Expect Gold prices to trade weak today: Nirmal Bang

Nirmal Bang has come out with its report on Gold, Silver, Copper, Nickel, Lead and Crude.


Gold prices are expected to trade weak as it has broken and close below the support of 29500. Prices are expected to test 29100 on lower end. Sell on rise till 29500.

Silver prices are likely to trade lower below 52550, one can witness a heavy sell off once it closes below 52550.

Copper prices are expected to trade lower till 417 -416, one can expect a bounce till 421- 421.50 whereby we expect selling pressure to continue. Maintain a stop loss above 424.

Nickel prices are expected to test 890 885 on lower end. One can sell on rise around 905 with a stop loss above 915. Oscillators indicating a negative move ahead.

Lead prices are expected to trade lower one can sell around 104 -104.20 with a stop loss above 1054.20.

Crude prices are likely to trade lower as it resisted 4815 on higher end and prices are likely to test 4670 -4650.

Source:http://www.moneycontrol.com/news/brokerage-recos-commodities/expect-gold-prices-to-trade-weak-today-nirmal-bang_728818.html

Gold Prices Move Up Marginally; Silver Prices Lower

Gold prices are fluctuating between gains and losses today as sagging global economy prompted investors to seek safety in U.S. dollars. Meanwhile, silver prices have edged lower in trading today.

The dollar index—a gauge on U.S. unit’s performance relative to a basket of six major currencies—showed that greenback stayed close to its one month high earlier this week, while euro slumped to almost two year low against the U.S. dollar.

The euro already weighed by member countries’ rising borrowing cost and economic slowdown, faced yet another jolt on Tuesday when a data published in China showed that country’s imports in June nearly halved compared to the last year. For the euro zone, especially, Germany, China serves as one of the biggest export market.

Dollar and gold prices are inversely related. In other words, rising dollar will lessen the demand for dollar priced gold in international markets. In technical terms, the inverse correlation between gold and dollar stood at -0.55 on Tuesday- which was the strongest inverse correlation in almost two years. A correlation reading of -1 indicates perfect inverse correlation.

At last check, gold futures for August delivery edged up 0.27%, at $1,593.40 before falling to $1,586.10 an ounce, earlier in the session.

Commenting over lack of demand in the bullion market, Li Ning, an analyst at Shanghai CIFCO Futures, said to Reuters, “The market is being a little pessimistic and cautious about the global economy, and investors are choosing the dollar as the top safety haven. The strength in the dollar is in turn putting pressure on gold prices.”

According to Wang Tao, a technical analyst at Reuters, spot gold could drop below $1576 an ounce on Tuesday.

Meanwhile Merrill Lynch, in its research note to its investors wrote that ongoing euro zone crisis will weigh on gold prices as euro is likely to remain under pressure. However, the bank also maintained that gold prices could get a boost should the fed decides to provide another round of quantitative easing.

At last check, silver futures were down 0.11%, at 27.415.

Source: http://fyxnews.com/smw/30428/Gold-Prices-Move-Up-Marginally-Silver-Prices-Lower#ixzz20E0aPQze

Gold price dips below 30k, weak global cues

Gold prices today fell to a one-month low of Rs 29,900 per 10 grams by losing Rs 130 per in the bullion market here today on fall in demand amid weak trend in overseas markets.

Silver declined by Rs 200 to Rs 53,000 per kg on reduced offtake by industrial units and coin makers at existing high levels.

Traders said sentiment turned bearish after gold declined in the global markets as a stronger dollar curbed demand for the metal as an alternative investment.

In London, gold fell by 0.1 per cent to USD 1,585.43 an ounce, while silver shed 0.4 per cent to USD 27.23 an ounce.

Sluggish demand at prevailing higher levels and shifting of funds by investors from bullion to firming equity markets also influenced the sentiment, they added.

On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 130 each 29,900 and Rs 29,700 per 10 grams respectively, a level last seen on June 11.

Sovereign remained steady at Rs 24,400 per piece of eight grams.

Silver ready declined by Rs 200 to Rs 53,000 and weekly-based delivery by Rs 5 to Rs 53,225 per kg.

Silver coins held steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Source:http://www.indianexpress.com/news/gold-price-dips-below-30k-weak-global-cues/972631/