MCX Silver March: Sell around 54200 levels with a stop loss placed above 54600 levels for targets of 53500 levels.
Thursday, 28 February 2013
Wednesday, 27 February 2013
Gold futures hold near 2-week high after Bernanke backs QE
Gold futures held near the previous session’s two-week high during
European morning trade on Wednesday, as sentiment on the precious metal
remained upbeat after Federal Reserve Chairman Ben Bernanke confirmed
his commitment to monetary easing.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would pump more money into the financial system.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,611.90 a troy ounce during European morning trade, down 0.2% on the day.
Prices held in a tight trading range between USD1,608.90 a troy ounce, the daily low and a session high of USD1,614.40 a troy ounce. Comex gold prices rose to USD1,619.40 a troy ounce on Tuesday, the highest level since February 15.
Gold prices were likely to find support at USD1,554.80 a troy ounce, the low from February 21 and resistance at USD1,635.95, the high from February 15.
Gold prices posted their biggest one-day gain in three months on Tuesday after Fed Chairman Ben Bernanke downplayed worries that monetary stimulus measures in the U.S. will pump up inflation rates.
The comments helped ease concerns the central bank will end its asset-purchase program sooner-than-expected.
Gold prices plunged to a seven-month low last week after the minutes of the Fed’s January meeting showed that policymakers discussed the slowing or stopping of USD85 billion in monthly bond purchases even before the job market improves.
Meanwhile, investors were looking ahead to an auction of Italian five- and ten-year government bonds later in the session after the country’s general election resulted in a deadlock.
Italian election’s ended with no party or coalition in control of the Senate, raising the threat of a prolonged period of political instability and potentially reigniting the crisis in the euro zone.
Italian 10-bond yields rose to the highest level since December on Tuesday, climbing to 4.91% from 4.37% on Monday, while the yield on Spanish 10-year bonds rose to 5.5% from 5.1% on Monday.
Gold traders also eyed developments surrounding the USD85 billion in automatic U.S. spending cuts, known as sequestration, due to take effect on March 1 unless Congress and the White House find a way to reach an agreement.
Previous budget battles in Washington have rattled financial markets.
Elsewhere on the Comex, silver for May delivery shed 0.2% to trade at USD29.26 a troy ounce, while copper for May delivery ticked down 0.15% to trade at USD3.578 a pound.
Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would pump more money into the financial system.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,611.90 a troy ounce during European morning trade, down 0.2% on the day.
Prices held in a tight trading range between USD1,608.90 a troy ounce, the daily low and a session high of USD1,614.40 a troy ounce. Comex gold prices rose to USD1,619.40 a troy ounce on Tuesday, the highest level since February 15.
Gold prices were likely to find support at USD1,554.80 a troy ounce, the low from February 21 and resistance at USD1,635.95, the high from February 15.
Gold prices posted their biggest one-day gain in three months on Tuesday after Fed Chairman Ben Bernanke downplayed worries that monetary stimulus measures in the U.S. will pump up inflation rates.
The comments helped ease concerns the central bank will end its asset-purchase program sooner-than-expected.
Gold prices plunged to a seven-month low last week after the minutes of the Fed’s January meeting showed that policymakers discussed the slowing or stopping of USD85 billion in monthly bond purchases even before the job market improves.
Meanwhile, investors were looking ahead to an auction of Italian five- and ten-year government bonds later in the session after the country’s general election resulted in a deadlock.
Italian election’s ended with no party or coalition in control of the Senate, raising the threat of a prolonged period of political instability and potentially reigniting the crisis in the euro zone.
Italian 10-bond yields rose to the highest level since December on Tuesday, climbing to 4.91% from 4.37% on Monday, while the yield on Spanish 10-year bonds rose to 5.5% from 5.1% on Monday.
Gold traders also eyed developments surrounding the USD85 billion in automatic U.S. spending cuts, known as sequestration, due to take effect on March 1 unless Congress and the White House find a way to reach an agreement.
Previous budget battles in Washington have rattled financial markets.
Elsewhere on the Comex, silver for May delivery shed 0.2% to trade at USD29.26 a troy ounce, while copper for May delivery ticked down 0.15% to trade at USD3.578 a pound.
Wednesday, 20 February 2013
SILVER NEWS
MCX Silver March Contract is looking negative for the day. Market may
find support near 54700 & 54200; intraday resistance can be seen
near 55300 & 55800. Day traders are advised to sell intraday on
rise. (Sell around 55300 with SL 55800, for the target of 54700 &
54200.)
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