DECEMBER
Spot Gold prices gained around 0.6 percent on Thursday mainly on account of dollar weakness. However, rise in risk appetite in the financial markets resisted further gains in gold.
The yellow metal touched an intra-day high of $1654/oz and closed yesterday’s trading session at $1649/oz yesterday. MCX Gold December contract rose almost 0.5 percent and touched an intra-day high of Rs26, 600/10 gms on Thursday.
MCX SILVER - DECEMBER
Spot Silver prices surged almost 5 percent on Thursday, taking cues from rise in gold prices coupled with a weaker dollar. Silver being an industrial metal also took cues from upside in base metals yesterday.
The white metal touched an intra-day high of $32.17/oz and closed its trade at $31.90/oz. MCX Silver December contract rose around 4 percent and touched an intra-day high of Rs53,488/kg yesterday.
MCX Bullions Updates, Trading Outlook
Gold prices extended gains and added Rs 285 to Rs 27,275 per 10 grams in the bullion market here today, on sustained buying by stockists and investors, triggered by rising global prices.
However, silver declined by Rs 200 to Rs 53,300 per kg on reduced offtake by industrial units at higher levels.
Trading sentiment bolstered in gold after the metal climbed USD 10.28 to USD 1,668.60 in London as concerns that Europe's debt woes may worsen. Also, a slump in the financial markets spurred the demand for the metal as a protection of wealth.
Market analysts said pick-up in festival demand and shifting of funds by investors from weakening equities to rising gold also fulled the uptrend in the metal's prices.
MCX Bullion Tips, Gold & Silver Intraday Calls
MCX Gold October:
Accumulate in the range of 25,700-25,900 levels with a stop loss below 25,480 levels for targets of Rs 26,500 levels.
MCX Silver December:
Accumulate in the range of 51,000-52,000 levels with a stop loss placed below 49,000 levels for targets of Rs 55,000 levels in medium term.
MCX Silver Updates, Commodity Outlook
MCX Silver plunged by 5% in the first two hours of trade on Friday as investors fled to the strengthening dollar post the US fed meeting.
MCX Silver December contract is now down by 5.41% at Rs 58533 after opening at Rs 61400. This follows the crash silver suffered on COMEX yesterday when the metal fell by almost 10% yesterday.
The dollar strengthened and commodities saw a united fall aided by prospects of a Chinese slowdown.
Commodity Outlook, MCX Silver Trend for Near Term
For near term, MCX Silver prices are expected to remain in sea-saw battle in given range due to lack luster demand and weak rupees prices. Till than Silver will stay in range of 63000-65000.
There is not much selling back on higher side but Buying is low in Indian market due to low consumption and investment demand.
According to analyst views, Fundamentals are expected to support Silver prices in coming days. Break out above 68000 will give buying momentum till 73000 in coming days. If prices failing downside by 60000 than see it as buying opportunity to earn profit till year end. Else overall trend is looking for year end.
MCX precious Metal Outlook, Intraday Trading Tips
MCX GOLD price chart suggests that prices have now entered a trading range of 27131 and 28500 levels. The immediate candle of 4hrly chart suggest a short term bullish. We recommend buy in the range of 2780-27820 levels with a stoploss placed below 27580 levels.
Trading Call: Buy in the range of 27800-27820 levels with a stop loss placed above 27580 levels for targets of 28100 levels.
MCX SIILVER price chart suggests that prices have entered into a sideways consolidation range of 63000-65000 levels. Major directional breakout will be seen outside this range only.
Trading Call: Likely to trade in a consolidation range of 63000-65000 levels.
Commodity Gold Updates, MCX Outlook
Gold started its decline after major central banks' coordinated to ease liquidity constraints on Thursday, which raised cautious hopes that policymakers would announce further action to help support the system. Yesterday's announcement has taken away some stress out of the market," said Walter de Wet, analyst at Standard Bank.
US banks have been reluctant to lend dollars to their counterparts in Europe because of the debt crisis. A shortage of dollars has meant frozen money markets, which if it continues could hit economic growth as most international trade is carried out in dollars.
But gold has rebounded nicely from its lows this morning, we've seen fairly decent buying out of Asia. Over the past couple of weeks whenever gold falls below USD 1,800, we've seen good buying, especially in Shanghai.
US banks have been reluctant to lend dollars to their counterparts in Europe because of the debt crisis. A shortage of dollars has meant frozen money markets, which if it continues could hit economic growth as most international trade is carried out in dollars.
