Gold prices ticked up
by the end of Friday’s trading as concerns about Greece
drove investors to safe assets. The deadline
for the repayment of the country’s debt is set to June
30, but so far there are no indications that the indebted country has come close
to an agreement with its international creditors. The CFTC Commitment of Traders
report showed that
hedge funds increased their long position on the metal this week.
August futures for delivery of bullion edged up by 0.16 percent
to $1,173.70 per troy ounce as on COMEX today. Copper futures rallied as well on hopes
for stimulus in China. Lately, the world’s biggest consumer
of the metal had some troubles in sustaining its impressive
economic growth, prompting Chinese government to take steps
to bolster the economy. September futures for delivery
of copper climbed 0.82 percent to $2.641 per pound today. Meanwhile,
wheat and other grains extended their rally. Weather
in the United States was adverse to the crops, promising
smaller supply. This is a bullish factor for the agricultural
commodities. September corn surged 2.55 percent to $3.9250 per bushel
on CBOT today. November
contract for soybeans rallied 0.84 percent to $9.86 per bushel while
futures for delivery of wheat in September demonstrated
a whooping gain of 5.58 percent to $5.68 per bushel.
Gold failed to
breach $1210 levels last week and dipped below $1190.The break of $1190 is now
likely to send gold further down towards the support level of $1080. The near
term outlook remains bearish for Gold as in the Daily Chart it has broken out
of the Major Channel and closed below the same. Meanwhile, a break of the
resistance of $1210 will confirm the completion of the fall from $1190 and
target retest the of resistance at $1245.As long as the $1210 resistance holds,
a deeper decline is still expected and the current down trend would now target
$1080-$1040. COMEX GOLD APRIL CMP- $1160;SELL COMEX GOLD APRIL IN THE RANGE OF
$1165-$1163 FOR THE TARGET OF $1080-$1040 WITH A STOPLOSS OF $1210.
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