Copper and other base metals except zinc have out performed precious metals this week. The volatility in gold and silver in the last week of February and early march had shaken investor confidence. This is the prime reason why gold is not rising $10 day. Investors have become more prudent and have started booking profits at higher levels so that they are not caught by any surprise increase in volatility.Further there is lack of major market shaking news to attract punter interest. Gold and silver could follow the base metals and will rise slowly and steadily. Gold April future expiry next week will result in greater volatility in the April and June spread. There are still huge long positions in gold April over $680 which needs to be rolled over. Punters will try their best to widen the April – June spread so that the cost of roll over is high.
The United Nations Security Council formally introduced a draft resolution that would freeze the assets of a state-owned Iranian bank and bar some exports from the country, to pressure Iran to suspend its nuclear program. The resolution gives Iran 60 days to halt uranium enrichment before further sanctions would be imposed. The draft resolution, which could be voted on in the next two days, would also freeze the assets of the Iranian Revolutionary Guard Corps and restrict travel by their officials. It seems everyone in UN is trying to buy time on Iran before a final decision. Iranian news will keep traders on the edge, looking for more news.
GOLD -- APRIL FUTURE
Gold targets $676 and $692 as long as $656 holds while a consolidated fall below $656 will result in $647.
SILVER -- MAYFUTURE
Silver targets $1369 and $1412 as long as $1312 holds. A consolidated fall below $1312 will result in $1280.
Happy Profitable Trading & A Great Weekend.
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Prepared By Chintan Karnani. Web Site:www.insigniaindia.com
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