Tag Archives: silver

Gold Futures Continue Higher after Strong Week

15 Jul

mcx gold trading

Gold futures built on last week’s new found momentum to traded higher in the early part of Monday’s Asian session as traders continued to nibble at the yellow metal amid still deeply discounted prices.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery rose 0.86% to USD1,288.55 per troy ounce in Asian trading Monday after settling up 0.3% on Friday to settle the week at USD1,284.15 a troy ounce.

Gold futures were likely to find support at USD1,237.05 a troy ounce, the low from July 8 and resistance at USD1,301.75, the high from June 21. Last week, gold prices rallied 4.9%, the biggest weekly gain since October 2011.

In U.S. economic news published last Friday, a Labor Department report showed U.S. wholesale prices rose 0.8% last month, the biggest gain since September 2012. That follows a 0.5% increase in May. Economists expected a June increase of 0.5%.

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The Thomson Reuters/University of Michigan preliminary index of consumer sentiment fell to 83.9 in July from 84.1 in June. Economists expected an initial July reading of 84.7.

Gold traders finally got some good news last week when Federal Reserve Chairman Ben Bernanke, in remarks delivered Wednesday, implied a possible tapering of the Fed’s quantitative easing program is not as imminent as previously believed. That sent the U.S. dollar sliding and dollar-denominated commodities such as gold soaring.

Bernanke said last month the central bank could begin tapering its USD85 billion-a-month asset purchase program by the end of 2013 and wind it down completely by the middle of 2014 if the economy picks up as the central bank expects.

Elsewhere, Comex silver for September delivery jumped 0.90% to USD19.970 per ounce while copper for September deliver dropped 0.51% to USD3.138 an ounce.

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Gold Heads for Biggest Weekly Gain in Two Years

12 Jul

Federal Reserve Chairman Ben Bernanke said on Wednesday that the overall message from the central bank was that a “highly accommodative policy is needed for the foreseeable future”.

mcx gold

Gold rose for a fifth session on Friday, on track for its biggest weekly gain in nearly two years on easing fears of an early end to US monetary stimulus that as boosted bullion’s appeal as a hedge against inflation.

Fundamentals

Spot gold had climbed 0.1 percent to USD 1,286.21 an ounce by 0016 GMT. It touched close to USD 1,300 on Thursday, its highest in three weeks.

Bullion has gained 5 percent so far this week, on course for its largest weekly climb since October 2011.

Comex gold and silver were also trading near multi-week highs hit on Thursday.

Federal Reserve Chairman Ben Bernanke said on Wednesday that the overall message from the central bank was that a “highly accommodative policy is needed for the foreseeable future”.

Financial markets, which had tumbled after Bernanke said last month that the Fed’s USD 85 billion in monthly bond purchases could be scaled back this year, jumped on Thursday with the Dow and S&P 500 indices hitting all-time closing highs.

Gold, still down nearly 25 percent this year, could face further headwinds as some investors jump to rallying stocks, dumping holdings in gold-backed exchange traded funds.

Investors pulled USD 998.8 million from commodities and precious metals funds, up from withdrawals of USD 92.6 million the prior week, data from Thomson Reuters’ Lipper service showed on Thursday.

Gold traders in India, the world’s biggest buyer of the metal, refrained from fresh purchases as prices climbed to their highest level in more than two weeks.

Market News

The US dollar fell to multi-week lows against the euro and yen on Thursday as traders scaled back expectations the Fed would slow its asset purchases in the coming months.

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Commodity bets: Sell gold; buy silver & crude

28 Jun

Commodity experts are upbeat on silver and crude, they advise buying them. However, they are not bullish on gold, hence suggest selling it.

Priyank Upadhya of SSJ Finance and Securities suggests buying silver around Rs 39,000 per kilogram with stop loss below Rs 38,500 per kilogram and target around Rs 40,000-40,400 per kilogram.

Hitesh Jain of IIFL advocates selling MCX gold at Rs 25,500 per 10gm with target of Rs 25,000 per 10gm and stop loss of Rs 25,850 per 10gm.

Dipen Shah of Stayvan.com advises buying crude. “Any dips in prices around Rs 5,770 per barrel should be used for buying on MCX with strict stop loss of Rs 5,750 per bbl and expect Rs 5,820 to 5,840 per bbl on the higher side on MCX,” Shah adds.

Shreekanth Jha of PJ Commodity Ventures recommends selling gold at Rs 25,500 per 10gm for an immediate target of Rs 25,000 per 10gm.

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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.

What would move Gold, Silver today

30 May

Two key data releases are awaited for the day and yes, it is from US. Both releases—US GDP QoQ and initial jobless claims—are scheduled for around 07.00 PM IST.

The US GDP is forecast to have grown by 2.5% in the first quarter of this year (January-March). If the reading turns out to be a positive surprise i.e. to the upside, it would strengthen US Dollar and thereby weaken bullion prices.

The other data release scheduled for the evening for 7.00 PM IST is US Initial Jobless Claims. The data measures the number of people who have applied for unemployment insurance for the first time during the past week.

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If the data released exceeds the forecast of 3,40,000 in numbers, then it would give a fillip to dollar and weaken the precious metals gold and silver.

