2/28/2011 07:53:00 PM
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Bullion Metal Trend
Precious metals got support from the weak economic data dissipated from U.S. showing a weaker growth but soon lost their shine a 3 year high Michigan Consumer Sentiment Index. Some profit booking was also seen in the Precious Metal complex. Gold Apr futures on COMEX fell by 0.46% to $1,409.3/troy ounce from $1,415.80/troy ounce while Silver Mar futures also declined by 0.81% to $32.9/troy ounce from $33.17/troy ounce. Gold/Silver ratio rose to 42.7 on Friday from 42.63 the prior day.
Today in the afternoon session we have the inflation data from Euro zone and is expected to remain flat to 2.4 percent on year on year basis. If the inflation is more than expected then the prospects of a rate hike would strengthen and would support the Euro. Today in the later session of the day we have U.S. spending data which is expected to increase by 0.4 percent. Any deviation to upside would support the prices of the precious metals complex. Today Gold prices will face resistance at $1,415/troy ounce and $1,420/troy ounce level i.e. at Rs.20,939/10gm and Rs.20,977/10gm level in MCX April contract while on the lower side Support can be seen at $1,402/troy ounce and $1,394.6/troy ounce level i.e. at Rs.20,939/10gm and Rs.20, 917/10gm level.
Silver Trend
Silver prices likely to face resistance at $32.5/troy ounce and $33.8/troy ounce level i.e. at Rs. 49,767/kg and Rs.50,313/kg level in MCX March contract. While on lower side prices can take support at $32.5/troy ounce and $31.6/troy ounce level i.e. at Rs.49,767/kg and Rs.49,433/kg.
Crude Oil Trend
Crude oil Apr futures on NYMEX rose by 0.62% to $97.88/barrel from $97.28/barrel amid unrest spreading to Oman, Lebanon and Saudi Arabia. Even though on Friday NYMEX boosted the margin requirement on oil futures for the first time since March 2009 as crude traded above $100 a barrel to $6,075 per contract from $5,063 failed to pressurize the crude oil prices. The latest change on ICE also showed a boost in the Brent margin to $5,200 from $4,850 per contract along with the news in the market that Saudi Arabia has boosted the oil supplies by 9 million barrels per day were kept aside. What weighed on the bearish news were the unrest which continued in Libya and Bahrain along with the unrest which started yesterday in Saudi Arabia, OPEC’s largest oil producer.
Zinc Review
Zinc prices have resistance at Rs.114.4/kg and Rs.113.7/kg level in MCX March contract and selling can be seen there. While on lower side prices are expected to target Rs.109.7/kg and Rs.108/kg level.
Nickel Review
Nickel prices have resistance at Rs.1,293/kg and Rs.1,303.8/kg level in MCX March contract and selling can be seen there. While on lower side prices are expected to take support at Rs.1,262/kg and Rs.1,241.8/kg level.
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