Gold and silver managed to hold on to the key long term support levels as they once again start to rise slowly and steadily. But they are certainly not out of the woods. Copper, crude oil as other base metals are also firm. Even the US monetary authorities are concerned over the fall in stock markets as Fed officials say that US stock markets are working well and a recession does not appear imminent. In thought only Indian government was concerned over the performance of Indian stocks as in 2006 when there was a major fall, comments had started pouring in the Indian finance ministry officials.As far as Indian stock markets are concerned, further pullbacks from the current levels will provide another long term investment opportunity. However one needs to be stock specific and sector specific. BSE Sensex has a key long term support at 10,552 and in the short term it should hold and rise towards 14,500 to 15,000. I am very optimistic about Indian stocks for the long term.
Gold and silver will be volatile today as low risk investors exit their long positions on every rise. In India a large number of physical traders had replenished their gold stocks over $670 and these physical traders have yet to average. There will not be much incremental demand from India unless gold and silver stabilize.
GOLD -- APRIL FUTURE
Gold needs breaks $650 for further gains to $659 and $672. On the lower side $639.10 and $628.80 are the key support levels.
SILVER -- MAYFUTURE
Silver needs to break $1310 for further gains to $1412 and $1450. On the lower side $1255 and 1183 are the key support levels.
Happy Profitable Trading
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