Base metals have unaffected by the turmoil in precious metals as they continue to rise. Copper, Nickel and other base metals are slowly and steadily are rising. The current sustained rise in base metals has brought confidence to base metal traders. Fundamentals are bullish for base metals as well as precious metals on ever growing demand. Copper still can reach 2006’s highs over the next few months if the steady rise continues. However Zinc and Aluminum should out perform copper.
Precious metals investors are cautious will volumes relatively low. The sentiment in India is bullish and long term investors are back and have started investing in gold and silver either in the physical markets or future. Retail investors are booking their profits quickly. Gold, silver will be affected by a combination of movement in currency markets as well as equity markets. The key medium term technical supports have been held suggesting further gains.
GOLD -- APRIL FUTURE
Gold needs breaks $659 for further gains to $672 and $682. On the lower side $643.00 and $635.10 are the key intra day support levels.
SILVER -- MAYFUTURE
Silver targets $1412 and $1480 if it is able to hold $1310. On the lower side $1285 and 1285 are the key intra day support levels
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