The focus of the market is on Iran and US economic growth. The fall in consumer confidence suggest that a weaker US dollar is here to stay unless inflation rises. Higher volatility in foreign exchange markets has resulted in lower carry trade which is resulting in lower volatility in gold and silver. In the short term, carry traders play a very important role not just for gold and silver but for commodities in general. Everybody likes to make a quick buck with low risk, if risk increases they stay away. March has been a memorable month for every investment market. April will be less volatile and more stable. Gold demand from India will rise from April till the end of June on higher retail demand. At the moment due to the fiscal year close, Indian investor are more busy investing in tax saving schemes than commodities. In April Indian liquidity conditions will improve and so will demand for gold.
Copper fell on profit taking while and zinc and other base metals are trading with a softer bias. Zinc has underperformed most of the base metals. In MCX Zinc March future there are long positions over INR 150.00 and bears will to widen the spread between march and april future so that some of the zinc investors exit. Zinc should rise this summer and should outperform most of the base metals.
GOLD -- APRIL FUTURE
Gold needs to break and close over $670.60 for further gains to $676.20 and $680.40. On the lower side only a fall below $657 will result in a fall to $651.10.
SILVER -- MAYFUTURE
Silver needs to break $1360 and $1369 for further gains to $1397. On the lower side only a daily close below $1312 will result in further losses to $1270.
Happy Profitable Trading
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