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Tuesday, March 06, 2007
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Bullion Report
Feb 22 2007 9:27AM
22nd Feb 2007 Bullion Report

GOLD
FUNDAMENTALS  
Gold prices recovered in the European trade helped by renewed physical demand. However, prices were checked by soft oil prices. In London spot market gold was offered $1.25 up at $661.55 per troy ounce.

Golder Associates Pty Ltd, internationally recognized consultants of Indo Gold Ltd (IGL), have confirmed 38.5 million tonnes of low grade gold resources as per Australasian Joint Ore Reserves Committee (JORC) guidelines.

Gold's gains were also capped by a marginally stronger dollar, besides news that two European central banks sold around 5.8 tonnes of gold last week.

Comex warehouse stocks remained unchanged at 7,487,582 ounces.

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Gold recovers on renewed physical buying Bulls 
2.
 Australian company strikes gold in Rajasthan. Bulls 
3.
 Stronger dollar, ECB gold sale. Bears
4.
 Comex warehouse stocks remain unchanged. Bears


EVENT WATCH: (Monday)
China and Taiwan markets closed
Japan Jan trade
Euro zone Dec industrial orders
US Jan help wanted index, Feb Kansas City Fed manufacturing survey
 
TECHNICALS
Gold Charts are giving positive signals, however, long upper shadow shows tentativeness at higher levels. The prices closed above short term EMAs, which is a bullish sign. Rising MACD in positive zone shows increasing bullish momentum. However, stochastic is negative in neutral region. The prices are likely to see volatile movements with positive inclination.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-April
Buy
>9670
9750
9780
9630
9590
9642
9724
9850
9920





SILVER
FUNDAMENTALS  
Silver prices regained lost posture following the footstep of gold. In London spot trades silver was offered at $13.87 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 gained 272,835 troy ounces to 116.539 million troy ounces.

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Silver recovers following the stronger gold. Bulls
2.
 Peru’s silver production rises. Bears
3.
 Comex stocks gained 272,835 ounces. Bears


EVENT WATCH:
Events covered under gold section
 
TECHNICALS
Silver charts are giving mixed signals. The prices closed above short term EMAs, which shows the firmness in the market. MACD has turned flat in the positive region. However, stochastic is negative in neutral region. The prices are likely to show volatility with positive inclination.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-Mar
Buy
> 20500
20650
20750
20400
20150
20339
20614
20906
21035
 
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|
NMCE member code: CL0120 Mutual Funds : Reliance Securities Limited | AMFI ARN No.29889
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