But gold has rebounded nicely from its lows this morning, we've seen fairly decent buying out of Asia. Over the past couple of weeks whenever gold falls below USD 1,800, we've seen good buying, especially in Shanghai.
MCX precious Metal Outlook, Evening Report
Precious metals fell today as investors sold holdings to raise cash, following last week's rise to record highs, in order to cover losses elsewhere, including European equity markets pummeled by growing fears about the intensifying debt crisis.
Precious metals are trading lower on COMEX today.We expect prices to trade higher for the following coming back to life after six months of war. trading session on account of no clues for strong global growth indicated by members in G7 meeting.
Precious metals are trading lower on COMEX today.We expect prices to trade higher for the following coming back to life after six months of war. trading session on account of no clues for strong global growth indicated by members in G7 meeting.
MCX Bullion Outlook, Commodity Updates
We expect MCX Gold to remain under pressure today mainly taking cues from rise in risk appetite in the global financial markets which would make investors to flock towards riskier assets and make gold look unattractive.
MCX Silver is expected to trade with a sideways bias taking cues from fall in gold and a weaker dollar. Silver will also take cues from rise in base metals today.
MCX Silver is expected to trade with a sideways bias taking cues from fall in gold and a weaker dollar. Silver will also take cues from rise in base metals today.
GOLD Continues Its Bullish Trend
Commenting on the gold outlook, The near constant push higher for gold since it broke the USD 1,550 resistance level has made for a formidable fundamental bull market, with a very solid technical backdrop for a continuation from the current levels. While an eventual correction back to retest the initial major breakout from the USD 1,550 level would be in line with long term expectations for such a significant move, thus far there are no indications of price weakness on the charts.
Precious Metal Evening Report, Commodity Outlook
Precious metals are trading higher on COMEX today. We expect prices to trade higher for the following session on account of growing economic uncertainties. It traded within less than half a percent of record highs today after a last-minute deal to avoid an unprecedented U.S. debt default and the first bullion purchase by Korea in 13 years, against a backdrop of growing economic pessimism.
MCX commodity Updates, Bullion Metals Outlook
As per the MCX commodity charts and recent movements it is noticed that silver and gold are consolidating at current levels and likely to pick up movement in near term where gold can be seen around 23400-23450 and silver arond 61000-61600.
Silver Mini Technical Views : MCX Commodity Updates
On a broad basis 63600/65000 looks to be possible, early attempts to evolve into a rally targeting the same are expected to face stiff resistance at 61000, which if unsuccessful would disperse the buying momentum and the trend looks for a dip lower. However major falls are not expected and short covering rallies should resume later the session.
MCX Commodity Outlook, MCX Gold Updates
Gold rebounded after dropping from a record as concern that Europe’s leaders will struggle to resolve the region’s sovereign-debt crisis at a meeting tomorrow increased haven demand. The metal touched an all-time high of $1,610.10 yesterday before closing 1 percent lower after President Barack Obama backed a plan to cut the U.S. deficit, potentially paving the way for raising the debt ceiling and avoiding a default. MCX Gold is currently trading down by Rs 67 for the day at Rs 22973. MCX Silver Sep is trading at Rs 58273, it is trading down by Rs 986 for the day.
MCX Gold Futures Reverse From High
India gold futures reversed from an early record high on Tuesday afternoon weighed by a stronger rupee, which made the dollar-quoted yellow metal cheaper, but traders sought bigger falls in prices to book deals ahead of the festival season next month.
The most-traded gold for August delivery on the Multi Commodity Exchange (MCX) was trading 0.11% lower at Rs 23,201 per 10 grams at 2:46 pm, reversing from its record of Rs 23,320 struck earlier.
Commodity News : Gold Drops From One Week Highs
Gold dropped from one-week highs today as the US dollar turned around quite swiftly following an all-pervasive spell of global risk aversion as the PIIGS worries resurfaced with Global ratings agency Moodys cutting Portugals credit rating almost to junk status and a rather surprising interest rate hike from China ensuring that the global growth moderation talk gathers more steam. Euro slid to lows of near 1.4300 against the US dollar and capped the gains for Gold, which seemed to be extending its massive overnight gains in Asian trades.
BUY MCX SILVER, LIVE MCX CALLS
MCX SILVER-JULY
BUY MCX SILVER ABOVE 5680 FOR TGT OF Rs. 55800-55965-56180 WITH PLACING A S/L OF Rs. 55490.
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