Gold held above a two-week low as investors assessed the health of the U.S. economy. Russia joined Turkey in adding bullion to reserves as assets in the largest exchange-traded product sank to the lowest in six years. Bullion for immediate delivery rose and fell at least 0.2 percent. Spot Gold is currently trading at $1230.
MCX Gold Dec is currently at `27177, it is trading up by `43 points for the day. Comex Silver is currently trading at $17.22 whereas MCX Silver Dec is currently trading at `38190, it is up by `66.
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WTI oil prices rose on Thursday on bargain buying at lower levels. Besides, data showing tight U.S. gasoline supplies and technical trading ahead of options expiry provided rare support amid a long downturn. U.S. government data showed gasoline stockpiles fell to their lowest level in two years, pushing gasoline futures 3 percent higher early and boosting crude futures which have fallen more than 25 percent since June.
On the MCX, crude prices declined by 0.3 percent continuing its
downtrend in the recent weeks and closed at Rs.5109/bbl.
US natural gas futures edged lower on Thursday after the government reported a bigger-than-expected storage build and on forecasts for moderate weather over the next two weeks.
On the MCX, crude oil prices are expected to trade lower taking cues from weak international markets.
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Spot gold prices remained steady on Thursday supported by renewed worries about a global economic slowdown.
On the MCX, gold prices rose by 0.72 percent and closed at Rs.27449/10 gms.
Spot silver prices declined by half a percent taking cues from marginal decline in gold prices. Weakness in the base metal pack exerted downside pressure on prices.
On the MCX, silver prices rose marginally by 0.27 percent and closed at Rs.38872/kg.
ZINC(OCT)
Trend: Consolidate | Strategy: Buy on Dips
R1- 143.9 R2- 146.5 | S1-140.2 , S2- 137.3
NICKEL(OCT)
Trend: Consolidate | Strategy: Sell on High
R1- 1037, R2- 1055| S1-985, S2-958
ALUMINUM (OCT)
Trend: Consolidate | Strategy: Sell on High
R1- 120.3, R2- 122.5 | S1-116.3 , S2- 113.5
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GOLD (DEC)
Trend: Consolidate | Strategy: Sell on High
R1- 27150, R2- 27480| S1- 26650, S2- 26280
SILVER (DEC)
Trend: Consolidate | Strategy: Sell on high
R1- 39350,R2- 40500| S1-37350, S2- 36180
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Gold futures for December delivery rose 0.7 percent
Copper for delivery in three months added 1 percent
Aluminum, zinc and lead advanced in London
Gold futures rose to a three-week high as concern that the global
economy is faltering stoked bets that the Federal Reserve will keep U.S.
interest rates low, driving the dollar down and boosting the metal’s
allure. Silver futures for December delivery climbed 0.2 percent to
$17.345 an ounce. Copper prices rose in London, pacing gains by
industrial metals, as faster exports eased concern that economic growth
will fade in China, the world’s biggest consumer.
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Lead:
Lead September prices have resistance at Rs.127.5 and can remain under pressure as far as it trades below this level. Only a breakout above Rs.127.5 can take prices higher towards Rs.129.0. On lower side prices have support at Rs.125.0.
Nickel:
Nickel September prices have resistance at Rs.1065 and as far as prices trades below selling can be seen there. Prices on lower side can fall towards 1040 and Rs.1030. Prices should not move above Rs.1075 to maintain negative outlook for the day.
Gold prices are expected to have intraday support at $1220 i.e. Rs.26800-26850 and buying can be seen there. Prices on higher side can test $1230 i.e. Rs.27100 and again selling can be seen there. Prices should not fall below $1215 i.e. Rs.26700 to maintain the positive outlook.
Silver December prices are expected to intraday resistance at Rs.39600-Rs.39700 and selling can be seen there. Prices are expected to remain weak till it trades below Rs.40100. On lower side prices can test Rs.39100 and Rs. 38900. Day close below Rs.38500 will prices sharply lower towards Rs.37000.
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Gold futures for December delivery rose 0.2 percent
Silver futures for delivery in December fell 1.5 percent
Copper prices dropped to a 14-week low
Aluminum declined 1.2 percent to $1,950.50 a ton
Nickel, lead and zinc dropped in London,
Gold futures rose as a decline in U.S. equities reignited demand for an alternative asset. Silver futures for delivery in December fell 1.5 percent to $17.438 an ounce on the Comex, after reaching $17.27, the lowest since June 2010. Copper prices dropped to a 14-week low after a report showed demand for durable goods in August tumbled by a record in the U.S., the world’s second-biggest consumer of the metal.West Texas Intermediate rose to the highest level in a week as crude inventories shrank in the U.S., the world’s biggest consumer.
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Copper:
November Copper prices have crucial resistance at Rs.418.0 and as far as prices are trading below this level prices can trade sideways to lower. Prices on lower side can give fresh selling pressure if sustain below Rs.413.0 and can extend fall towards Rs.409.0. Only a breakout above Rs.418.0 will turn outlook positive.
Zinc:
Zinc September prices can face resistance at Rs.137.8-138.0 and can remain under pressure as far as it trades below Rs.139.0. Prices on lower side can have support at Rs.134.5-135.0 and again bounce can be seen.
MCX Gold Dec is currently at `27177, it is trading up by `43 points for the day. Comex Silver is currently trading at $17.22 whereas MCX Silver Dec is currently trading at `38190, it is up by `66.