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Gold built on last week’s gains and rose nearly 1% yesterday, closing at $1,099.50/oz and gold also rose in other major currencies. Gold has risen in Asian trading and again in early European trade and is currently trading at $1,113.20/oz and in euro and GBP terms €816/oz and £710/oz respectively. As expected the crisis in the Eurozone has seen gold surge in Euro terms to new record (nominal) highs over €817/oz – thus surpassing the previous record high seen in December 2009 at €813/oz.

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Outlook

A commodity research report of SMC, gives the following outlook for base metals, bullion and energy for today

The past week has seen the convergence of a variety of factors that together point to a powerful rally in gold soon. Thus it appears that we have been too cautious in the recent past. Little harm has been done, however, as gold has yet to break out of its downtrend and Precious Metals stocks have advanced but little, compared to what may be coming soon, although it would obviously have been ideal to get in on last Monday`s reaction following the preceding Friday’s clear bull hammer in gold, silver and in many stocks.

H! Friends,

 As per financial astrology,16th day of February is represented by Ketu and year 2010 is represented by Jupiter. Combination of Jupiter and Ketu may create highest volatility in bullion in first half of the day. Gold may show positive movements but profit booking is expected any time for gold in spot and futures markets.

CHINA MARKET ARE CLOSED (LUNAR YEAR).

GOLD TRADING RANGE IS 16414-16722.
BUY GOLD APR @ 16590-610 SL 16556 TGT 16634-16655-16690-16722.MCX

Tarun Satsangi, AVP Research (Commodities), Bonanza Commodity Brokers stated his outlook for metals segment.

MCX ALERT:-Australian Business Confidence rises >> Positive sentiments >> Good for base metals. (GOLD 10 TO 20 DAYS POSIBLE IN $1150 TO $1200 SILVER INR 10 TO 20 DAYS POSIBLE IN 1000 TO 1500 UP SIDE)

MCX-TODAY TREND, SUPPORT & RESISTANCE (16TH FEB 2010)

“While above USD 1,090, Gold prices have a very high possibility of a test of USD 1,130/34. An extended possibility of USD 1,170 also looms large, but we remain conservative at this point. On the downside, it would require a couple of hours of trade below USD 1,090 to convince us abandon the positive bias for the time being,“ said Anand James, technical analyst, Geojit Comtrade while commenting on the spot gold.

Policies being pursued by central banks from the US, UK, Switzerland and Europe could lead to long-term rises in Gold Prices, one expert believes.