29 February 2016


GOLD: Gold fell more than 1 percent on Friday, as the dollar and global shares rose, but fund buying persisted as investors expected a G20 summit would produce little in the way of a coordinated stimulus program. Financial leaders from G20 nations gathered in Shanghai against a backdrop of worsening economic conditions and a lack of wider consensus on how to fix the problems. Concerns that a slowing global economy could eventually push the United States into recession eased as data showed U.S. economic growth slowed less than expected in the fourth quarter. The above is hourly chart of Gold. It suggests that prices are making higher highs and lows. It is expected to rise again towards 29935 levels. On the flip side, immediate support is located at 29460 levels.
Call: Buy above 29635 levels with a stop loss 29460 levels for target of 29935. 
SILVER: The above is hourly chart of Silver. It suggests that prices hava taken support near trendchannel levels. Momentum indicator RSI is expected to reverse on the upside. Hence, price are expected to trade on upside with potential taget of 36815 levels. We expect silver prices to trade mixed as safe haven buying likely to support prices and profit booking after sharp up-move in prices likely to keep prices under pressure.
Call: Buy above 36220 levels with a stop loss 35870 levels for targets of 36815

CRUDEOIL: The above is hourly chart of Crude Oil. It suggests that prices are trading in sideways zone. Momentum indicator RS is heading towards southern side. In today's session, prices are expected to trade on negative note. We expect crude oil prices to trade negative on the back of profit booking. Prices turned negative soon after the release of weekly U.S. oil rig data by industry firm Baker Hughes that showed a 10th weekly drop in the rig count. The data was positive to oil, but traders and investors chose to lock in profits.

Trading Call: Sell 2275 levels with a stop loss 2360 levels for targets of 2160.

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