Technical Updates

MCX Gold June : Buy around 30100 levels with a stop loss placed below 30000 levels for targets of 30400 levels.

Gold prices recovered

Gold prices recovered from the support zone of Rs 29400- 29350, fresh buying for intraday expected above Rs 29700. Gold prices are expected to trade within the range from Rs 29850 to Rs 29400, one can trade within the range.

Buy Gold, Silver on decline: Nirmal Bang

Precious metals prices rose yesterday snapping a three-day losing streak, as renewed euro zone worries and hopes the Federal Reserve will continue its loose monetary policy triggered bullion buying.  Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, stood at 1221.26 tonnes by Mar 27, remains unchanged from the previous business day. Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 10703.59 tonnes by Mar 27, up by 15.03 tonnes from the previous business day.

U.S. derivatives exchange CME Group Inc CME.O said on Wednesday it will make platinum, palladium and copper floortraded options accessible to its gold and silver option pits in a bid to boost floor trading volume in New York.  Turkey's central bank raised the amount of gold and forex that lenders have to provide to hold a portion of their required reserves in the commodity and in foreign exchange, a move which will boost the central bank's gold and forex reserves.

Fundamental outlook:

Precious metals prices are trading firm on COMEX today. We do not expect any major fall in the prices of bullions on account of the ongoing loose monetary policy by US Fed. Buying at dips is recommended for the day.(Moneycontrol)

Gold trend 28/03/2013

Trend updated for-Mar/28/2013.CMP-29632 Overall trend of the Gold is bearish for medium-long term .Currently Gold is moving sideways The Gold is now trading in overbought level. The Gold is now trading in overbought level. The oscillator is showing BUY signal .In last 1 month volatality is very less and fresh Buy can be considered in the Gold if it close above30009 or buy with strict stop at 29143. The Gold is now trading in overbought level. The Gold is now trading in overbought level. The oscillator is showing BUY signal For short term The current position is BUY .Positionally Support for the Gold is 29444-29441-.Resistance for the Gold is 29758-30006-30299-30529-

Currently Gold is in HOLD SHORT position Gold is showing some Up momentum So buy above 29627.0 with stop at 29342.0 The oscillator is showing SELL signal
Intraday Trend- Buy is advised only above 29776.6 with a stop at 29530.2 Below 29487.7 go for sell and put stop at 29733.9

Intraday Resistance of GOLD are 29761.9/29869.8/29908.2/29994.7
Intraday Support of GOLD are 29502.1/29394.2/29220.5/29135

Gold to trade lower today; Silver sideways

Karvy Commodities Broking has come out with its report on bullion and energy. According to the research firm, gold is expected to trade lower in today's trading session. The silver market has been trading in a sideways fashion for the past four weeks. One can expect the same trend to continue in silver today as well.
Gold: Today is going to be another alarming session for gold. We are expecting the volatility to grow in today's market. The fragile euro is making the market worse; asset classes have remained lower as optimism from the Cyprus bailout faded. Therefore, we are expecting the euro to remain weak in today's trading session. There are no data expected from the euro-zone today. This should keep gold prices on a bearish trend today. We also expect the market to remain mostly in a holding pattern. Equities might continue to stay bearish, currencies might extend their weakness which should have a negative impact on gold. As the day proceeds, gold would most likely take cues from the euro's performance. As for economic indicators, we have a few from the US in the form of durable goods orders, new home sales, which are expected to be better-than-expected which could have a positive impact on the dollar. Gold might come under pressure due to these factors. Overall, we expect gold to trade lower in today's trading session. The domestic gold market however is going to be a little mixed. The rupee is depreciating today from its previous day's gain, which should support MCX gold to trade higher or restrict it from making a huge loss. Interestingly, ETF numbers have remained unchanged for the last three days at 1221.26 tons.

Silver: This morning, silver is seen trading flat at $28.80. We expect the market to remain steady today. However, any further weakness in gold bullion and base metals should pull silver prices down. The equities, which have been in negative territory since this morning, added pressure to silver prices. On the technical front, the silver market has been trading in a sideways fashion for the past four weeks. We expect the same trend to continue in silver today as well.

