NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD DECEMBER FUTURE/10 GRAMS
SILVER DECEMBER FUTURE/KG
Rs.9260- Rs.9,415
Rs.19,750- Rs.20,400
STEEL DECEMBER FUTURE
CRUDE OIL DECEMBER FUTURE
Rs.18600.00 - Rs.19000.00
Rs.2,680 - Rs.2760
GENERAL MARKET CONDITIONS
There is hardly anything to comment on gold and silver at this juncture except that a combination a lower US dollar and higher crude oil prices (apart from a technical break out) is supporting prices. The US dollar continues to fall against the major currencies and continues to do so after the thanksgiving. There was apprehension that gold and silver could fall due to profit taking after a long weekend. Gold and silver fell but marginally.
The story is the same old for gold and silver as more and more investors are still diversifying their investment into bullion. Crude oil has nearly bottomed out and one can buy March call options as its looks really attractive.A combination of futures and options is best way to trade for maximum gains and minimum risk. One can even buy far dated gold and silver options even at the current prices. In India options are not there for gold and silver in MCX and NCDEX. Once options start trading volumes will increase multifold in a short period. It will be more of a momentum market today.
Gold and silver are bullish, no doubt but intra day traders are booking partial profits at higher levels. Only if the US dollar makes a comeback that there will be correction in gold and silver which will another opportunity for investment.
GOLD -- FEBRUARY FUTURE
Gold needs to break $667.20 for further gains. On the lower side $642.30 and $639.40 are the initial supports with $624.10 as the key weekly support.
SILVER -- MARCH FUTURE
Silver needs to break $1425 for $1480 and $1536. Support at $1355 and key weekly support at $1305.
Happy Profitable Trading
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