Besides, the data would also be tracked by US Federal Reserve’s FOMC (Federal Open Market Committee) as the debate on whether or not to continue with QE measures rages on.

The FOMC, responsible for initiating Quantitative Easing measures that involves bond-buying to the tune of $85 billion a month, has tethered the termination of the program to job market recovery and healthy inflation.

Both gold and silver have been plagued by correction and are entrapped in a stalemate condition ever since news arrived that George Soros has liquidated his holdings in SPDR Gold Trust, world’s biggest ETF of gold. While physical demand of gold has picked up recently, it has failed to buoy prices beyond a point.

“Physical buyers have helped to limit declines but they have also become more price-sensitive and tend to stay on the sidelines near $1,400,” said Yang Shandan, a senior trader at Cinda Futures Co., in China to Bloomberg.

Total holdings in ETPs have dipped to the lowest level since June 2011, shrinking by 5.4 percent this month, according to data compiled by Bloomberg.

Barclays notes:

“Market sentiment remains negative towards gold with non-commercial Comex gold positions at their lowest since December 2008 and ETP outflows showing little sign of slowing down. Net redemptions have hit 94 tons in May thus far (as of Saturday), and once again negative interest is skewed towards the US listed products, with GLD down 58 tons and at its lowest since February 2009.

On a regional basis, US listed products have suffered the largest outflows of 341 tons for the year to date, followed by UK primary listed products at 48 tons and the Swiss listed products at 47 tons. Metal held in trust across the 55 physically backed products we track are now at their lowest since July 2011 with year-to-date outflows of 443 tons, almost the equivalent of the net inflows over the past two years (476 tons).”

Gold on the Comex for delivery on August 13 was seen trading at $1,394.25/oz, a gain of $2.45 or 0.18% as of 10.39 AM IST. Silver on the Comex for delivery on July 13 was seen trading at $22.433/oz, a loss of $0.020 or 0.09%.

Commodity Sources

MCX Silverm June contract trades lower

28 May

MCX Silverm prices have moved down Rs 22892, or 34.54 percent in the June series so far. At 11:04 hrs MCX Silverm June contract was trading at Rs 43393 down Rs 237, or 0.54 percent.

SILVERM prices on MCX slipped. At 11:04 hrs MCX SILVERM June contract was trading at Rs 43393 down Rs 237, or 0.54 percent. The SILVERM rate touched an intraday high of Rs 43585 and an intraday low of Rs 43300. So far 8148 contracts have been traded. SILVERM prices have moved down Rs 22892, or 34.54 percent in the June series so far.

MCX SILVERM August contract was trading at Rs 44035 down Rs 226, or 0.51 percent. The SILVERM rate touched an intraday high of Rs 44118 and an intraday low of Rs 43938. So far 368 contracts have been traded. SILVERM prices have moved down Rs 13127, or 22.96 percent in the August series so far.

 

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Bullion, base metals under pressure, sell on rally: Emkay

23 May

In an interview to CNBC-TV18, Ashok Mittal, CEO of Emkay Commodities shared outlook on commodities market.

Below is a verbatim transcript of the interview:

Q: How are you mapping commodities on a day like this when we have some poor Chinese data and generally the trend has been weakish?

A: The overall trend on the commodities market – whether it is bullion or base metals or energy products – remains quite under pressure.

On base metals, Chinese data is not very supportive and hence the outlook on the entire base metal pack, especially copper, looks little negative. We think that the prices will remain under pressure on the international markets as well as on the Indian market.

The only difference, which is applicable to all commodities whether bullions or base metals etc is the depreciation of rupee. While the international markets remain under pressure and we expect the prices to remain lower for most of the commodities – the fall in India on Indian rupee terms might be comparatively lesser because of the depreciation of the rupee. Whether it is gold, silver or base metals, the advise for investors is that they should look to sell on uptick.

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Q: Give us a word on what is happening with crude as well that is beginning to blink?

A: In crude, for a long-term perspective we had been saying that we expect the range to be between USD 80 per barrel to USD 100 per barrel. Inventory levels, which came yesterday, are quite good for gasoline as well as crude oil. The expectation in terms of demand increasing is comparatively much lesser.

We expect that crude prices will remain under pressure. In short-term, we expect them to go closer to USD 91-92 per barrel and we expect it should not go above USD 97 per barrel.

On Indian market, we are suggesting to sell crude somewhere around Rs 5,300-5,320 keeping USD 1 per barrel stop loss. We expect USD 2-3 per barrel downside. That means we might see levels of around Rs 5,200 per barrel or lower.

Another very interesting analysis that we have seen on the difference between Brent crude oil and Nymex crude oil is that gas, which used to be around USD 18-20 per barrel has shrunk to around USD 8 per barrel or so. So, we expect that while there will be a lot of pressure on the overall crude oil prices, Nymex crude oil will remain more under pressure because of the factor that the supply is more on that side whereas the Brent will remain not that much under pressure. So the gap between these two will increase further to USD 12-13 per barrel. So this will be a good trade for traders to do. They can buy Brent crude oil and sell Nymex crude oil.

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