Bullion Highlights
- Gold and silver rose to yet another record time peak while dollar continued its uptrend earlie in the day as global currencies remained volatile. Institute of International
Finance’s comments about currency tensions kept the safe haven premium firm.
Domestic gold, meanwhile, got a boost from volatility in Indian equities as well as weak rupee. However, as European equities moved further into the green, along with a pull back in Euro, base metals rose steeply, fizzling out gold’s rally. Tin and Nickel rose above recent highs in LME, while the gains in other base metals were also notable. Oil continued to rise on weak dollar and firmer equities, but forecasts for rise in crude stocks due to higher imports following last week’s decline in imports have put traders in two minds. With a light evening ahead in terms of US economic events scheduled for release today, and with Friday’s NFP figures forecast to be mildly positive, the prevailing trend may continue into the evening.
Technical Levels-
Gold MCX (Dec)
R3 -19600 R2- 19429 R1 -19470
Pivot 19360
S1 -19300/19220 S2- 19160/19100 S3-19069
Broad picture looks for a target of 19600. Intraday bias expects initial dips towards 19320-280 region, followed by a consolidation and a turn higher. Consistent trades below 19250 may dent our bullish expectations.
Silver MCX (Dec)-
R3 -37000 R2 -34000/34800 R1 -33500
Pivot 33300
S1 -33200 S2 -33030/3850 S3 -32398
Though the broad picture remains positive, intraday bias expect to hold the 33500-580 region for a corrective move lower towards 33000. Prices have to close below 32850 to negate our bullish view.
5:35 PM
Nifty Tips
