Last Updated : 22 January 2013 at 11:50 IST
'Sell MCX Gold at 30850-30860 levels with stop loss of 30940'
Source :Commodity Online Editorial Desk
“Appreciating Rupee is a factor that can prove to be negative for gold prices.” said Manoj Kumar Jain of India Nivesh Commodities. “Internationally, the commodity is facing stiff resistance at $1700 levels.” he added.
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BANGALORE (Commodity Online): When the India government raised the gold import duty from 4% to 6%, the commodity witnessed sharp uptrend yesterday and is now having major resistance at 30850 levels.
“Intra-day traders may sell gold at 30850-30860 levels with stop loss of 30940 targeting 30580.”said Manoj Kumar Jain, President Commodity & Forex Business, India Nivesh Commodities Pvt. Ltd to Commodity Online.
“Appreciating Rupee is a factor that can prove to be negative for gold prices.” he said. “Internationally, the commodity is facing stiff resistance at $1700 levels.” he added.
“Weekly close at 30500-550 levels may see the commodity hitting 30280 levels in the short-to-medium term.” he predicted. “ Now, those traders who may want to buy gold may do that when the commodity closes above 31025”, he advised.
February gold on India's MCX was spotted trading at 30740 a loss of 0.06% as of 11.24 AM IST even as on the Comex, gold for delivery on Februaruy 13 was seen trading at $1693.45 a gain of $6.45 or 0.38% as of 11.36 AM IST.
Meanwhile, when it comes to silver, the commodity is trading in a tight range: 58600-59500/59800. The commodity is having stiff resistance at 59500.
“Intra-day traders are advised to sell silver at 59500 with stop loss of 59950 and wait for the target of 58600.” Manoj said.
“Close above 59800 will prompt us to buy.” he added.
He ruled out Japanese stimulus measures having any significant impact on bullion prices.
“Of course, they are one of the biggest economies. But one has also to take note of the fact that gold is mainly driven by India, China and US.” he concluded.
- MCX Silver sideways to bullish; resistance 43500
- MCX Gold sideways to bullish; prices may remain in 26000-26300 range
- India govt cuts import tariff value of Gold to $440 per ten grams
- China April Silver imports down 28% y/y at 172 tons: Barclays
- Bernanke testifying before US Congress plus FOMC meeting minutes would drive Gold, Silver
- MCX Gold sideways to bullish; resistance 26400