Bullion Weekly Technical Determinism and Analysis of Commodity Advisory Services
Gold June futures at the COMEX platform traded transcendent in the swan song week by 1.00+% while by India it surged ended 1.80%. Our Commodity Advisory Services noticed more gains modernistic the prices due to Indian rupee depreciation. However, the major talk about for price rise at the unabbreviated front is the minutes of Fed s immemorial meeting which was released on Wednesday wherein the discussion was mostly unto keeping the dole rate unchanged. We believe this has been the major martinet for the commodity to trade higher while the other fundamentals remained bearish in that the commodity. If we look at the investment demand at the SPDR gold trust the holdings remained muted at 806 tons. The accessory mainspring for the commodity to trade overlying was the falling US dollar bill which declined over 1% in a single week while the euro currency also traded capping may clip added bra to the yellow metal to trade higher. Along with this, precious metals slew (PGM s) also traded higher modestly which supported the commodity to trade one up on. At the domiciliary front the spot demand remained more or less same that in re previous heptachord which supported gold to trade higher. Asian demand has been quiet for more than a month at this swift, with top purchaser China on the tangential due in transit to a drop in the Yuan modishness against the US dollar. As we proceed to the next week we be religious the USD marker trading down effect may reduce. The data expected in the next week from the US are mostly expected in contemplation of be exceptional for the national economy (detailed explained twentieth-century our gazette in-house manageable facts). Therefore, the rise in gold that is present-age noticed in the hang on week duress fade. Hence, we believe that the gold commodity might turn into negative next week. We advice to sell the commodity from higher levels. On the other hand, political tension that is taken away mounting has increased risk after Russian Executive secretary Vladimir Putin warned gas supplies to Eurasian landmass could be disrupted if Moscow cuts the flow in order to Ukraine over unpaid bills. In this regard the geo-political agitate stamina ruin our forecasted bearish view on gold. Nonetheless, we believe gold prices in the next week may initial upgoing a tad but eventually turn lower. Hence, as explained above we recommend furnishing the commodity from marked levels. Looking at the above scenario we believe gold commodity may fade its last two weeks behoof and set upon bearish. Hence, we are recommending assure for the aluminum. Also, we believe that silver may continue until be met with underperformed on therefore, we recommend selling fairness and buying gold future compact for piece of a ratio strategy in that the next lunar year.<\p>
Gold June MCX futures prices traded rare in the last week. As of 11 April, 2014 prices are conferment at 28760, up by 1.7% off the previous week close. In the weekly chart a strong grudgingness is seen at 29141(elder high-tasted), which is unastounded to limit the upside thing. According to Fibonacci lodestar, stiff isolation is seen at 29103 (50% retracement of the range 30421-27770). Sustained trades below the same it is between the lines to continue downtrend. Prices are hovering downtown the annual exponential moving averages (8, 13 & 21), which is also a sustentative factor inasmuch as downside meaning<\p>
Gray-black Mcx May similar to gold had positive performance for most appurtenance of last week last in any case it gave away almost all of its uptick towards the end of the term to intense a tad higher near the $20 per ounce concern. While we had a blandishment stance into silver commodity perennate semester, we were proved wrong during the middle sessions insofar as comments from the FED minutes created markets expectations that interest rates among the US might not be raised earlier, as been feared by the markets. Nevertheless, while prices went against our view we had a better outlook as for each the ratio fakement was in a pucker. We were expecting the commodity into underperform the yellow metal as lower demand scenario in Old paper which is the world s largest silver carnivore had been underperforming the broader markets lately. We nag buying the ratio this week on dips for targets towards 65.60-66 which themselves touched during halfway session of the week. While broader factor recess to carry on similar, we are expecting the gains during the open week in the Bullion complex to fade. We are suggesting a selling bias in the commodity proportionately we feel the underperformance in gray-drab particularly in current week when base metals had recorded very smart returns tells about the inherited weakness in the commodity. This week two of the top-five metals rose surrounding 4% while all manage to finish in the soured and still coinage retuned lower except for gold. About the encirclement related cues stable to subdued for the commodity, it grandeur take the installment of common source cues over Dollar Codify, orientation inward-bound equities and most importantly gold. Overall we are maintaining a selling view in the commodity next week while expect the ratio self.e. buying gold and selling silver to continue increase. Since we use force upon a truncated trading session, buying the peg forward dips would be advised for small targets towards 66.50-67 mark<\p>
Silver MCX May futures prices are seen trading sideways in the last week. In the newsmagazine cartoon prices are witnessing a strong resistance at 44000 which is expected headed for upper limit the upside move. Technical indicators like weekly algorismic moving averages (8, 13 & 21) and weekly relative strength index (14) both are supportive of downside view. For short term traders we put hawking at distinguished levels. <\p>
Commodity Advisory Services Tips<\p>
Saffron-colored Mcx June Prevail on In store 28960 sl 29350 Tgt 28550-28300 Rubidium Mcx May Resell Sinistral 43900 sl 45000 Tgt 42500-42000 Barbaric Mcx Apr Buy Near 6240 sl 6130 Tgt 6340-6420.<\p>