Sell MCX Gold June around Rs 29450; target Rs 29200: Geojit

Geojit Comtrade has come out with its report on metals and energy. According to the research firm, one can sell MCX Gold June around Rs 29450 levels with a stop loss above Rs 29550 for a target of Rs 29200 levels.

Technical Updates:
MCX Gold June : Sell around 29450 levels with a stop loss placed above 29550 levels for targets of 29200 levels.

MCX Silver May : Sell around 51000 levels with a stop loss placed above 51600 levels for targets of 50000 levels.

MCX Crude April : Sell around 5290 levels with a stop loss placed above 5330 levels for targets of 5220 levels.

MCX Natural Gas April : Sell around 217 levels with a stop loss placed above 220 levels for targets of 211 levels.

MCX Copper April : Sell around 406 levels with a stop loss placed above 409 levels for targets of 402 levels.

MCX Nickel April : Sell around 890 levels with a stop loss placed above 902 levels for targets of 870 levels.

MCX Lead April : Sell around 112 levels with a stop loss placed above 113 levels for targets of 110 levels.

MCX Zinc April : Sell below 100 levels with a stop loss placed above 101 levels for targets of 98 levels.

MCX Aluminium April : Sell around 102 levels with a stop loss placed above 103 levels for targets of 100.50 levels.(http://www.moneycontrol.com/news/brokerage-recos-commodities/sell-mcx-gold-june-around-rs-29450-target-rs-29200-geojit_846191.html)

Silver prices trading lower in major cities in India

Silver prices were trading lower in major cities in India. In Delhi market, Pure silver (999 purity) was down by Rs 1950 to Rs 51250 and in Ahmedabad market, it was down by Rs 1865 to Rs 51260.

Spot Silver Rates for 1 KG in major metros in India:

City	Silver 999	Change (Rs)
Mumbai (Apr 03)	52570	-1465
Ahmedabad (Apr 03)	51260	-1865
Chennai (Apr 03)	51700	-1500
Delhi (Apr 03)	51250	-1950
Jaipur (Apr 03)	51400	-1700

 

Sell Crude oil on rally,

Crude oil prices ended higher yesterday, tracking rising global equity markets after some positive factory data out of the U.S. Investors also weighed some encouraging U.S. automobile sales data for March, with most car makers recording significant growth, fueling hopes of demand growth for oil.  U.S. crude stocks increased sharply last week, refined fuel inventories fell, and crude imports rose, data from industry group the American Petroleum Institute showed on Tuesday.  Japan is offering to sell a total 700,000 kilolitres, or about 4.4 million barrels, of crude from the government's Strategic Petroleum Reserves, aiming to replace them with other grades, a tender document from the trade ministry showed on Tuesday.
Gasoline stocks independently held in Europe's Amsterdam-Rotterdam- Antwerp hub rose this week by 8.25 percent to 1 million tonnes as traders switch to summer-grade product, data from Dutch oil analyst Pieter Kulsen showed on Thursday. Libya's crude oil exports totalled 41.966 million barrels in February, state energy firm the National Oil Corporation (NOC) said on Tuesday.  Output of oil and natural gas in Brazil fell for the 11th straight month in February as repairs to existing platforms in the country's main producing region put wells out of service, Brazil's petroleum regulator, the ANP, said on Tuesday.

Fundamental Outlook:

Crude oil prices are trading lower on NYMEX today. We expect a further drop in the prices of oil on account of higher inventory at key ports. Selling on rise is recommended for the day.

Govt ups tariff value of gold by $5 to $512/10 gm

In a bid to contain the widening current account deficit and soaring inflation, the government today raised the tariff value of gold to discourage its imports.
Despite Finance Minister P Chidambaram virtually ruling out hike in import duty on the yellow metal, the tariff value of gold has been raised to USD 521 per ten gms from USD 516 per ten gms.

Tariff value is the base price on which customs duty is determined.

Given the turmoil in global economy, gold has always been seen as a safe haven and a hedge against soaring inflation. In January, import tax on gold was raised to 6 percent to curb purchases. However, according to market experts this move did not yield expected results.

However, the tariff value for silver has been lowered to USD 920 per kg from USD 930 a kg. Meanwhile, Chidambaram indicated to Reuters in Tokyo that the government is unlikely to raise the import duty on gold to make it dearer.

"We did raise tariffs from four per cent to six per cent. But there are limits to which tariffs can be raised on gold because if you raise tariff prohibitively gold smuggling will increase," he told the agency.

At present gold prices are ruling at USD 1,597.90 per ounce in Singapore, while silver stood at USD 27.92 per ounce. Gold was quoted at Rs 30,100 per ten gms, while silver was quoted at Rs 53,200 per kg in Delhi.

High gold import has been one of the main factors responsible for the shooting up of the Current Account Deficit (CAD), which soared to a record 6.7 per cent of the GDP for the quarter ending December.

Gold inches higher despite Soc Gen price forecast

Gold futures are trading slightly higher in the early part of Wednesday’s Asian despite French bank Societe Generale offering up a dismal outlook for the yellow metal on Tuesday.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery are up 0.03% at USD1,577.05 per troy ounce in Asian trading Wednesday. Bullion settled down 1.51% at USD1,576.65 a troy ounce in U.S. trading on Tuesday.

Gold futures were likely to test support USD1,560.60 a troy ounce, the low from March 8, and resistance at USD1,608.85, Wednesday's high.

On Tuesday, Soc Gen said the gold price is in "bubble territory." The bank’s worst case scenario for 2013 is a tumble to USD1,375 per ounce, about 13% below current levels.

