The US dollar has returned strong gold sheen. Tuesday’s trading session gold has dropped after two days of gains. The Comaks gold ounce has fallen to 0.30 per cent in 1077. However, silver fell 0.50 percent to $ 14.25 per ounce level.
Experts say that in the last two days of recovery in the gold price had climbed to 2.5 per cent, but the rebound in the dollar index, gold prices have again deepened. HSBC analyst James Steel said that the world’s largest gold ETFs SPDR holdings on Friday bought 19 tonnes. Shopping is the biggest in two months. However, holdings of ETFs is still at 7-year lows.
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Precious metals rose more than 1 percent on Monday as weaker than expected U.S. data and uncertainty about how fast the Federal Reserve will tighten interest rates next year weighed on the dollar.
SPDR Gold Trust GLD, the world’s largest gold-backed exchangetraded fund, said its holdings stood at 645.94 down 2.97 tonnes, from previous business day.
Holdings of the largest silverbacked exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10017.81 tonnes, remain unchanged from
previous business day.
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COMEX Gold prices traded lower in the past week and made a low of $1047 levels. However, a sharp recovery in Friday’s session has kept the prices at $1065 levels. Overall bearish outlook remains unchanged as the prices restricted below $1089 level and current pullbacks can be considered as a fresh selling opportunity at higher levels. On the other hand further fall is possible towards $1032 & 1011 levels if it breaks 9ts prior lows of $1045 levels.
As per Pinnacle Financial Services Commodity Experts suggest “MCX Feb Gold too shed almost 600 points on w-o-w basis and settled at 25106 levels. Further fall is possible towards 24740 & 24480 levels, where as resistance resides at 25302 levels. As per Candlestick/chart pattern Sell is Suggested in MCX Gold around 25302 for short term target (3-4 days) 24740 and 24480, Maintain stop loss at 25610”
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BUY NICKEL DECEMBER IN BETWEEN 580-580.50 STOPLOSS 576.50 TARGET 587.50 CURRENT MARKET PRICE-581.20
BUY SILVER MARCH MCX ABOVE 33355 ( AVERAGE ON DIPSA ROUND 32650) SL BELOW 32550 TGT 33850, 34200
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