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Wednesday, February 14, 2007
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Bullion Report
Feb 2 2007 9:30AM
2nd Feb 2007 Bullion Report

GOLD
FUNDAMENTALS  
Gold futures climbed their highest level since mid-August, ready to extend their winning streak to three sessions as recent strength in oil prices and a dip in the value of the dollar helped lift prices for the precious metals past $660 an ounce. In London spot market gold was offered at $657.50 per troy ounce, up $4.60.

IMF is expected to sell 400 tonnes (about US$6.6bn worth) of gold as recommended by advisory panel that includes (ex fed chairman) Alan Greenspan and (European Central Bank president) Jean-Claude Trichet.

The World Gold Council is lobbying China to remove a tax on gold trading to boost demand.

Comex warehouse stocks rose 27,810 ounces to 7,459,165 ounces.

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Gold gains as dollar drops. Bulls  
2.
 IMF may sell 400 tonnes of gold. Bears
3.
 Remove tax WGC tells China. Bulls 
4.
 Comex warehouse stocks up 27,810 ounces. Bears


EVENT WATCH: (Monday)
Australia Dec international trade data
Euro zone Dec PPI (1000 GMT)
US Jan non-farm payrolls, jobless rate, hourly earnings, consumer sentiment
 
TECHNICALS
Gold charts are giving mixed signals. Close above short term EMAs supports bulls. Rising MACD in positive zone indicate increasing bullish momentum. However, stochastic is negative in neutral region. Prices are likely to see some volatility.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-Feb
Buy
> 9300
9365
9400
9270
9235
9275
9329
9427
9468





SILVER
FUNDAMENTALS  
Silver prices advanced ahead helped by strong growth in US economy. In London spot market silver was offered at $13.69 per troy ounce, up 17 cents. Comex March silver climbed 10 cents to $13.64 an ounce.

Copper prices ease further on news the unions at BHP Billiton's Cerro Colorado mine have agreed to a further five days of labour negotiations. LME copper for three-month delivery was down at $5,717 a tonne

Comex warehouse stocks rose 11,660 ounces to 113,969,680 ounces.

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Silver firms up as US economy scripts strong growth. Bulls
2.
 LME copper prices eases. Bears
3.
 Comex warehouse stocks up 11,660 ounces. Bears


EVENT WATCH:
Events covered under gold section
 
TECHNICALS
Silver is continuing its positive trend, but is showing some hesitation at higher levels. The prices closed above EMAs which suggests that the uptrend is intact. Stochastic are negative in overbought zone. MACD is running upward in positive zone which indicates increase in bullish momentum. The prices are likely to see some volatility.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-Mar
Buy
> 19960
20250
20360
19850
19777
19867
20092
20340
20497
 
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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