-- Posted Wednesday, 3 December 2008 | Digg This Article
| Source: GoldSeek.com
DAILY SPOT GOLD AND SILVER REPORT – ONLY FOR THE JEWELLERS
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
| LTP | YTD % | PREV. DAY HIGH | PREV. DAY LOW | OPEN INT. | 50 DAY MA | 100 DAY MA | 200 DAY MA |
| | | | | | | | |
COMEX | | | | | | | |
GOLD | $778.10 | -10.66 | $788.20 | $761.80 | 162698.00 | $792.88 | $825.79 | $872.71 |
SILVER | $942.50 | -38.72 | $967.50 | $920.00 | 2042.00 | $1,030.16 | $1,239.81 | $1,511.75 |
| | | | | | | | |
SPOT | | | | | | | | |
GOLD | $777.10 | -6.68 | $785.85 | $763.30 | 0.00 | $790.83 | $820.82 | $869.03 |
SILVER | $9.44 | -35.96 | $9.67 | $9.23 | 0.00 | $10.27 | $12.30 | $15.02 |
PREVIOUS DAY |
LONDON GOLD FIXING | | SILVER FIXING |
AM FIXING | $772.50 | | $9.41 | |
PM FIXING | $780.00 | | | |
Yesterday
Gold and silver rose as liquidity conditions improved and there was marginal weakness in the US dollar. Demand was stable in India. Gold imports by India, are estimated at 35-40 metric tons in November, down from 54 tons during the same month a year earlier. Silver imports during the month were estimated at 200-250 tons, down from around 300 tons in October.
Indian Rupee
RBI intervention was seen around 50.50 yesterday as the rupee closed lower at 50.1400/1600. RBI intervention will be the key for the rupee with 50.50-50.60 as the key resistance zone. If rupee fails to break 50.60 by Monday then it will fall to 49.32 and 48.72 by next week.
TODAY
Technically gold and silver are in a neutral zone. Physical demand will rise with a fall in prices. Fridays close could set the tone for the rest of the month. US dollar and equity indicies are the key factors for the day.
TECHNICAL VIEW
SPOT GOLD
SPOT GOLD TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
| S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$737.40 | $746.20 | $752.80 | $768.40 | $787.00 | $798.60 | $805.40 | $824.60 |
Gold needs to break $786-$790 zone for another attempt at $805 and $820. A close below $777 today will result in $760 and $744 by Friday. Buying is preferable around $760 and $740 for weekly traders.
SPOT SILVER
SPOT SILVER TECHNICAL LEVELS |
SUPPORT | RESISTANCE |
S1 | S2 | S3 | S4 | R1 | R2 | R3 | R4 |
$7.71 | $8.40 | $8.73 | $9.24 | $9.54 | $9.78 | $10.02 | $10.79 |
Silver needs to break the $9.79-$9.85 zone for $10.10 and $10.46. On the lower side $9.18 and $8.73 are the key support for the rest of the week. Short term investors can buy silver on dips as long as $8.73 holds.
PHYSICAL GOLD AND SILVER – INDIAN RUPEE TERMS
12314 and 12156 is the key short term support for gold while for silver the key short term support is at 15950. As long as these prices hold in the short term downside risk will be limited and fresh selling will emerge below these prices. Intra day gold needs to break 12900 to target 13100+ while silver is bullish over 17300. Physical silver traders should keep on buying in small quantities on dips and aggressively around 15500-15900 zone (if prices come this week). Physical gold investors should invest in gold in small quantities as long as the 12100-12300 zone holds.
NOTE: All gold prices in Indian rupees are per ten grams and all silver prices in Indian rupees are per kilogram. All prices are in Indian rupees unless other wise specifically stated.
THIS REPORT IS FREE TILL 31ST DECEMBER, 2008 AFTER THAT IT WILL BE ONLY FOR SUBCRIBERS. TO RECEIVE A COPY OF THE REPORT ON YOUR MAIL BOX MAIL A REQUEST TO consultants.insignia@gmail.com
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared By Chintan Karnani. Website www.insigniaconsultants.in
-- Posted Wednesday, 3 December 2008 | Digg This Article | Source: GoldSeek.com