"Investors have pushed the gold price sharply higher over the past 10 years with the past five-year rally driven by fears that aggressive central bank QE would lead to very high inflation. But inflation has so far stayed low (US inflation has been trending lower since late 2011) and now we are beginning to see: 1) the economic conditions that would justify an end to the Fed’s QE; 2) fiscal stabilisation that has passed its inflection point; and 3) a US dollar that has begun trending higher. It seems unlikely that investors would want to add much to their long gold positions in this context," the bank said in a research note.

Gold was also hurt by another day of soaring U.S. equities as the S&P 500 pushed to yet another record high and the Dow Jones Industrial Average spent much of the day higher by 100 points more before settling up 89 points.

One data point helped the cause for riskier assets while hampering gold. In U.S. economic news, the Commerce Department said orders for manufactured goods increased 3% in February. Economists expected a 2.9% increase. Orders from the civilian aircraft business helped drive the February number higher.

Meanwhile, Comex silver for May delivery fell 0.27% to USD27.173 per ounce while copper for rose 0.07% to USD3.374 per ounce.(investing news)

Buy MCX Copper April around Rs 407; target Rs 412: Geojit

Geojit Comtrade has come out with its report on metals and energy. According to the research firm, one can buy MCX Copper April around Rs 407 level with a stop loss below Rs 404 level for a target of Rs 412.

Technical Updates:
MCX Gold June : Sell around 29980 levels with a stop loss placed above 30100 levels for targets of 29800 levels.

MCX Silver May : Sell around 52600 levels with a stop loss placed above 53000 levels for targets of 51600 levels.

MCX Crude April : Sell around 5290 levels with a stop loss placed above 5330 levels for targets of 5220 levels.

MCX Natural Gas April : Buy around 218 levels with a stop loss placed below 215 levels for targets of 225 levels.

MCX Copper April : Buy around 407 levels with a stop loss placed below 404 levels for targets of 412 levels.

MCX Nickel April : Buy around 902 levels with a stop loss placed below 890 levels for targets of 920 levels.

MCX Lead April : Buy around 114 levels with a stop loss placed below 113 levels for targets of 116 levels.

MCX Zinc April : Buy around 102 levels with a stop loss placed below 101 levels for targets of 104 levels.

MCX Aluminium April : Buy around 103 levels with a stop loss placed below 102 levels for targets of 105 levels.
( http://www.moneycontrol.com/news/brokerage-recos-commodities/sell-mcx-gold-june-near-rs-30100-tgt-rs-29960-fortune-fin_845563.html)

Sell MCX Gold June near Rs 30100; tgt Rs 29960: Fortune Fin

Fortune Financial Servies has come out with its report on commodities. According to the research firm, MCX Gold June contract is looking negative for the day. One can sell the contract around Rs 30100 with a stop loss of Rs 30190, for the targets of Rs 29960 & Rs 29850.

Bullion: Gold futures were trading higher on local bourses tracking the rise in COMEX contracts, which rose due to weakness in the dollar against the euro and safe-haven buying. The Indian forex market was closed as banks were shut due to annual closure of accounts. Trading was thin as UK, Australia and Hong Kong markets are closed for Easter holiday.
Energy: Domestic crude oil futures were trading lower tracking New York Mercantile Exchange, where benchmark contract declined on profit booking in the electronic session. NYMEX oil futures eased today after rising in the previous week on upbeat US durable goods data. Crude oil futures declined also because of ongoing concerns regarding the Eurozone economy and sharp rise in the US crude oil stocks.
Metals: Base metal futures on MCX were trading lower due to concerns over demand from China, as the country reported a lower-than-expected rise in manufacturing Purchasing Managers' Index. The data showed that China's March PMI rose to 50.9 from 50.1 in February, while market had expected it around 52. Absence of cues from the London Metal Exchange today also kept sentiment weak in domestic market.
MCX Gold June Contract is looking negative for the day. Market may find support near 29960 & 29850; intraday resistance can be seen near 30100 & 30190. Day traders are advised to sell intraday on rise. (Sell around 30100 with SL 30190, for the target of 29960 & 29850.)

MCX Silver May Contract is looking negative for the day. Market may find support near 52400 & 51900; intraday resistance can be seen near 52900 & 53400. Day traders are advised to sell intraday on rise. (Sell around 52900 with SL 53400, for the target of 52400 & 51900.)

MCX Natural Gas April contract is looking negative the day. Market may find support near 217 & 215 intraday resistance can be seen near 222 & 225. Day traders are advised to sell intraday on rise. (Sell around 222 with SL 225 for the target of 217 & 215.)

MCX Crude oil April contract is looking positive for the day. Market may find support near 5260 & 5210; intraday resistance can be seen near 5320 & 5370. Day traders are advised to buy intraday on dips. (Buy around 5260 with SL 5210, for the target of 5320 & 5370.)

MCX Copper April contract is looking negative for the day. Market may find support near 405 & 402; intraday resistance can be seen near 410 & 413. Day traders are advised to sell intraday on rise. (Sell around 410 with SL 413, for the target of 405 & 402.)

MCX Lead April contract is looking negative for the day. Market may find support near 113.80, 112.70, intraday resistance can be seen near 115.30 & 116.20 Day traders are advised to sell intraday on rise. (Sell around 115.30 with SL 116.20 for the target of 113.80 & 112.716

MCX Nickel April contract is looking negative for the day. Market may find support near 904, 895, intraday resistance can be seen near 916 & 924. Day traders are advised to sell intraday on rise. (Sell around 916 with SL 924 for the target of 904 & 895.)

MCX Aluminium April contract is looking negative for the day. Market may find support near 103.10, 102.00 intraday resistance can be seen near 104.20 & 105.10 Day traders are advised to sell intraday on rise. (Sell around 104.20 with SL 105.10 for the target of 103.10 & 102.00)

Sell Gold June fut; resistance at Rs 30818: Mangal Keshav

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).