NATIONAL COMMODITIES AND DERIVATIVES EXCHANGE (NCDEX)
GOLD JUNE: Unable to edge higher andhas been trading in 9200 - 9275 range. Needs to break 9275-9300 zone for 9372 and 9372. On the lower 9189 and 9108 are the support levels.
SILVER JUNE: Needs to break 18900 for further gains. On the lower side 18580 and 18332 are the support levels. A consolidated break of 18900 will result in 19140 and 19352.
GENERAL MARKET CONDITIONS
Gold and silver are finding buyers at lower levels even as the US dollar gained ahead of the Fed meeting. Yesterdays volatility reflected the nervousness among traders as they were not prepared to go too short or too long. The Fed meeting should be a non event with no surprises in store as the US economy slows. Bank of England meeting will be the key where the markets expect it to raise interest rates by quarter of a percent with a slight possibility of half percent rise. European central bank is expected to confirm the interest rate hike in June. All the three meeting favouring further weakness for the US dollar as it losses out on interest rates differential.
The next three days could be make or break time for precious metals as well as base metals. Failure to edge past key technical resistances will result in ten percent to fifteen percent correction for the rest of May and vice versa. Firmness in stock markets will prevent gold and silver from a major fall. Expect higher volatility and establishment of a short term trend towards the close of the week.
COPPER -- JULY FUTURE
Copper needs to hold $369 on closing basis to prevent further losses to $364 and $349. On the higher side $380.40 is the initial resistance with $388 as the key resistance.
SILVER -- JULYFUTURE
Silver needs to break hold $1372 for $1387 & $1400 and $1430. On the lower side $1339 is the initial support with $1312 and $1300 as the key support.
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