Silver prices fell by Rs 450
Global recession impacted the domestic bullion market gold where the live price of gold resist to 30,600 per ten grams.However, silver fell by Rs 450 per kg and arrived at Rs 54 650. In the internatuional market the gold declined and reached below $1,600 per ounce.According to reports received from London, the global trade of gold is in bearish mode.
During the gold trading the live price of gold was $1599.19 per ounce recorded. Experts say that monetary policy did not change in America. Due to it economy is not getting any speed.The investors have abandoned the market. Greece, dominates the market crisis. Spain’s banking crisis is a period of speculation in financial markets.
There is slow turnover in precious metals in the local bullion market.Gold price stuck to 30,600 per ten grams in the last business day trading.According to traders there is no movement in the market. Silver prices are affected by trends in foreign markets.
Federal Reserve policy statement later in the day, in which the bank is expected to outline fresh measures to stimulate U.S. economic growth. Due to the policy results Gold prices held steady below $1,620 an ounce on Wednesday.Gold is still rangebound within the confines of its major 1532.20/1522.48 support zone (September and December 2011 lows) and the 1641 current June peak.Gold fell in the international market while the silver traded in the positive note.
Crude Oil fell below $84 a barrel Wednesday.In London, Brent crude for August delivery was down 75 cents at $95.01 per barrel on the ICE Futures exchange.
Trading Strategies for today 21 June 2012
MCX Gold Sell below 30100, Stop loss 30200, Target 30000.
MCX Silver Sell below 54200, Stop loss 54600, Target 53800.
MCX Copper Buy above 424, Stop loss 422, Target 426-427.
MCX Lead Buy above 107.40, Stop loss 107, Target 107.80.
MCX Zinc Buy above 106, Stop loss 105.60, Target 106.40
MCX Nickel Buy above 966, Stop loss 960, Target 972.
MCX Natural Gas Sell below 147, Stop loss 150, Target 144.