Sell Gold April Fut at Rs 29650-29700

U.S. gold futures for April delivery settled down $1.60 at $1,604.50 an ounce.   Gold prices were down as fears eased in the euro zone after Cyprus struck a deal with the European Union wiping out fears of a financial meltdown.   However losses were limited after the leader of euro group finance ministers said that similar deals could be used for other troubled nations in euro zone, thus creating uncertainty.

Holdings of SPDR Gold Trust GLD, the world's biggest gold-backed exchange-traded were unchanged at 1,221.26 tonnes from a day earlier.   Gold prices are expected to go down as improving outlook for US economy and a stronger dollar internationally is likely to put pressure on prices. Gold in India is also expected to go down. However a weaker rupee can limit the downside in prices   Gold for April delivery on the Multi Commodity Exchange (MCX) was down by 0.35percent at INR 29,588/10gms. 


MCX Gold (April): Sell- Rs 29650-29700, stoploss- Rs 29750, target- Rs 29400

Gold trend 25/03/2013

Trend updated for-Mar/25/2013.CMP-29676 Overall trend of the Gold is bearish for medium-long term .Currently Gold is in strong uptrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend . In last few days lot of positive accumulation happened in the Gold Cautious point is buying at higer levels seems decreasing. The Gold is now trading in overbought level. The Gold is now trading in overbought level. The oscillator is showing BUY signal For short term The current position is BUY .Positionally Support for the Gold is 29460-29448-29391-.Resistance for the Gold is 30074-30360-30633-

Currently Gold is in HOLD LONG position Gold is moving sideways so short term investor better to buy only above 29889.0 with stop at 29440.0 The Gold is now trading is approaching overbought level. The oscillator is on SELL signal and Gold is coming down from overbought level

Intraday Trend- Buy is advised above 29960.2 with a stop at 29504.7 Below 29392.7 go for sell
Intraday Resistance of GOLD are 29761.3/29832.1/30057.1/30143.8
Intraday Support of GOLD are 29590.7/29519.9/29367.6/29282

Gold trend

The prices of GOLD on the MCX were trading lower. At 10:50 hrs MCX GOLD April contract was trading at Rs 29775 down Rs 52, or 0.17%. The GOLD rate touched an intraday high of Rs 29788 and an intraday low of Rs 29749. So far 1977 contracts have been traded. GOLD prices have moved down Rs 1180, or 3.81% in the April series so far.

At 10:48 hrs MCX GOLD June contract was trading at Rs 30327 down Rs 60, or 0.20%. The GOLD rate touched an intraday high of Rs 30341 and an intraday low of Rs 30313. So far 339 contracts have been traded. GOLD prices have moved down Rs 1867, or 5.80% in the June series so far.

At 10:49 hrs MCX GOLD August contract was trading at Rs 30801 down Rs 32, or 0.10%. The GOLD rate touched an intraday high of Rs 30804 and an intraday low of Rs 30765. So far 71 contracts have been traded. GOLD prices have moved down Rs 1426, or 4.42% in the August series so far.

Gold trend 22/03/2013

Trend updated for-Mar/22/2013.CMP-29827 Overall trend of the Gold is bearish for medium-long term .Currently Gold is in strong uptrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend . In last few days lot of positive accumulation happened in the Gold Cautious point is buying at higer levels seems decreasing. The Gold is now trading in overbought level. The Gold is now trading in overbought level. The oscillator is showing BUY signal For short term The current position is BUY .Positionally Support for the Gold is 29462-29412-29384-.Resistance for the Gold is 30096-30377-30659-

Currently Gold is in HOLD LONG position Gold is in profit booking mode so hold with stop at 29585 The Gold is now trading is approaching overbought level. The oscillator is showing BUY signal

Intraday Trend- Buy is advised only above 30112.7 with a stop at 29654.8 Below 29542.2 go for sell and put stop at 29999.7
Intraday Resistance of GOLD are 29955.8/30062.7/30108.4/30195.2
Intraday Support of GOLD are 29698.2/29591.3/29418.3/29332.6

