5/02/2011 06:02:00 PM
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MCX Commodity trend
Gold June futures on COMEX rose by 1.65 percent to close at $1,556.4 per troy ounce on 29th Apr, 2011 from $1,531.2 per troy ounce on 28th Apr, 2011. Silver May futures on COMEX also showed a sharp gain of 2.24 percent and rose for the third consecutive day to close at $48.584 per troy ounce on 29 th Apr, 2011 form $47.520 per troy ounce on 28th Apr, 2011. In spite of the surge in the futures prices, investment demand remained subdued with holdings at SPDR Gold ETF remaining unchanged on Friday and redemption seen in iShares Silver trust holdings which fell by 31.86 tonnes to 11,021.34 tonnes on Friday. Gold/Silver ratio rose to 32.22 on Friday from 31.65 the prior day showing tepid investment demand for the white metal.
Today Precious Metals Complex got pressurized due to strengthening dollar index and rise in Silver margins by the Chicago Mercantile Exchange. Today Gold prices will face resistance at $1,573.4/troy ounce and $1,594.0/ troy ounce on COMEX June futures i.e. at Rs.22,687/10gm and Rs.22,900/10gm. in MCX June contract while on the lower side Support can be seen at $1,536.5/troy ounce and $1,499.0/troy ounce i.e. at Rs.22,347/10gm and Rs.22,000/10gm. in the MCX June contract.
Silver prices likely to face resistance at $47.5/troy ounce and $50.7/ troy ounce level on COMEX May futures i.e. at Rs.68,860/kg and Rs.72,320/kg. in MCX May contract. While on lower side prices can take support at $41.6/troy ounce and $35.7/ troy ounce level i.e. at Rs.63,081/kg and Rs.57,302/kg. in MCX May contract.
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