22 August 2015

Gold, Silver & Natural Gas Gains on Thursday

  • MCX Oct Gold futures extended its uptrend by violating its falling trendline resistance at 26331 levels. It was begun the day with a positive note and there after continued the same trend, finally ended at 26772 levels up by 2.20%. Further rally can be possible towards 26980 & 27115 levels. Hence, any fall can be utilized to accumulate longs at 26665 levels.
  • MCX Sep Silver too surged 2% in the past session and ended in a strong positive zone. Currently prices facing a stiff resistance from 36435 levels, on a convincing close above the same will intact further uptrend towards 36920 & 37465 levels.
  • MCX Sep Crude oil has reached to its 6 year low of 2670 levels and finally settled at 2720 levels, down by 4% on daily charts. Further bearish outlook remains unchanged and is likely to extend the fall towards 2655 & 2587 levels. Hence, any rise can be utilized to create shorts at. 
  • Gold and silver surged more than 2 percent (and other metals joined the parade) today as the dollar continued to demonstrate weakness following yesterday’s release of policy minutes from the Federal Reserve. Markets considered the Fed’s tone to be dovish, prompting speculators to reduce bets on a September interest rate hike. The US currency suffered as result, and this was beneficial for the metal market. Futures for delivery of gold in December climbed 2.12 percent to $1,151.80 per troy ounce on COMEX today. Contract for silver jumped as much as 2.28 percent to $15.53 per ounce. 

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