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Technically bullion is looking bearish intraday. In the evening session, US Jobless claims data release is expected which may prove to be negative for gold and silver prices. MCX Gold February contract is now having a..

06 Dec 2012

By Ankush Kumar Jain
Those traders who want to take a long position in MCX Gold for a short term period, are advised to wait for further correction as down side movement is expected in today's and tomorrow's sessions. They may take a long position in gold around Rs.30500-30400 with stop loss of Rs.29800 and for the target near Rs.32200 by mid January.

Intra-day outlook

Technically bullion is looking bearish today.

In the evening session, US Jobless claims data release is scheduled which may prove to be negative for gold and silver prices. MCX Gold February contract is now having a very good support at Rs 31050 and resistance at Rs 31200.

If gold prices sustain below Rs 31050 then I expect 30800 levels in an intraday session. Intra-day traders are advised to take a short sell position in gold around Rs.31120 with stop loss of Rs.32000 for target near Rs 30950-30800.

Silver is also looking bearish below Rs.62200.Now Silver March contract is having good support at Rs. 61800 and resistance at Rs.62200. Below Rs. 61800, I expect Rs.61200 levels in an intra-day session.

Meanwhile, gold on the MCX for February delivery was seen trading at Rs.31111, a loss of 0.28%. Silver for March was trading at Rs.61953, a loss of 0.56% as of 12.51 PM IST.

(Ankush Kumar Jain is Manager-Research, Metals-Energy, Commodity Online)


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COMMENTS (1)
Sadasivan
06 Dec 2012
One can buy Bullion,in SMALL LOTs, when the Rupee reaches Rs 50 or below,V US Dollar.Or in absolute terms when Gold reaches Rs 3000 per gram.One can continue buying on dips at rs 2700,rs 2500,Rs 2300 etc....
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