Gold hits near one-month high

Gold rose to a near one-month high on Thursday, as safe-haven buying emerged after the European Union gave Cyprus an ultimatum to raise billions of euros it needs to clinch a bailout deal or face a likely exit from the currency zone.
The metal has risen in five of six sessions on resurgent fears about euro zone debt fears, and on hopes that the US Federal Reserve will maintain aggressive stimulus to battle still-high unemployment.
Silver also rose 1.5 percent, on track for its biggest one-day gain in almost two months.

The European Central Bank said it would cut off liquidity to Cypriot banks and a senior EU official said the bloc was ready to see the bankrupt island banished from the euro zone. Earlier this week, global markets slid as Cypriot lawmakers rejected a plan to tax bank deposits to repay debt.

"The Cyprus situation has ignited purchasing of gold from the public who are now becoming concerned that the same can happen where they live," said Miguel Perez-Santalla, vice president at online precious metals exchange BullionVault.

Spot gold rose to USD 1,616.36 an ounce, its highest since February 26. It was later up 0.4 percent at USD 1,612.86 by 12:46 p.m. EST ( 1646 GMT).

For the week, gold is set for a gain of 1.4 percent, which would be its biggest one-week rise since November.

Technical analysts said gold looked set for more gains after it broke above USD 1,613, a downward trendline resistance on daily charts.

US gold futures for April delivery gained USD 4.60 to USD 1,612.10, with trading volume on track to finish below its 150-day average, preliminary Reuters data showed.

Safe-haven bids were evident as US equities fell while investors kept an eye on events in Cyprus. Wall Street declined as weak technology stocks overshadowed a batch of data suggesting US economic recovery was on the right track.

However, analysts said weakness from wider markets related to uncertainty surrounding Cyprus could also pressure gold as they sold bullion to cover losses elsewhere.

Gold's 12-year bull run has benefited in the last three years from the euro zone crisis. In September, 2011, fears about Greece's debt problems sent bullion to its record high of USD 1,920 an ounce while equities plunged.

Silver jumps, gold ETF houldings steady

Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, stood unchanged from a day earlier at 1,222.162 tonnes on Tuesday. The ETF on Monday posted its first daily inflow since early February.

Silver, which is widely used in industrial applications, outperformed gold after data showed a pickup in the growth of China's vast manufacturing sector.

Spot silver gained 1.4 percent to USD 29.17.

Among platinum group metals, platinum rose 0.1 percent to USD 1,576.24, while palladium was down 0.2 percent to USD 755.25.

Investors now digested news Switzerland's palladium exports jumped last month to its highest since September 2008.

Buy Gold

MCX Gold April Contract is looking slightly positive for the day. Market may find support near 29670 & 29570; intraday resistance can be seen near 29780 & 29880. Day traders are advised to buy intraday on dips. (Buy around 29670 with SL 29570, for the target of 29780 & 29880.)

Gold news 21/03/2013

Trend updated for-Mar/21/2013.CMP-29681 Overall trend of the Gold is bearish for medium-long term .Currently Gold is showing some up move after small correction and trend is strong and supported with good volume The open interest is not increasing with trend . Caution note buying at higer levels seems decreasing. The Gold is now trading in overbought level. The Gold is now trading in overbought level. The oscillator is showing BUY signal For short term Gold is in HOLD LONG position.Positionally Support for the Gold is 29452-29374-29364-.Resistance for the Gold is 30114-30391-30679-

Currently Gold is in HOLD LONG position In short term Gold is in strong up trend so hold with stop at 29527 The oscillator is showing BUY signal

Intraday Trend- Buy is advised above 29821.9 with a stop at 29581 Below 29540.4 go for sell with stop at 29781.1
Intraday Resistance of GOLD are 29778.9/29860.1/30073.2/30159.9
Intraday Support of GOLD are 29583.1/29501.9/29383.5/29297.9

