NATIONAL COMMODITIES & DERIVATIVES EXCHANGE (NCDEX)
GOLD DECEMBER FUTURE/10 GRAMS
SILVER DECEMBER FUTURE/KG
Rs.8,980- Rs.9,340
Rs.18,550 - Rs.19,600
STEEL LONG NOVEMBER FUTURE
BRENT CRUDE OIL NOVEMBER FUTURE
Rs.18725-19360
Rs.2,580 - Rs.2720
GENERAL MARKET CONDITIONS
It has been an excellent week in the past four months for gold and silver. Gold risen nearly five percent this week. Laggards who have yet to invest have either invested or are waiting for dips to invest. One week rise will not provide investor the confidence to invest in a big way. The current week gains have to be sustained as we move into next week. Gold and silver should see a major rise if democrats win the elections in US next week. If republicans win the elections then there will be a temporary correction and a subsequent rise.
Technical break out in gold has resulted in it getting unnerved by sluggishness in crude oil prices. The US dollar is weaker but a stronger payroll number could change all that. The effects of lower crude oil prices on consumption and employment will be reflected by US and Eurozone economic numbers from December. There could be profit taking in gold and silver before or after the October payroll number which will add volatility to the prices.
In India some of the physical traders had short sold gold in unfixed prices at lower levels and have yet to square off. Some of them have hedged by buying MCX or NCDEX futures. In physical trading one cannot use stop losses. The best option for physical traders is hedge in future markets if prices go against them beyond a certain level.
GOLD -- DECEMBER FUTURE
Gold needs to break and close over $638 for two consecutive weeks for an assault at $700 else there will be sellers between $630 - $645. Support at $618.80 and 613.90 and key support at $601. Resistance is at $629.20, $635.10 and $643.70.
SILVER -- DECEMBER FUTURE
Silver needs to break and close over $1290 for $1322 and 1408. On the lower side $1228 is the initial support with $1199 as the key support.
Happy Profitable Trading & A Great Weekend
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Prepared By Chintan Karnani. Web Site:www.insigniaindia.com
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