Gold Updates:
Gold extended its winning streak for a 12th consecutive year, rising Monday as investors bet that U.S. policy makers would come up with an alternative to the package of spending cuts and tax increases set to take effect in January. In 2012 Gold has given 17 % return to its investors. It starts on 27500 level and ends on 30900 by making a high of 32000 in 2012. But as the current trend suggest that Gold may not be a good investment for this year. Our analyst suggest that there would be a price fall in Gold. Although for today it has a support at 30710 and a resistance at 31060 level. Sell is suggested for today.
Crude Updates:
Crude oil is trading on edge. Firmly in the rupee against the dollar, and international markets are closed today. While crude on Monday Naimaks closed with strong gains. Brent crude on the ICE were the gainers. Currently MCX crude oil is trading at Rs 5025 up by 0.25 %. Crude oil prices were up on optimism that US lawmakers were negotiating the deal to avert the fiscal cliff. In Crude Oil Buy is suggested for today.
Intraday Commodity Suggestions:
- MCX Gold (Feb Futures): Buy above 30800, stoploss-30750 and the target at 30900
- MCX Silver (March Futures): Buy above 57680, stoploss-57500 and the target at 58050
- MCX Crude oil (July Futures): Buy above 5010, stoploss at 4970 and target-5065
- NCDEX soybean (January futures): Sell below 3220, stoploss-3245 and target-3170
