Mangal Keshav has come out with its report on Gold, Silver,
Crude Oil and Natural Gas. According to the research firm, Gold prices
holds strong resistance at Rs 30300 and trend is expected to remain
bearish till prices are trading below the given level. Prices can dips
towards Rs 29150-27850 levels in short-term.
Gold futures recovered from early losses to close on a flat note, with
investors weighing the metal’s safe-haven appeal against a backdrop of
US economic releases & ahead of upcoming monetary policy decisions
by central banks in Europe. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,244.86 tons, as on March 5.
Silver holdings of ishares silver trust, the largest ETF backed by the metal, increased to 10,646.48 tons, as on March 4. South Korea's central bank said it has increased its holding of gold in 3-months in February, in a bid to diversify the portfolio of its foreign exchange reserves.
The bank bought 20 tons of gold, raising the central bank's gold holdings to 104.4 tons. The dollar extended gains against the euro and yen on Wednesday, after a report showed US private-sector employers added 198,000 jobs in February, another sign of improvement in the labor market. The ICE dollar index, a measure of the US currency against a basket of six major rivals, rose to 82.49, up from 82.078 in North American trade on late Tuesday.
Copper futures fell to a 15-week low, as rising inventories and a drop in US factory orders fueled demand concerns. Other metals too came under pressure & closed in negative for the day. Copper futures for May delivery closed down by 0.6% at $3.493 on the COMEX division of the NYMEX. Copper stockpiles monitored by the London Metal Exchange climbed for the 15th straight day and are at their highest since October 2011.
Crude oil futures fell below $90 per barrel, reproaching a six-week low after a US government report showed oil supplies rose significantly more-than-expected last week. Crude oil inventories rose by 3.8mn barrels to 381.4mn barrels, total motor gasoline inventories decreased by 0.6mn barrels & distillate fuel (diesel/heating oil) fell by a steep 3.83mn barrels, as per EIA.
Natural gas futures declined the most in 3-weeks on NYMEX, on forecasts for moderating weather that would limit demand for the heating fuel after a winter storm passes through the North-east.
Technical Alerts:
Gold: Holds strong resistance at 30300 & trend is expected to remain bearish till prices are trading below the given level & prices can dips towards 29150 & 27850 levels in short-term. Other resistance are seen at 30,805 (200-day SMA) & 30,896 (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 $1,664.9 (200-day SMA), $1,649.6 (50-day SMA) & $1,683.6 (100-SMA day).
Silver holdings of ishares silver trust, the largest ETF backed by the metal, increased to 10,646.48 tons, as on March 4. South Korea's central bank said it has increased its holding of gold in 3-months in February, in a bid to diversify the portfolio of its foreign exchange reserves.
The bank bought 20 tons of gold, raising the central bank's gold holdings to 104.4 tons. The dollar extended gains against the euro and yen on Wednesday, after a report showed US private-sector employers added 198,000 jobs in February, another sign of improvement in the labor market. The ICE dollar index, a measure of the US currency against a basket of six major rivals, rose to 82.49, up from 82.078 in North American trade on late Tuesday.
Copper futures fell to a 15-week low, as rising inventories and a drop in US factory orders fueled demand concerns. Other metals too came under pressure & closed in negative for the day. Copper futures for May delivery closed down by 0.6% at $3.493 on the COMEX division of the NYMEX. Copper stockpiles monitored by the London Metal Exchange climbed for the 15th straight day and are at their highest since October 2011.
Crude oil futures fell below $90 per barrel, reproaching a six-week low after a US government report showed oil supplies rose significantly more-than-expected last week. Crude oil inventories rose by 3.8mn barrels to 381.4mn barrels, total motor gasoline inventories decreased by 0.6mn barrels & distillate fuel (diesel/heating oil) fell by a steep 3.83mn barrels, as per EIA.
Natural gas futures declined the most in 3-weeks on NYMEX, on forecasts for moderating weather that would limit demand for the heating fuel after a winter storm passes through the North-east.
Technical Alerts:
Gold: Holds strong resistance at 30300 & trend is expected to remain bearish till prices are trading below the given level & prices can dips towards 29150 & 27850 levels in short-term. Other resistance are seen at 30,805 (200-day SMA) & 30,896 (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 $1,664.9 (200-day SMA), $1,649.6 (50-day SMA) & $1,683.6 (100-SMA day).
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