Expectation of demand from the Asian buyers and stimulus measures by the Bank of Japan is likely to add to the gains in the gold prices. In the domestic markets, depreciation in the rupee is expected to act as supportive factor for the MCX precious metals.
MCX Gold Tips (Positional):
International Spot Gold has support at $1662.5 and upsides move till $1685 could be possible. MCX February Gold has Support at 30790 and upsides move till 31020 could be possible. However, a downside break of this Support could take prices lower till 30650 levels. Buy is suggested for positional trading.
MCX Silver Tips (Positional):
International Spot Silver has support at $30.50 and upsides move till $31.20 could be possible. MCX March Silver has Support at 58330 and upsides move till 59200 could be possible. However, a downside break of this Support could take prices lower till 57840 levels. Buy Silver for Positional trading.
Copper Updates:
In the intra-day, base metal prices are expected to trade higher due to mixed global market sentiments along with weakness in the DX. Copper futures declined to their lowest price in almost 2-weeks on signs of lackluster physical demand for the metal and speculation that rising Chinese inflation would limit economic stimulus. On MCX base metal prices on MCX are expected to trade higher due to depreciation in the rupee. Copper Updates are suggesting that Copper is in bullish head and shoulders chart pattern, on the appended daily chart. However, prices failed to sustain above the neckline support and have fallen back in to the pattern area. In upcoming sessions, prices are expected to test the uptrend support line at 442 levels.
