“No News is Good News” for gold and silver. Gold April futures rose to a high of $559.10 while silver March future rose to a high of $957.50 before settling at $556.60 and $954.50. The US dollar traded in a range while crude oil prices continued to rise over supply disruptions in Nigeria and Iran tensions.
Markets are preferring to go long on expectations that US tensions with Iran might result in an attack. Every bad news is being shrugged off and good news result in higher commodity prices. Traders and retail investors are preferring to long than short as reflected by their net open positions. Physical demand from major consumers like India will reach a top by the end of March as new crops has started arriving and farmers have also started buying their yearly demand for gold. The great Indian marriage season will peak in March (although the season will continue till middle of May). However most of the news on physical demand and geopolitical risk have been priced in by the markets. The current unending rise in commodity prices is mainly due to be speculative activity and will continue for the time being. However any signal by Bank of Japan that they will increase interest rates soon (despite being the lowest in the world) may alter everything.
There is lack of major market moving news today and it will be a technical trade day for gold and silver. The overall sentiment is bullish for gold and silver and intra day market moves on sentiments.
GOLD
Gold targets $563.50 and $568.00 if it is able to maintain its momentum. A convincing break of $568.00 will result in $578 - $585.00 zone. On the lower side $552.10 and $542.00 are the support levels with $534.50 as the key short term support.
SILVER
Silver targets $968.00 - $972.00 zone if it holds $952.00. A convincing break of $972.00 will result in re test of $995.00. On the lower side there is an initial intra day support at $940.00 with $926.00 as the key short term support.
For SMS service on MCX & NCDEX trading strategies, please mail your mobile number at
1080-81, Ugger Sen Street,”Somani Bhawan”
Sita Ram Bazar, New Delhi-110006. India.
Ph: [O] 91-11-30919880 [M] 09811139549
Website: www.insigniaindia.com
Email: chintan@insigniaindia.com
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
