It’s still of a base metals story than a precious metals story as Zinc, the laggard picked up some pace and rose nearly five percent. Almost all the base metals are rising on expectations of stronger economic growth in the second quarter. Gold and silver are higher on the back of break out of short term technical resistances. Precious metals as well bas se metals have been de-linked from the US dollar as well as energy prices and move on their own for the rest of month on higher investment demand.
Global interest rate scenario is nearing a certainty point and carry traders now know the expected risk on the interest rate front. As far fluctuations in the foreign exchange markets are concerned, March may not be repeated in April or May. Carry traders will try and push almost all the metals higher. Japanese appetite for riskier investments has been on the rise which will prevent gold and silver prices from a major slide, unless bank of Japan raises interest rates all of a sudden.
GOLD -- JUNE FUTURE
Gold has broken the key resistance of $675 and could be headed for $692 and $700 as long as $675.00 holds. A consolidated fall below $675 will result in $664 and $653.20.
SILVER -- MAYFUTURE
Silver targets $1412 and $1437 as long as $1325 holds on closing basis. A daily close below $1325 will result in $1305 and $1284 respectively.
Happy Profitable Trading & A Memorable Easter Vacations
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