Gold Trend
Gold rose more than 1 percent on account of Rupee depreciation. Gold hit record high of Rs 28,744/10 gms and ended its trading session at Rs28,200/10 gms last week. Holdings in the SPDR Gold Trust, world’s largest gold-backed exchange-tradedfund (ETF), rose 0.8 percent to 1241.92 tonnes till 9th September from the previous level of 1232.31 on 2nd September 2011.
Silver Trend
We except silver trade in pressure today,even though the day’s bias may remain choppy, breaks below 64400 would rejuvenate selling pressure towards 64000/62800 levels. On the higher side prices would be needed to close above 66000 to edge higher towards 67700 where the upper daily Ballinger band resistance is placed.
Crudeoil Updates
Dips to 4020-4000 are likely to invite bargain hunting that could lift prices towards 4090/4120 levels, which we favoured initially. However, it would be required to trade consistently above 4150 to continue further upside. A direct dip below 3990 would be an early signal of selling pressure till 3960/3920 levels.
Copper Trend
Copper Shanghai weekly Inventory rose sharply by 5.1 percent to 113,300 tonnes last week which acted as a negative factor for prices. On the MCX, copper declined 0.9 percent and touched a low of Rs 411.80/kg last week. Prices have cleared the rising trend line support of 414-412.50 regions in the early session. While prices stay below the same expect to continue the sell off towards 407/404, which we favour for the day. However an unexpected turn higher above 414 would be a signal of recovery, but unlikely for major short covering rallies later.
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