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Monday, February 21, 2011

Short Precioud Metals,, today's Trend,

I expect MCX Precious Trade  in Low 
 Tuesday 22-02-2011
Short Silver At 50300 SL 50590 Target 49700

Short Gold At 20750 SL 20780 Target 20650

BUY SILVER Target 50350

target achive next target is 50350 for evening round up.

BUY SILVER Target 50250


Smart and Safe Trading In MCX Bullion.

1. Buy Call (Precious Metals)
2. MCX Precious Metals are expected to rise.
3. MCX GOLD likely to move higher Gold trade up.
4. MCX Silver price Will Reach Till 51,000 Soon this month.
  Gold rose to a seven-week high on Monday as spreading unrest in the Middle East underscored its appeal as a safe-haven asset, while silver and palladium prices hit historic highs on expectations for growing industrial demand.
Gold added to a weekly gain of nearly 3% last week and was poised for further upside on fresh news from North Africa and the Middle East, where revolutions which deposed the presidents of Tunisia and Egypt have inspired protests across the region, threatening the grip of long-entrenched autocratic leaders.
Spot gold inched up 0.5% to USD1,396.10 per ounce as of 0217 GMT, its highest since January 4, and compared with USD1,388.58 an ounce late in New York on Friday.
Bullion has risen for five straight sessions, its longest winning streak since September. US markets are closed on Monday for a holiday.
US gold futures for April delivery also climbed 0.6% to USD 1,396.60 per ounce, compared to Friday's settlement at USD 1,388.60.
"With the unrest in the Middle East and North Africa, dealers couldn't leave for a long weekend with short positions, and this reflects investor sentiment for flight to safety," said Yuichi Ikemizu, Tokyo branch manager for Standard Bank, adding that gold prices were likely to keep inching higher.
Spot gold may rise to its Jan. 3 high of USD 1,423.57 per ounce as it has ignored bearish signals and continued to shoot up, says Wang Tao, a Reuters market analyst for commodities and energy technicals.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings fell to 1,223.098 tonnes by February 20, its lowest in nine months, from 1,224.008 tonnes on February 15.
Traders said there was slightly higher demand for gold bars in the Middle East, mainly due to the unrest.
Expectations for growing industrial demand on an improving world economy and a rally in the overall precious market also helped hoist silver to its highest level since 1980, surpassing the previous 31-year high marked on Friday.
But Ikemizu said there were signs that silver may peak out.
A deepening backwardation -- which means futures are cheaper than spot prices -- reflects tightness in the market. The gold/silver ratio -- the number of ounces of silver needed to buy an ounce of gold -- fell to its lowest in 13 years at under 43 on Friday as silver prices outperformed, which means silver has become more expensive relative to gold.
"The silver market may be close to seeing a squeeze," Ikemizu said.
Spot silver rose to a high of USD 33.08 an ounce as of 0239 GMT, its highest since 1980.
Holdings in the world's largest silver-backed exchange-traded fund, iShares Silver Trust, rose to 10,519.05 tonnes by February 18 from 10,438.56 tonnes on February 17.
Platinum gained 0.7% to USD 1,846 an ounce while palladium hit a 10-year high of USD 855.50 in early trade.
Traders said platinum and palladium may see further gains on a solid demand outlook and supply concerns.
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