5/05/2011 05:49:00 PM
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MCX Commodity Review
Gold Trend
Gold June futures on COMEX continued to end in red yesterday and fell by 1.63 percent to close at $1,515.3 per troy ounce from $1,540.4 per troy ounce the prior day. Silver futures on the hand got pressurized by the rise in Margins by Chicago Mercantile Exchange and extended their losses yesterday, plummeting by 7.50 percent to close at $39.383 per troy ounce from $42.576 per troy ounce the prior day. Investment demand for the Precious Metals still remains to be seen as investors started taking
profits and redemption was seen in Precious Metal’s ETF. Holdings at SPDR Gold ETF fell down by 4.55 tonnes on 4th May, 2011 to 1,219.94 tonnes while that of iShares Silver trust holdings also saw a decline by 521.80 tonnes yesterday which made the holdings stand at 10,387.26 tonnes. Gold/Silver ratio rose yesterday to 38.3 from 36.82 the prior day pointing to weak investment demand for the white metal.
Today in the evening session of the trade we have U.S. Jobless claims data scheduled to release with negative expectation for the Precious Metals. In the evening session of the trade we also have the Euro Zone interest rate announcement which if increased would support the Precious Metals Complex. Today Gold prices will face resistance at $1,537.4/troy ounce and $1,559.4/ troy ounce on COMEX June futures i.e. at Rs.22,380/10gm and Rs.22,630/10gm. in MCX June contract while on the lower side Support can be seen at $1,499.4/troy ounce and $1,461.4/troy ounce i.e. at Rs.21,948/10gm and Rs.21,520/10gm. in the MCX June contract.
Silver trend
Silver prices likely to face resistance at $41.1/troy ounce and $42.9/ troy ounce level on COMEX May futures i.e. at Rs.62,835/kg and Rs.65,620/kg. in MCX July contract. While on lower side prices can take support at $38.8/troy ounce and $36.5/ troy ounce level i.e. at Rs.58,160/kg and Rs.53,500/kg. in MCX July contract.
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