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Gold and silver witnessed a very sharp downfall after Fed Chairman Ben S. Bernanke affirmed that interest rates are likely to stay low at least through late 2014 without offering any indication that further monetary easing is under consideration. Both had rallied for 11 straight months due to European Debt Crisis, easy monetary stance by major central banks and inflationary pressure in the developin.
We suggest that
In Bullions
MCX Gold April: Sell around 28,000 levels with a stop loss placed above 28,200 levels for targets of 27,600 levels.
MCX Silver May: Sell around 60,000 levels with a stop loss placed above 60,600 levels for targets of 59,000 levels.
In Other Commodities-
MCX Crude March: Sell around 5,300 levels with a stop loss placed above 5,360 levels for targets of 5,200 levels.
MCX Natural Gas March: Buy around 127 levels with a stop loss placed below 124 levels for a target of 135 levels.
MCX Copper April: Sell around 425 levels with a stop loss placed above 430 levels for targets of 419 levels.
