Gold MCX Trend
Gold looking consolidate from this level & sustain at the same level after world gold movemnt.The European Union finance ministers prepared to meet in Brussels today in early night session to discuss new budget rules, financial firewall to protect indebted states and the proposed Greek Debt swap.As per the latest release from the Commodities Futures Trading Commission for the period 10th Jan – 17th Jan, 2012, Money Managers increasedtheir long bets on the Precious Metals Complex while the prices of Gold and Silver surged by 1.48 percent and 1.07 percent respectively during the period. The Net long positions for the Non
Commercial Traders showed an increase of 2.46 percent and 20.97 percent during the period in Gold and Silver futures respectively.
Silver MCX Trend
MCX Silver seems bullish for today trading session, after dollar down silver continue on bullish side. Today from morning session was showing bullish trend & from the level of 56500 a clear buying level seems. COMEX Silver Mar futures surged sharply compared to Gold Futures and edged up by 3.82 percent to $31.675 per troy ounce from $30.509 per troy ounce the prior day. Investment demand for the white metal too remained muted as holdings at iShares Silver trust remained unchanged on Friday. Gold/Silver ratio showed that silver looked more preferable option. compared to Gold as the ratio slid down to 51.79 on Saturday from 52.41 the prior day.
Base Metal Trend
Base Metals complex sentiments were mixed as on side we had the declining LME inventories in Copper, Nickel and Lead while on the other side the stronger greenback and Chinese New Year Holidays prompted investors to liquidate their positions. COMEX Copper Mar futures pared their prior day gains and fell on Friday by 1.46 percent to $3.7450 per pound from $3.8005 per pound the prior day. LME Copper Feb futures fell by 1.76 percent to $8,216.0 per ton on Friday compared to the prior day.
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