MCX Gold prices may rise on rupee depreciation: Karvy

Gold: This morning, gold is trading at $1611, staying mostly unchanged from its previous close. We expect the trend to continue today as well. The market has been carrying on with the Cyprus uncertainty, causing gold to take on a safe haven appeal. We do not foresee any change in the current stance; in fact, there are no counterpoints to erase gold’s current bullish trend. Although economic data turned out to be better for the US last night, there was no negative impact noticed on gold. However, the FOMC’s decision due tonight is the key point that is due tonight and the markets would definitely be keeping an eye on the same in order to figure out which markets may trade cautiously, anticipating unexpected comments from the Fed’s Ben Bernanke. However, if inflation were a matter of concern in the US, (holding up near 2percent) any discussion about inflationary growth would push gold higher as a hedge against inflation.
Another point of discussion would be that once the euro is away from the worry about Cyprus, the currency would start appreciating against the US dollar and eventually help gold stay higher in the long term. From the economic data front, we have a few releases from the euro-zone in the form of PPI and current account which are likely to have positive impact on the euro support gold. In fact, euro-zone consumer confidence is likely to revive. Overall, we expect gold to trade higher today and recommend buying at dips. At the MCX, we could see another round of price rise as the rupee is expected to depreciate further in today’s trading session.

Silver: This morning, May futures silver is trading at $28.88; a marginal change over the previous close. As the day proceeds, we expect silver to stay volatile while at the MCX we continue to hold a buy stance. We have been noticing that silver has been highly influenced by many factors like gold, base metals and equities which are trading in different ways, leaving silver indecisive. We expect the same trend to continue in the near-term unless a clear stance develops from the fundamental front. Currently, Asian equities are trading moderately higher and should be helping silver stay elevated.
The euro might revive slightly, ahead of key positive data from the euro-zone. However, we still have to keep an eye on Cyprus and any effects it could have. This could possibly hinder silver gain. As discussed in the gold section, tonight’s FOMC rates decision is expected due to which we could see the markets staying a little cautious. So, overall, we expect silver to see mixed trade at the COMEX platform while some gains could be noticed at the MCX.
(money control)http://www.moneycontrol.com/news/brokerage-recos-commodities/mcx-gold-prices-may-riserupee-depreciation-karvy_840696.html

Gold trend 20/03/2013

Trend updated for-Mar/20/2013.CMP-29871 Overall trend of the Gold is bearish for medium-long term .Currently Gold is showing some up move after small correction and trend is strong but volume is unsatisfactory The open interest is not increasing with trend . Caution note buying at higer levels seems decreasing. The Gold is now trading in overbought level. The Gold is now trading in overbought level. The oscillator is showing BUY signal For short term Gold is in HOLD LONG position and closed above 3 week high with volume signals up breakout.Positionally Support for the Gold is 29467-29378-29330-.Resistance for the Gold is 30132-30402-30700

Gold closed above 1 week high with volume signals up breakoutCurrently Gold is in HOLD LONG position In short term Gold is in strong up trend so hold with stop at 29425 The oscillator is showing BUY signal

Intraday Trend- Buy is advised above 30067.7 with a stop at 29743.1 Below 29674.9 go for sell with a stop at 29999.2
Intraday Resistance of GOLD are 30096.9/30284.4/30092.9/30179.7
Intraday Support of GOLD are 29645.1/29457.6/29403.1/29317.4

Gold news

Karvy Commodities Broking has come out with its report on bullion. According to the research firm, MCX gold prices are expected to rise in today’s trading session, so one can buy gold for the day.

Gold: The week started on a very rough note. As of 6:40 AM this morning, gold was seen trading higher by half a percent while the euro is trading lower by over 1%. We are now seeing a large divergence among the asset classes. All the Asian equities are trading lower, global currencies are weakening, the Japanese yen appreciating and global equities are expected to be in the red. Unexpectedly, news that Cyprus may alter bank tax has been coming in. This is acting as a catalyst for a downward movement in the market . With all asset classes under pressure, we see gold moving higher by $10 over $1600 due to its safe haven appeal. Nevertheless, it’s going to be a tough move during the day. As we proceed, the market would keep the Cyprus news at the forefront which could cause volatility . We need to see how gold would move differently compared to the euro in today’s trading session. We expect no other news or events other than Cyprus’ move . We expect to gold continue to grow as a safe haven. However, gains could be limited due to hefty losses in the euro. In economic data, only the euro zone's trade balance number was released; the actual number should play a key role for the euro. The US housing market index is due for release, which may show a slight increase from the previous month. Gains may be limited during the US session.

