5/06/2011 06:03:00 PM
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MCX Bullion Trend
Gold June future on COMEX extended their losses and fell by 2.24 percent to close at $1,481.4 per troy ounce yesterday from $1,515.3 per troy ounce the prior day. Silver May futures on COMEX fell sharply by 8.0 percent to close at $36.231 per troy ounce on 5th May, 2011 from $39.383 per troy ounce the prior day. Investment demand for the Precious Metals continued to remain subdued for the fifth consecutive day and we saw redemption of 118.34 tonnes in iShares Silver trust and holdings stood at 10,268.92 tonnes yesterday while that of SPDR Gold ETF also fell down by 11.52 tonnes to 1,208.42 tonnes yesterday. Gold/Silver ratio continued to edge upwards to 41.23 and today a GAP UP was seen and it opened higher to 42.47 which showed feeble investment demand for the white metal.
Today in the evening session of the trade we have U.S. Nonfarm Payroll Change which is expected to show dismal numbers, however a more than expected rise in the figure would dent the Precious Metals Complex. WE also have the unemployment rate which will also show the health of the labor market in U.S. Today Gold prices will face resistance at $1,514.8/troy ounce and $1,548.3/ 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 $1,455.2/troy ounce and $1,395.6/troy ounce i.e. at Rs.21,450/10gm and Rs.21,155/10gm. in the MCX June contract.
Silver Review
Silver prices likely to face resistance at $39.0/troy ounce and $41.8/ troy ounce level on COMEX May futures i.e. at Rs.59,812/kg and Rs.61,620/kg. in MCX July contract. While on lower side prices can take support at $33.9/troy ounce and $28.8/ troy ounce level i.e. at Rs.52,020/kg and Rs.46,665/kg. in MCX July contract.
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