MUMBAI (Commodity Online): Gold, silver and nickel will be the hot commodities on Thursday at the Multi Commodity Exchange of India (MCX), an Angel Commodities technical report states while giving a strong buy signal on these three metals.
On the negative, both gold and silver could come under pressure on account of of uncertainty with respect to global economic growth coupled with a stronger dollar.
Meanwhile, unfavourable economic data from the Euro Zone front is indicating that the region may slide into recession. French Flash Services PMI declined by 2 points to 50.3 in February compared to 52.3-level in prior month. German Flash Services PMI fell to 52.6-level in February compared to 53.7-mark a month ago. European Flash Services PMI also declined to 49.4 in February when compared to 50.4 a month earlier
MCX gold is trading at Rs 28,729, MCX silver at Rs 57,328 and MCX nickel at Rs 987.80 as of 12:08 PM IST
Technical strategy recommendations for Thursday Feb 23, 2012
Source: Angel Commodities technical report
