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.
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.
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