Tag Archives: silver tips

Bullion to remain under pressure, sell on rise: Emkay

19 Jun

In an interview to CNBC-TV18, Ashok Mittal, CEO of Emkay Commodities spoke about the current trend in commodities market.

Below is a verbatim transcript of the interview:

Q: How would you approach bullion going into that Federal Open Market Committee (FOMC) meet today?

A: We are expecting that there will be a lot of pressure on bullion prices , although they have moved up little bit in the last few sessions largely in India because of the weakening of rupee. We think that USD 1400 per ounce remains a strong resistance for gold. Hence we are recommending to sell it at any upside towards USD 1375-1385 per ounce. We expect gold to come back around USD 1320 per ounce or so. Once USD 1320 per ounce breaks then we can expect further downside.

In the Indian market, Rs 28,100-28,200 per 10gm is a selling level and we expect it to come back to Rs 27,500 per 10gm and maybe lower than that.

People will be looking at what Ben Bernanke says because although we do not expect them to say that this USD 85 billion bond buying will be stopped but they might put some kind of conditions on that. If there is any kind of condition then obviously there will be further pressure on bullion prices. So overall the prices will remain under pressure.

Similarly, for silver also we think that USD 22 per ounce is a resistance and we can sell there and we expect silver prices to fall back.

In rupee terms we expect silver prices to fall somewhere around Rs 42,500-42,800 per kilogram range. So we should sell both gold and silver on the uptick.

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Q: There seems to be reports that money is flowing back into crude now as an asset class, how would you trade that particular commodity and at what kind of targets?

A: We expect that the broader long-term range for nymex crude oil will be somewhere around USD 80-100 per barrel approximately. We are on the higher band on that technically. We expect that around USD 100 per barrel Nymex crude should get strong resistance .

Today the data will be out and we expect that inventories will be lesser, we cannot see some kind of uptick happening. But overall inventory levels are quite high and right now the tension in Syria is something which is driving the prices on the higher side. Economic outlook is changing drastically, where we see a lot of demand coming in. There is a lot of supply available and there is no such thing that Organization of Petroleum Exporting Countries (OPEC) will cut down on the production side as well.

So our idea is that for short-term we might see some uptick happening but we do expect that crude oil prices also will not be rising too much and we can sell them maybe at some uptick when we see today’s data and we expect that Nymex crude should come back to around USD 95-94 per barrel.

Commodity bets: Buy gold, sell silver & crude

15 May

Priyank Upadhyay of SSJ Finance & Securities suggests selling gold around Rs 26,800-26,850 per 10gm. Place a stop loss for this trade at Rs 27,000 per 10gm for a target of Rs 26,300-26,400 per 10gm.

Hitesh Jain of IIFL advocates selling natural gas around Rs 220 per kilogram. Jain says, “Keep a stop loss for this trade at Rs 224.30 per kilogram for a target of Rs 213 per kilogram”.

Dipen Shah of Stayvan.com recommends buying MCX silver on dips around Rs 44,200 per kilogram. “Maintain a stop loss for this trade at Rs 43,900 per kilogram for a target of Rs 45,200 per kilogram”, Shah adds.

Sreekanth Jha of PJ Commodity Ventures advises selling MCX crude around Rs 5,250 per barrel with a target of Rs 5,100-5,150 per barrel.

Priyank Upadhyay of SSJ Finance & Securities suggests selling gold around Rs 26,800-26,850 per 10gm. Place a stop loss for this trade at Rs 27,000 per 10gm for a target of Rs 26,300-26,400 per 10gm.

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MCX SILVER May contract advances 1.2%

3 May

SILVER prices on MCX advanced. At 11:06 hrs MCX SILVER May contract was trading at Rs 45097 up Rs 556, or 1.25 percent. The SILVER rate touched an intraday high of Rs 45146 and an intraday low of Rs 44120. So far 158 contracts have been traded. SILVER prices have moved down Rs 20404, or 31.15 percent in the May series so far.

MCX SILVER July contract was trading at Rs 45156 up Rs 523, or 1.17 percent. The SILVER rate touched an intraday high of Rs 45190 and an intraday low of Rs 44896. So far 3858 contracts have been traded. SILVER prices have moved down Rs 19854, or 30.54 percent in the July series so far.

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MCX SILVER September contract was trading at Rs 46008 up Rs 517, or 1.14 percent. The SILVER rate touched an intraday high of Rs 46029 and an intraday low of Rs 45814. So far 119 contracts have been traded. SILVER prices have moved down Rs 11311, or 19.73 percent in the September series so far.

Source: http://www.moneycontrol.com/news/commodities/mcx-silver-may-contract-advances-12_864028.html

 

Gold hovers near 19-month low; bargain buying on

17 Apr

Indian gold futures edged lower on Wednesday, near their lowest level in more than 19 months, on losses in the global markets and a stronger rupee, triggering bargain buying among physical traders.

The actively traded gold contract for June delivery on the Multi Commodity Exchange (MCX) was 181 rupees lower at 25,585 rupees per 10 grams.

US gold for June delivery was 0.37 percent lower at $1,382.2 an ounce. The rupee, which firmed in trade on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.

“There are many buyers after consolidation in prices … sales will rise for Akshaya Tritiya,” said SK Jain, vice-president of All India Sarafa Association.

India, the world’s biggest buyer of the yellow metal, will celebrate Akshaya Tritiya, a key gold buying festival, next month. The wedding season has also begun and will continue till early June.

India has been trying to curb imports to put a lid on the record-high current account deficit. The federal government raised the import duty on gold, which it called a dead investment, by 50 percent to 6 percent in January.

On April 2, Finance Minister P. Chidambaram suggested the government was unlikely to raise the import tax on gold further to avoid gold smuggling.

May silver was 592 rupees lower at Rs 42,603 per kilogram.

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Source: http://www.moneycontrol.com/news/commodities/gold-hovers-near-19-month-low-bargain-buying-on_854157.html