MCX Gold June: As expected gold prices took out the previous highs. Dips to 17870-17900 to hold support for a rally towards 18265-18310.Fall below 17810 to lead into a corrective decline.
S1 17825 S2 17745 R1 17965 R2 18045
MCX Silver July: Dips to 29155 followed by 28925 to hold for a test of 29735 initially or even higher towards 29965.
S1 29330 S2 29150 R1 29670 R2 29850
MCX Copper June: Supports at 310.60-312.60 to hold for a test of 322.50-323.50 levels again. Unexpected fall below 310.60 to dent our bullish expectations.
S1 315 S2 311 R1 322 R2 326
MCX Crude Oil May: While prices stay below 3556 levels look for a dip towards 3398 or even lower. Only direct rise above 3557 to hint at bullish strength again.
S1 3425 S2 3385 R1 3495 R2 3535
MCX Zinc May: Minor bullish tendencies seen. Initial resistance is at 94.50-95.00 levels. Ideally prices should get capped here.supports are at 92.50 followed by 91.00.
S1 91.75 S2 90.75 R1 93.55 R2 94.55
MCX Lead May: Resistances at 93-93.50 to cap upside attempts for a fall back towards 88 levels. Unexpected rise past 95.25 to cause doubts on our bearish view.
S1 90.80 S2 89.80 R1 92.60 R2 93.60
MCX Nickel May:In consolidation mode now. Dips to 1009 followed by 995 to hold for a test for 1045-1050 or even higher.Only a direct fall below 965 to dent our bullish view.
S1 1014 S2 1002 R1 1034 R2:1046
MCX Natural Gas May: Dips to 185-186 to hold for 195-198 or even higher to 205 levels now.
S1 184.40 S2 180.40 R1 190.40 R2 194.40
S1 17825 S2 17745 R1 17965 R2 18045
MCX Silver July: Dips to 29155 followed by 28925 to hold for a test of 29735 initially or even higher towards 29965.
S1 29330 S2 29150 R1 29670 R2 29850
MCX Copper June: Supports at 310.60-312.60 to hold for a test of 322.50-323.50 levels again. Unexpected fall below 310.60 to dent our bullish expectations.
S1 315 S2 311 R1 322 R2 326
MCX Crude Oil May: While prices stay below 3556 levels look for a dip towards 3398 or even lower. Only direct rise above 3557 to hint at bullish strength again.
S1 3425 S2 3385 R1 3495 R2 3535
MCX Zinc May: Minor bullish tendencies seen. Initial resistance is at 94.50-95.00 levels. Ideally prices should get capped here.supports are at 92.50 followed by 91.00.
S1 91.75 S2 90.75 R1 93.55 R2 94.55
MCX Lead May: Resistances at 93-93.50 to cap upside attempts for a fall back towards 88 levels. Unexpected rise past 95.25 to cause doubts on our bearish view.
S1 90.80 S2 89.80 R1 92.60 R2 93.60
MCX Nickel May:In consolidation mode now. Dips to 1009 followed by 995 to hold for a test for 1045-1050 or even higher.Only a direct fall below 965 to dent our bullish view.
S1 1014 S2 1002 R1 1034 R2:1046
MCX Natural Gas May: Dips to 185-186 to hold for 195-198 or even higher to 205 levels now.
S1 184.40 S2 180.40 R1 190.40 R2 194.40
MCX SILVER TRADING STRATERGY;-
Hold long position with a stop loss of 28370.
Corrective dip to 29148-28702 can be used for buying.
Expect higher range of 29927-31152 to be tested
MCX GOLD TRADING STRTERGY;-Traders still holding long positions can use rise to 18225-18465 to exit long and take profits.
Volatility is wide therefore risk is higher on any directional trade.
14 day RSI is likely to show negative divergence shortly.
Spot Gold > Yesterday at 11 30pm=1218.75. Now 1227. Overnight high=1233.65.
USD/INR(Reuters spot): Close 45.0700. Now 45.21.
MCX Kilo Gold: Close=17897. High 18040.Expected opening in MCX Kilo Gold: Near 18037
INDIA'S GOLD ETF VOLUMES CROSS 10 TONNES IN APRIL (Source Reuters)
India's gold collection under exchange-traded funds more-than-doubled to cross the 10-tonne mark in April, when the yellow metal gained more than 5 percent, data from the funds showed.
Volumes crossed the 10-tonne mark for the first time since 2007, when Benchmark Mutual Fund launched its first gold ETF. Though gold collections under ETFs are growing, they remain miniscule against India's imports of about 400-700 tonnes annually.
Gold ETFs -- instruments that can be traded like shares and are backed by physical gold holdings -- are more than three years old and the segment may get crowded with some other funds planning to enter.
The following table shows ETFs' gold holdings in metric tonnes and their value in billion rupees:
Volumes crossed the 10-tonne mark for the first time since 2007, when Benchmark Mutual Fund launched its first gold ETF. Though gold collections under ETFs are growing, they remain miniscule against India's imports of about 400-700 tonnes annually.
Gold ETFs -- instruments that can be traded like shares and are backed by physical gold holdings -- are more than three years old and the segment may get crowded with some other funds planning to enter.
The following table shows ETFs' gold holdings in metric tonnes and their value in billion rupees:
FUNDS End Apr 2010 End Apr 2009
Gold *AUM Gold *AUM
=============================================================
Benchmark 4.764 7.98 2.012 2.86
UTI 2.185 3.18 1.329 0.50
Kotak 0.738 1.30 0.341 0.50
Reliance 1.637 2.62 1.249 1.82
Quantum 0.106 0.19 0.050 0.07
SBI GETS 0.633 1.07 NA NA
===========================================================
10.063 16.34 4.981 7.01
Gold *AUM Gold *AUM
=============================================================
Benchmark 4.764 7.98 2.012 2.86
UTI 2.185 3.18 1.329 0.50
Kotak 0.738 1.30 0.341 0.50
Reliance 1.637 2.62 1.249 1.82
Quantum 0.106 0.19 0.050 0.07
SBI GETS 0.633 1.07 NA NA
===========================================================
10.063 16.34 4.981 7.01
USD/INR spot: . Pull backs faced resistance at 45.3
yesterday on anticipated lines. Favoured view expects strength of
these rallies to slow down if unable to clear 45.3/45.34. A close above
45.39 would extend bullish sentiments targeting 45.89 and thereafter
46.9
yesterday on anticipated lines. Favoured view expects strength of
these rallies to slow down if unable to clear 45.3/45.34. A close above
45.39 would extend bullish sentiments targeting 45.89 and thereafter
46.9
TECHNICALLY GOLD;-Bargain hunting likely to continue support prices and edge higher. 1227 should give an intermediate floor to early trades, and
attempt to edge higher towards 1237 initially and then 1248. The long term view of 1330 is back in the horizon
attempt to edge higher towards 1237 initially and then 1248. The long term view of 1330 is back in the horizon
SPOT GOLD:-Hold long positions with a stop loss of 1200.
Expect higher range of 1243-1277 to be tested.
The trend line shown in red color is being tested.
It needs to be seen how it can sustain at higher levels.
The trend line is likely to offer resistance
SPOT SILVER;-
Traders can Hold long positions with a stop loss of 18.10$.
Corrective dip to 19.02$-18.61 can be used for buying with a stop loss of 18.10$.
Expect higher range of 19.68$-20.75$ to be tested.
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