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Thursday, March 01, 2007
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Bullion Report
Feb 20 2007 9:16AM
 20th Feb 2007 Bullion Report

GOLD
FUNDAMENTALS  
Gold prices climbed higher on the back of weaker dollar on the first trading day of the week. pot gold was quoted at $670 an ounce, up from the $668.80 level seen at Friday's close.

The US dollar was trading lower after recent economic data suggested interest rate cuts is likely in near term. However the gains in yellow metal prices were checked by the weakness in crude oil price.

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.

TUG-OF-WAR: Bulls vs. Bears
No.
 Pressure Point
Favours
1.
 Gold gains on weaker dollar Bulls 
2.
 UAE gold sales up 536% in fourth quarter Bulls 
3.
 China to produce 260 mt gold in 07. Bears
4.
 Comex warehouse stocks remain unchanged. Bears


EVENT WATCH: (Monday)
US Markets remained closed for President’s day.
 
TECHNICALS
Gold is extending its rally. Close above short term EMAs suggests firmness in the market is intact. Rising MACD in positive zone indicate increasing bullish momentum. Stochastic is positive in overbought region, which warrants some caution on the part of the bulls. Positive bias is likely in price movements. Caution is suggested in the heated market.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-April
Buy
> 9610
9655
9675
9580
9540
9583
9630
9676
9706





SILVER
FUNDAMENTALS  
Silver prices gained following the firmness in gold on Monday. The metal continues to enjoy strong fundamentals. Silver was up at $14.01 an ounce against $13.95 in late New York trades Friday.

The trading was thin due to holidays in China and U.S.

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

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 continuing its positive trend with some reluctance at higher levels. 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 also positive in neutral region. The prices are likely to show volatility with bullish bias.
   
TRADE RECOMMENDATION
 
Contract
Call
Entry
T1
T2
SL
S2
S1
PCP
R1
R2
MCX-Mar
Buy
> 20350
20480
20565
20280
20064
20160
20395
20615
20878
 
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).

Reliance Disclaimer
Previous Research Reports

Mar 1 2007 11:43AM
1st March 2007 Bullion Report
 Gold prices recovered in the early European trade, after experiencing sharp decline in the previous trading session, on bargain hunting

Feb 28 2007 9:31AM
28th Feb 2007 Bullion Report
 Gold prices corrected sharply lower, after reaching nine months highs, as traders decided to take profit

Feb 27 2007 9:35AM
27th Feb 2007 Bullion Report
 More central banks are seen cutting their holding of US dollar

Feb 26 2007 10:24AM
26th Feb 2007 Bullion Report
 Gold gained momentum in the early electronic trades taking a cue from firmer crude oil prices and weaker dollar

Feb 24 2007 9:27AM
24th Feb 2007 Bullion Report
 In London spot markets gold continued to be offered at higher tick and was quoting $9 stronger at $684.8 per troy ounce

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