Gold futures prices continued to seek support after plunging below $1550 and at present are quoting up by 0.75% at the early Globex. The besieged Euro hovered just above the level seen last since July 2010 took the yellow metal and stocks along for the ride. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, rose to 1,268.15 tonnes by May 23, up by 2.72 tonnes from the previous business day. With expectations of Greece’s exit from the Euro Zone building up, market sentiments remain tuned towards a further bearish scenario. It is only due to Rupee depreciation that we have not seen sharp losses in the domestic markets.
Silver futures prices are quoting well above yesterday’s closing at the Globex with some sort of positivity on re-establishment of two rescue funds namely Euro plus Pact and a European semester. But the summit provided no clear resolution to the wrecked Spanish and Greek condition. Hence, market anxiety still remains for a potential Greek exit and a further weak Euro. On the domestic front, prices declined by 1.1 percent as depreciation in Indian Rupee cushioned further fall in prices and closed at Rs.53,818/kg on Wednesday.
Free Commodity Tips For Today
Commodity | Strategy | Levels | Target 1 | Target 2 | Stop-Loss |
Gold (Jun) | Buy | Above 28860 | 29050 | 29051 | 28820 |
Silver (Jul) | Sell | Around 54200 | 53900 | 53600 | 54270 |
Copper (Jun) | Sell | Below 426 | 423 | 420 | 428 |
Aluminum (May) | Buy | 110.8-111 | 112 | -- | 110.6 |
Lead (May) | Buy | Around 107.5 | 108.5 | 109.5 | 106.9 |
Nickel (May) | Buy | 936-940 | 950 | -- | 933 |
Zinc (May) | Buy | 104.5-104.8 | 105.8 | 107 | 104.2 |
Crude oil (May) | Sell | 5130-5140 | 5090 | 5050 | 5155 |
Natural gas (May) | Buy | Above 155 | 158 | 161 | 152.8 |
