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Wednesday, February 28, 2007
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Bullion Report
Feb 24 2007 9:27AM
24th Feb 2007 Bullion Report

GOLD
FUNDAMENTALS  
Gold gained momentum in the early electronic trades taking a cue from firmer crude oil prices and weaker dollar. In London spot markets gold continued to be offered at higher tick and was quoting $9 stronger at $684.8 per troy ounce.

Safe heaven investment in gold is also picking-up as the tension grows between US and Iran after it defied UN demands to stop enriching uranium.

On the currency markets, the dollar traded fractionally lower against other major currencies early Friday.

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

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Gold gains momentum aided by firm oil. Bulls 
2.
 Safe heaven investment picking-up. Bulls 
3.
 Weaker dollar against Euro, Yen. Bulls 
4.
 Comex warehouse stock remain unchanged. Bears


EVENT WATCH: (Monday)
Bank of Japan governor Toshihiko Fukui speaks (Saturday)
Euro group meeting, Brussels (Monday)
 
TECHNICALS
Gold Charts are showing firmness in the market, however long upper shadow of candlestick shows tentativeness at higher levels. The prices closed well above short term EMAs, which supports bulls. Rising MACD in positive zone shows increasing bullish momentum. Stochastic is also positive in neutral region. The prices are likely to hover on the positive side.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-April
Buy
>9770
9800
9825
9750
9700
9735
9789
9840
9870





SILVER
FUNDAMENTALS  
Silver prices continued to march ahead on a stronger advice from bullion complex, particularly from gold market. In London spot trades silver was offered 33 cents stronger at $14.55 per troy ounce.

However, softer tone in copper prices resulted from no change in stockpiles is expected to keep a tab on silver price movement.

Comex warehouse stocks eased 482,360 troy ounces to 116.016 million troy ounces.

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Silver to follow stronger gold. Bulls
2.
 Copper stockpiles remain unchanged. Bears
3.
 Comex stocks down 482,360 ounces. Bulls


EVENT WATCH:
Events covered under gold section
 
TECHNICALS
Silver is looking strong at the stage. The prices closed well above short term EMAs after penetrating key resistance levels, which shows the firmness in the market. MACD is moving upward in positive region, which indicates increasing bullish momentum. However, stochastic is also positive in neutral region. The prices are likely to remain on the positive side.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-Mar
Buy
> 20950
21000
21050
20920
20800
20887
20971
21144
21230
 
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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