11/02/2010 04:40:00 PM
Your Advisor
MCX Trend
Gold Review- India's gold imports rose to 43 tonnes in October from 36.2 tonnes a year ago.
- Spot Gold prices closed at $1351.70/oz on Monday.
- Spread between MCX Dec Gold and Mini Gold contract is (-5) against the previous day of (-6).
Spot gold prices started the week on a weaker note, declining around 0.5% to close at $1351/oz, slightly above its intra-day low of $1348/oz. The yellow metal prices declined on Monday, taking cues from the movement in the US Dollar Index (DX) in the evening session. The inverse co-relation between the DX and the yellow metal has been very strong in the last couple of weeks as gold prices are mainly taking cues from the movement in the DX. The DX gained slightly on Monday, closing at 77.24 against a basket of six currencies.
On intraday basis, Spot Gold prices have support at $1345/$1336 whereas resistance is seen at $1360/$1372. Spot Silver prices shall find support at $24.33/$24.10 whereas resistance is seen at $24.92/$25.30 levels. MCX December Gold has support at 19635/19554 whereas resistance is seen at 19780/19840. MCX December Silver shall find support at 36495/36150 whereas resistance is seen at 37355/37890 levels.
Copper Trend
Copper prices gained around 1.2% on the LME, touching an intra- day high of $8377/tonne on Monday. On the MCX platform, the red metal prices gained more than 1%, to close at `373.05/kg yesterday. LME copper inventories declined by 925 tonnes to reach 367,575 tonnes yesterday. Threat of a worker strike at Chile's giant Collahuasi mine persist as the company continues to hold talks with the mine workers.
Copper prices will trade with a negative bias today with immediate support for MCX November contract seen at `369.10 further below; crucial support is seen at `365.30 levels. Whereas resistance is seen at `374.90 levels & further upwards at `377.60 levels.
Zinc Trend
Zinc prices will trade with a negative bias today with immediate support seen at `107.90 level for MCX November contract whereas crucial support is seen at `106.60 level. Short-term resistance is seen at `110.10 whereas major resistance is seen at `111.65 leve.
