Friday, March 2, 2012

MCX Gold Silver Tips and Trend Tor Today: 2nd March '12

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Gold rebounded almost 1.5 percent yesterday, as investors to buy at lower prices on hopes the tumble was a healthy correction rather than the start of a bear market. However, open interest in gold futures in COMEX declined 3.6 percent on Wednesday after a steep plunge in prices. Gold hit an intra-day high of $1725/oz and ended its trading session at the level of $1715/ yesterday. On the MCX, Gold April contract declined slightly by 0.1 percent on Thursday and touched an intra-day low of Rs27,730/10 gms.

Spot silver prices surged sharply by 2.5 percent on Thursday, mainly taking cues from rise in gold prices coupled with upbeat sentiments in the global markers. Silver being an industrial metal also took cues from upside in base metals yesterday. The white metal hit an intra-day high of $35.62/oz and ended its trading session at the level of $35.4/oz on Thursday. MCX Silver May contract rose around 1 percent and touched an intra-day high of Rs58,771/kg yesterday.


Technical Outlook For Bullions

Commodity
Unit
Support
Resistance
Spot Gold
$/oz
1712/1698
1732/1745
MCX Gold Apr’12
Rs/10 gms
27774/27606
28066/28190
Spot Silver
$/oz
35.15/34.68
35.93/36.40
MCX Silver May'12
Rs/kg
60076/59443
61261/61890

 

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