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- Precious, base metals, Crude Oil may trade negative on weak global sentiments
- Taking cues from decline in spot gold prices coupled with weak global market sentiments, Spot silver prices decreased by 0.53 percent today. However, favourable economic data from Germany along with weakness in DX cushioned sharp fall in the prices.
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Gold futures on India's Multi Commodity Exchange (MCX) is trading in negative territory as a result of appreciation of Indian rupee against US dollar.
Gold prices are expected to trade on a positive note today as a result of stimulus measures carried out by the Bank of Japan.
MCX gold futures for February delivery was down by 0.07 percent at Rs.30736 per 10 grams as of 12.00 PM IST on Tuesday.
For intra-day, gold February futures look sideways to positive and buy on dips is advised. Gold February futures has a crucial support at 30600 and resistance at 30800.
Today, if gold prices sustain above 30800 level then it may move further up and touch 30900 levels.
I advice intra-day traders to take a buying position in gold February futures around 30680 with stop loss of 30600 and wait for the target near 30800.
Gold duty imposed by Indian government didn't impact the movement of futures on MCX. Yesterday, the government imposed 6 percent import duty against 4 percent earlier.
Positive expectations on recovering global economy restricted the movement of gold on MCX.
Silver
Silver futures is also trading in a negative zone as India's rupee gained against US dollar.
MCX silver futures for March delivery was down by 0.10 percent at Rs.59372 per kg as of 12.24 AM IST on Tuesday.
I think, for intra-day, silver March futures look sideways and expected range for silver futures for the day is 59100-59800.
Best strategy for intra-day traders is to buy on dips until it trades above 59100.
I advice intra-day traders to buy silver March futures around 59300 level with strict stop loss of 59100 and wait for the target near 59600 & 59800.
If silver March futures sustain above 59800, then it may move further up and may touch 60200-60500 level in coming sessions.
Industrial recovery in major growing economies is expected to help drive silver futures in near future.
Growing silver demand from electronic manufacturing industries could drive the silver prices, according to the industry experts. (Ankush Kumar Jain is Research Analyst at CommodityOnline).
Reach Commodity Online at its phone number at: 079 40275050
