Mangal Keshav has come out with its technical alerts on bullion. According to the research firm, Gold
June futures are trading below crucial resistance of Rs 30,300 &
trend remains down till the given level holds. Since, the overall trend
still remains bearish one can sell on rally. Other Resistance are seen
at Rs 30,818 (200-day SMA) & Rs 30,392 (100-day SMA).
Gold futures recovered from early losses to close higher, reclaiming the USD 1,600 per ounce level as the market found some safe-haven buying after
weaker-than-expected data on US manufacturing sector.
Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,217.05 tons, as on April 1.
Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,703.59 tons, as on April 1.
The Japanese yen rose against the dollar on Monday, while the greenback extended losses against its major rivals after data showed an unexpected decline in a US manufacturing gauge.
The dollar index, which measures greenback’s performance against six other major currencies, slipped to 82.744 on Monday afternoon from 82.998 on Friday.
The Bank of Japan is scheduled to meet on April 3-4, and February’s contraction in industrial production may have strengthened the case for more quantitative easing. Japanese Prime Minister Shinzo Abe has pressured the central bank to implement aggressive monetary easing to boost the economy.
Copper futures declined to the lowest in almost 8-months, after an industry report on manufacturing signaled demand may ease in China & US, the world’s biggest user of industrial metals.
Copper futures for May delivery closed down by 0.8 percent at USD 3.3745 on the COMEX division of the NYMEX.
Copper stockpiles monitored by the Shanghai Futures Exchange rose to 247,591 tons last week, the highest in at least 10-years. In the first quarter of CY2013, inventory tracked by the London Metal Exchange surged 78 percent to 569,775 tons, the highest since October 2003.
Crude oil futures declined for the first time in past six sessions, due to slow pace of expansion in the US manufacturing sector, which bodes ill for potential energy demand.
However, oil prices later recovered from session’s low to hold ground above USD 97 per barrel, as petroleum-product prices found some support from a potential threat to supply.
Natural gas futures declined on NYMEX for the second straight session, on expectations that demand for heating fuels will ease with milder US weather.
Technical Alerts
Gold: June futures are trading below crucial resistance of 30,300 & trend remains down till the given level holds. Since, the overall trend still remains bearish we advise selling on rallies. Other Resistance are seen at 30,818 (200-day SMA) & 30,392 (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 USD 1,664.4 (200-day SMA), USD 1,620.6 (50-day SMA) & USD 1,658 (100-SMA day).
Gold futures recovered from early losses to close higher, reclaiming the USD 1,600 per ounce level as the market found some safe-haven buying after
weaker-than-expected data on US manufacturing sector.
Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,217.05 tons, as on April 1.
Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,703.59 tons, as on April 1.
The Japanese yen rose against the dollar on Monday, while the greenback extended losses against its major rivals after data showed an unexpected decline in a US manufacturing gauge.
The dollar index, which measures greenback’s performance against six other major currencies, slipped to 82.744 on Monday afternoon from 82.998 on Friday.
The Bank of Japan is scheduled to meet on April 3-4, and February’s contraction in industrial production may have strengthened the case for more quantitative easing. Japanese Prime Minister Shinzo Abe has pressured the central bank to implement aggressive monetary easing to boost the economy.
Copper futures declined to the lowest in almost 8-months, after an industry report on manufacturing signaled demand may ease in China & US, the world’s biggest user of industrial metals.
Copper futures for May delivery closed down by 0.8 percent at USD 3.3745 on the COMEX division of the NYMEX.
Copper stockpiles monitored by the Shanghai Futures Exchange rose to 247,591 tons last week, the highest in at least 10-years. In the first quarter of CY2013, inventory tracked by the London Metal Exchange surged 78 percent to 569,775 tons, the highest since October 2003.
Crude oil futures declined for the first time in past six sessions, due to slow pace of expansion in the US manufacturing sector, which bodes ill for potential energy demand.
However, oil prices later recovered from session’s low to hold ground above USD 97 per barrel, as petroleum-product prices found some support from a potential threat to supply.
Natural gas futures declined on NYMEX for the second straight session, on expectations that demand for heating fuels will ease with milder US weather.
Technical Alerts
Gold: June futures are trading below crucial resistance of 30,300 & trend remains down till the given level holds. Since, the overall trend still remains bearish we advise selling on rallies. Other Resistance are seen at 30,818 (200-day SMA) & 30,392 (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 USD 1,664.4 (200-day SMA), USD 1,620.6 (50-day SMA) & USD 1,658 (100-SMA day).
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