Bullion
Gold prices remained strong last week as well as safe haven demand for the metal continued to underpin the strength in the counter. Weaker than expected economic data gave rise to skepticism regarding the economic recovery in the US and has resulted in it reducing the demand for riskier assets.
Gold prices are expected to remain upbeat on the backdrop of sharp drop in stock markets globally which has increased the safe heaven appeal of yellow metal. On domestic front, fall in local currency has led to sharp jump in the gold prices. Gold may face resistance at Rs 18,800 on MCX. Dollar index have also shown sharp jump after the fed meeting last Tuesday as it downgraded its assessment of the U.S. economic recovery, said broking house SMC, while opining on the outlook of bullion segment.
Commenting on the outlook of precious metals, base metalsand energy segment, Anand James chief analyst, Geojit Comtrade, said the following:
Commenting on the outlook of precious metals, base metalsand energy segment, Anand James chief analyst, Geojit Comtrade, said the following:
“After witnessing a heavy sell off in yesterday`s session, bullion counter is expected to trade steady in today`s session. However some short covering enquiries may also supportprices up to some extent,“ said broking house SMC, while opining on the outlook.
BULLION
Gold prices were trading in tight ranges through out the session on Wednesday but moved against the conventional market wisdom that the yellow metal shares a positive correlation with the European currency. The market gained along with the US dollar initially yesterday, ahead of the US Fed Chairman’s testimony before the congress.
BULLION
Gold prices were trading with marginal losses on the penultimate trading day of the week, but remained between the tight range it has been for the past one week. Mixed economic signals from US failed to provide the markets with a definite direction and prices gyrated amidst uncertainty.
BULLION
Gold seems to be having a difficult time in the market as demand for its quality as a safe haven investment has come down. The general market sentiments remain to be murky, yet buying in gold looks to be falling. The most actively traded contract, for August delivery, was down $1.70, at $1,193.40 an ounce on the Comex division of the New York Mercantile Exchange.
BULLION
Precious metals gave away gains on the penultimate trading day of the week and fell towards multi-week lows as weaker than expected economic data from USA and China rocked the markets.
BULLION
Precious metals gave away gains on the penultimate trading day of the week and fell towards multi-week lows as weaker than expected economic data from USA and China rocked the markets.
BULLION
Gold and silver prices were trading with losses initially during the day as rising stock markets and better investor sentiment kept precious metals out of the investment purview.
BULLION
Gold prices have fallen from near highs for the second Monday as selling pressure from long liquidations continued to emerge at higher levels. Gold fell the most in a week as investors sold the metal after it climbed above $1260 levels in the spot market.
BULLION
Prices of gold seem to be well supported as investors continued to buy the yellow metal at the slightest sign of uncertainty. Buying in the metals returned as it took prices higher on the final trading day last week as economic data from US was lesser than expected. The most-actively traded contract, for August delivery, rose $10.30, or 0.8%, to settle at $1,256.20 an ounce on the Comex division of the New York Mercantile Exchange.
Fundamental View
Crude oil futures traded steadied near $76 amid ongoing uncertainties over Euro Zone economies backed by poor US economic data. The durable goods orders and jobless data failed to keep faith in economy and markets move downwards dragging oil down on demand concerns.
BULLIONS : “Bullions may trade with sideways bias. Yesterday dollar fell to a 6-week low against the pound as traders increased bets that Federal Reserve will keep interest rates near zero for longer in order to support a recovery in the world’s largest economy. Today it recovered as the durable goods orders data can show negative figures,“ the broking house SMC research.
BULLION
Gold prices, after falling from a record high on the first trading day of the week, settled with meager gains on Tuesday, Gold prices had fallen as long liquidations at higher levels weighed on the metal, resulting in it giving away around $20. The jump in stock markets after the decision of China to revalue its currency against the US dollar and allow more room for the Yuan increased the risk appetite of investors.
The brokerage house SMC Research gave the following outlook for Bullions, Metals and Energy:
BULLION
Precious metals climbed out of the range it had been trading during most of the week and moved up, reaching up near towards the all time high on the penultimate trading day as safe haven demand for the metal returned. The gains in the yellow metal also came when the US currency fell against its European counterpart.
GLDmcx Aug: While above 18640 prices could move up and find resistance near 18770, which if holds can drag prices lower again. Once above, expect short covering towards 18840-18900 levels. If unable to hold 18640 expect prices to drift towards 18600/18540 levels. A direct fall below 18540 would discourage buyers, exposing 18200.
GOLDmcxAUG
Res: 18770/18840 Sup: 18600/18540
BULLION
Gold and silver prices were trading with gains on Tuesday amidst a weaker US dollar. The inverse relation that the yellow metal conventionally shares with the US currency seems to have returned as gold prices gained when demand for an alternative investment to the US currency lifted the sentiment. Better risk appetite following rising stock markets and improving economic activity helped the Euro hold on to its gains against the US dollar.
GLDmcx Aug: Expects to move up and find resistance near 18670 for a fall towards 18540 initially followed by 18460/18380 levels.Unexpected rallies above 18690 may negate the view and take prices higher towards 18750/18800 levels.
GOLDmcxAUG
Res: 18670/18750 Sup: 18540/18460
BULLION
Improving risk appetite among investors and recovering equity markets have resulted in diversion of funds from the yellow metal. Gold prices slid on the first trading day of the week. The strength in the European currency against its American counterpart also begot selling in gold.
The brokerage house SMC Research gave the following outlook for Bullions, Metals and Energy:
BULLION
Gold prices gave away gains and slid for the second consecutive session on Thursday as rise in Euro against the US dollar persuaded the yellow metal to turn down. A German court decided to reject an appeal to prohibit the country from helping the ailed nations in the Euro zone, which also gave strength to the European currency.
“Bullions may continue to trade with upside bias as the fear of euro zone crises has not been reduced and yesterday we have noticed profit booking at higher levels. Investors should use every dip as buying opportunity .Gold can test 19,200-19,300 in near term,“ said broker house SMC Research.
`Base metals are expected to trade with sideways bias. Some lower level buying at current levels cannot be denied however investors should trade with caution as the condition of euro zone is still worse. Britain posted a goods trade deficit of 7.3 billion pounds (USD 10.6 billion) in April, the Office for National Statistics said Wednesday, unchanged from the downwardly revised trade gap seen in March .
Brokerage house Way2Wealth has provided weekly outlook for Bullions & Energy. The same is as under:
BULLION
Gold prices had stooped down a bit initially during the first trading day of the week but erased the earlier losses and jumped near towards the record high following renewed concerns about the European Financial crisis. The spread of the financial contagion remains to a strong source of weakness for the markets and the news of Hungary falling into debt problems seem to have realized the fear.
Bullion
Gold prices are well supported by the ongoing crisis in the European Union, with Euro falling continuously against the US dollar. Also weighing down the European currency was the unemployment rate that climbed to 10.1 percent, the highest since 19981.
BULLION
Gold prices benefited yet again from its safe haven buying that returned after the release of the US economic data which came out with a lesser than expected figure. A government report showed that the Non-Farm payrolls gained by 431000 as opposed to the expectation of a 540000 increase last month.
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