Interestingly, we are going to see a good amount of gain in gold prices on the domestic front (India). The euro trading down by 1% and Asian equities being in the red will certainly keep the rupee under pressure. In the meantime, COMEX gold is trading higher. So, the parity for MCX gold would turn out to be higher. So, we expect MCX gold prices to rise in today’s trading session. we recommend buying in gold for the day.

Silver: This morning, silver prices are trading at $28.74, down 10 cents from the previous close. As explained in the gold outlook, the Cyprus development has brought all the asset classes under pressure. The euro is trading down by over 1% and metals are also down by around 2%, keeping silver prices down. As the day progresses, we expect silver prices to remain lower though the fall could be limited due to the rise in gold prices. For the day, the euro's performance should be a matter of concern. Any further developments in the euro should pull silver further down. Since we expect silver prices to trade lower, we suggest adopting a ratio strategy for the day. The strategy would be to to buy gold and sell silver.(money control)

MCX Gold may slip to Rs 28745-27850: Mangal Keshav

Mangal Keshav has come out with its report on metals, Crude Oil and Natural Gas. According to the research firm, Gold trend is expected to remain bearish till prices are trading below the given level and prices can dips towards Rs 28745-27850 levels in short-term.

Gold futures closed slightly higher on COMEX, recouping part of the loss they saw in the previous session; however prices in the Indian markets closed in negative due to local currency appreciation. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,236.31 tons, as on March 12. Silver holdings of ishares silver trust, the largest ETF backed by the metal, increased to 10,703.6 tons, as on March 12.

The dollar index, which measures the greenback against a basket of six other currencies, closed around 82.605, down from 82.936 in late North American trading on Wednesday. The dollar rose to a 7-month high against a basket of currencies and a 3-month peak versus the euro on Thursday as positive US data contrasted with economic and political concerns in the euro zone. Copper closed on a flat note, as improved risk appetite after solid US economic data was balanced by a stronger dollar and weak demand in top consumer China amid ample domestic supplies. 

Copper futures for May delivery closed up by 0.3percent at $3.5365 on the COMEX division of the NYMEX. Copper stockpiles monitored by the LME, are up at the highest level since March 2010 & rose for the 21st session to 522,250 tons. Nickel was the best performer, closing with gains on more than 1.5percent after LME inventory data showed around 3,000 tons of warrant cancellations as investors prepared to remove material from warehouses in Rotterdam. Crude oil traded positively, as investors weighed the outlook for the market following positive US economic data and a forecast for lower global demand growth.

Brent crude oil prices rose toward $110 per barrel on Thursday, rebounding after four days of losses, on reports of a recovery in the US labor market. Natural gas futures jumped 3.6percent to close at a 16-week high of $3.812 per mmbtu, after government data showed inventories dropped by more than expected last week. Natural gas storage dropped by 145bn cubic feet to 1.938 trillion cubic feet on March 8, 18.5percent below the year-earlier level and 11.4percent above the five-year average.

Technical Alerts:

Gold- Holds strong Resistance at 29800 & trend is expected to remain bearish till prices are trading below the given level & prices can dips towards 28745-27850 levels in short-term. Other Resistance are seen at 30,809 (200-day SMA) and 30,785 (100-day SMA).

Spot Gold Prices are currently trading below their long term Simple Moving Averages (SMA’s), indicating that the trend remains bearish. Strong resistances are seen at $1,665.2 (200-day SMA), $1,641.7 (50-day SMA) & $1,674.9 (100-SMA day).(moneycontrol)