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Monday, March 7, 2011

Gold touches new peak; silver hits 31-yr high

Both the precious metals surpassed all previous records to hit new highs today. While gold surged Rs 200 to Rs 21,420 per 10 grams on rising seasonal demand, silver rose by Rs 1,250 to Rs 54,450 per kg on heavy buying by stockists and industrial units, amid firm global cues, reports PTI.

Trading sentiments for the yellow metal turned bullish on heavy buying support, following turmoil in Libya, surging crude oil prices and shifting of funds from weak stock markets to bullion on the domestic front.

Globally, gold gained 0.5% to USD 1,437.85 and silver increased 2.3% to USD 36.40 an ounce, the highest level since February, 1980.
Traders said firm trends at futures market also influenced the trading sentiment to some extent. For FREE mcx Tips
 For today's support&Resistance

Technical Levals For MCX Intraday Evening round Up, Tips For MCX Intraday Trading, Support and Resistance for MCX Crude oil/Silver/Gold

Silver Today Evening round Up  Expect Trade in High. Technical Levels
R3 57000/60000
R2 55000/55600
R1 54700
Pivot 54000
S1 53400/53000
S2 52800/52400
S3 51800/51000
As long as prices taken a support at 54300 see a sharp rally towards 55000 then 60000 in the near term. Weakness is
seen below 54000 towards 53400 then 53000 levels.
MCX_Gold (APR)
 Gold Today Evening round Up  Expect Trade in Low.
Technical Levels
R3 21500/21900
R2 21300/21350
R1 21260
Pivot 21180
S1 21120/21050
S2 20810/770
S3 20600/20400
Day’s bias is largely sideways to higher for the day. However, unable to breaks 21240 see a correction towards
21180 then 21000 levels for the day. However, break above 21240 see a major upside towards 21400 levels.

Crude Oil (MAr)
Crude Oil Today Evening round Up  Expect Trade in High.
R3 4900/4930
R2 4860/4880
R1 4835
Pivot 4780
S1 4740
S2 4700/4680
S3 4620/4580
Consistent trade above 4780 sees an upside towards 4900 then 5000 levels in the near term. However, weakness is
seen below 4770 towards 4740 then 4710 levels.  


R3 482/486
R2 456/461/465
R1 452
Pivot 449
S1 446/441
S2 438
S3 435/421
Prices are consolidating in the range of 458 to 448 for the last one week. We expect breaks and sustain above the
same likely to trade higher towards 465 then 472 in the near term. Conversely, unable to break above 458 may see
a fall towards 451-448 levels.

R3 124/127
R2 121.70/122.50
R1 118/119.50
Pivot 117
S1 116.20/115.60
S2 110/109
S3 106
Natural Gas(MAR)
R3 190
R2 180/186
R1 171.40/173/178
Pivot 169
S1 168
S2 167/64
S3 161/153
Weakness is prevailing while below 171, downside falls are possible towards 165/61 for the day. Unexpected rise
above 173 would negate our broad bearish expectation.

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