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)
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)
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