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Tuesday, March 06, 2007
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Bullion Report
Feb 17 2007 9:47AM
17th Feb 2007 Bullion Report

GOLD
FUNDAMENTALS  
Gold prices slipped lower on speculator liquidating long position. Mining majors were also seen liquidating their position. In London spot market gold was offered $3. 0 lower at $665.4 per troy ounce.

The US dollar was trading lower despite improved economic outlook. PPI numbers were in expected lines, but housing stats turned out to be disappointing. Oil prices trended firm.

China is expected to produce 260 mt of gold and add 700 mt of new gold mineral reserves in 2007, the NDRC said in its latest statement. China produced 240.07 mt of gold in 2006, up 7.15% year on year.

Comex warehouse stocks unchanged at 7,487,582 ounces.
TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Gold slips on speculator/mining liquidation. Bears
2.
 Softer US dollar, firm crude oil prices. Bulls 
3.
 China to produce 260 mt gold in 07. Bears
4.
 Comex warehouse stocks remain unchanged. Bears


EVENT WATCH: (Monday)
Hong Kong, China, Korea, Taiwan, Singapore and Malaysia markets closed
US Holiday: Presidents' Day
 
TECHNICALS
Gold is showing tentativeness at higher levels as depicted by the doji formation of candlestick. However, close above the short term EMAs suggests firmness in the market is intact. Rising MACD in positive zone indicate increasing bullish momentum. Stochastic is however negative in neutral region. Trade cautiously in the heated market.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-April
Buy
>9565
9610
--
9545
9488
9538
9585
9636
9660





SILVER
FUNDAMENTALS  
Silver prices were tamed by soft tone in gold and other precious metal prices. However, the metal continues to enjoy strong fundamentals. In London spot market silver quoted 12 cents lower at $13.89 per troy ounce.

Comex copper futures gained 8 ¼ cents on news that China imported 147,650 tonnes in January. Traders were seen taking out stops and covering their short position. On

Comex warehouse stocks gained 300,995 ounces to 115,738,970 ounces.

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Silver enjoys strong fundamentals. Bulls
2.
 Copper futures rally on China import report. Bulls
3.
 Comex stocks gained 300,995 ounces. Bears


EVENT WATCH:
Events covered under gold section
 
TECHNICALS
Silver is also showing reluctance at higher levels, doji formation of candlestick shows the same. The prices closed above EMAs suggest that the firmness is intact. Rising MACD in the positive zone also shows increasing bullish momentum. However, stochastic is negative in neutral region. The prices are likely to show volatility.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-Mar
Buy
> 20320
20385
20430
20285
20012
20142
20347
20508
20616
 
DISCLAIMER
This report is prepared exclusively for Reliance Commodities by Indian Rural Market Products Pvt Ltd (IRMPL). The information and opinions contained in the document have been compiled from sources believed to be reliable. IRMPL does not warrant its accuracy, completeness and correctness. Use of data and information contained in this report is at your own risk. This document is not, and should not be construed as, an offer to sell or solicitation to buy any commodities. IRMPL and its affiliates and/or their officers, directors and employees may have positions in any commodities mentioned in this document (or in any related investment) and may from time to time add to or dispose of any such commodities (or investment).

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Equities: Trading through Reliance Securities Limited | NSE SEBI Registration Number Capital Market :- INB 231234833 | BSE SEBI
Registration Number Capital Market :- INB 011234839 | NSE SEBI Registration Number Derivatives :- INF 231234833 Commodities : Trading through Reliance Commodities Limited | MCX member code: 29030 | NCDEX member code: NCDEX-CO-05-00647|
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