12/30/2011 05:56:00 PM
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MCX Data
Positive economic data from U.S. allayed the global economic concerns while the Italian Bond sales showed mixed data.
Chinese Manufacturing activity contracted for the second month in December, 2011 fuelling speculation that a reserve requirement cut is expected to be seen soon.
Gold MCX Trend
Gold again climbed after heavy down trend & from this level it seems bullish if it will touch 27260, overall trend is bullish. Because of data gold show posstive basis. The drastic decline in the Precious Metals Complex continued yesterday amid stronger greenback and mixed Italian Bond Sales which failed to meet the set target though the yields declined. Today the data release early morning showed manufacturing contraction in China, the world’s second largest economy and hence could be negative for the market and hence pressurize the Precious Metals.
Silver MCX Trend
Data supported silver & it again bounce backed from the last level of 49150. In COMEX Silver Mar futures on the other hand were moved by the industrial demand for the metal and closed the day on a higher note when they pared their declines and surged by 0.30 percent to $27.315 per troy ounce from $27.234 per troy ounce the prior day. Holdings at iShares Silver trust also remained unchanged yesterday. MCX Silver looking good for buying from the level of 51550+.
Crude Updates
U.S. Crude oil stocks increased unexpectedly by 3.9 million barrels to 327.5 million barrels when analysts expected a decline of 2.3 million barrels for the week ended 23rd Dec, 2011 from 323.6 million barrels in the prior week. Crude intraday trend is looking bullish & we ecpect more correction in crude.
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