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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