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Gold Silver Updates
Gold futures may continue its upside momentum and can test 28,500 and silver 58,500 in near term but some profit booking at higher level cannot be denied. Gold edged down on Tuesday as it consolidated after its biggest daily gain since late January in the previous session when the U.S. Federal Reserve signaled it would keep interest rates low. A weaker U.S. dollar also supported gold after Federal Reserve Chairman Ben Bernanke said ultra-loose monetary policy was still needed to reduce unemployment even though the U.S. economy has shown signs of improvement, raising hopes of another round of quantitative easing.
MCX Commodity Tips
MCX Gold April: Buy around 28,400 levels with a stop loss placed below 28,300 levels for targets of 28,600 levels.
MCX Silver May: Buy above 57,800 levels with a stop loss placed below 57,300 levels for targets of 59,000 levels.
MCX Crude April: Sell below 5,470 levels with a stop loss placed above 5,510 levels for targets of 5,370 levels.
MCX Natural Gas March: Sell around 114 levels with a stop loss placed above 116 levels for a target of 111 levels.
MCX Copper April: Sell around 439.50 levels with a stop loss placed above 443 levels for targets of 435 levels.
