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Tuesday, March 06, 2007
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Bullion Report
Feb 23 2007 9:26AM
23rd Feb 2007 Bullion Report

GOLD
FUNDAMENTALS  
Gold prices retraced lower from nine-months high registered in the previous trading session. In London spot markets gold almost caught up with the previous close at $678.15 per troy ounce. Fresh signs of confrontation between the US and Iran over latter’s rigid stance on uranium enrichment.

Peru's gold output totaled 15,426 kilograms in December. For 2006 gold production totaled 203,269 kilograms.

US dollar was seen consolidating gains against Euro, benefited by smaller than expected US jobless claims.

Comex warehouse stocks remained almost unchanged at 7,487,276 ounces.

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Gold recovers on safe-heaven buying. Bulls 
2.
 Peru’s gold output totaled 203,269 kg. Bears
3.
 Stronger dollar against Euro, Yen. Bears
4.
 Comex warehouse stocks almost unchanged. Bears


EVENT WATCH: (Monday)
China and Taiwan markets closed
Japan Jan corporate services price index
Singapore Jan CPI
US EIA Natural Gas Report
 
TECHNICALS
Gold Charts are showing indecision in the market at higher levels as depicted by the doji formation of candlestick. The prices closed above short term EMAs, which supports bulls. Rising MACD in positive zone shows increasing bullish momentum. However, stochastic is negative in neutral region. The prices are likely to see volatile movements at higher levels.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-April
Sell
<9730
9680
9650
9760
9640
9670
9732
9770
9800





SILVER
FUNDAMENTALS  
Silver prices rebounded on a renewed investors interest and stronger gold. In London spot trades silver was offered 8 cents stronger at $14.31 per troy ounce.

Peru’s silver production in December was 323,293 kilograms. For the full-year 2006, it stood at 3,470,725 kilograms.

Comex warehouse stocks eased 40,603 troy ounces to 116.499 million troy ounces.

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Silver recovers on stronger gold. Bulls
2.
 Peru’s silver production rises. Bears
3.
 Comex stocks down 40,603 ounces. Bulls


EVENT WATCH:
Events covered under gold section
 
TECHNICALS
Silver is also showing some hesitation at higher levels. Spinning top formation of candlesticks depicts the same. The prices closed above short term EMAs, which shows the firmness in the market. MACD is moving upward in positive region, which indicates increasing bullish momentum. However, stochastic is negative in neutral region. The prices are likely to face stiff resistance at 20845 levels.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-Mar
Sell
< 20750
20600
20500
20850
20308
20494
20690
20845
21099
 
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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