Bullion Update

Expert Analysis for Gold and Silver Futures Trading

goldGold: The Gold prices have moved out of the flag with close below 7 DMA, thus prices may move negative below the support of 15630. The RSI and +DI are also seen sloping downwards. Breaching 15630 prices can trigger downside till 15550-500.

Silver: The Counter is seen resting at the upper levels, but looking at the overbought RSI correction is due. Thus breaching the support at 26071 and 7 DMA (26080), prices can correct till 25675 (38% retracement form the top).

Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang

GoldGold: The prices traded side-ways yesterday giving a new high of 15889 and closed lower at 15721; however prices closed within the flag formation. The prices are closing within the thin range of 15735-15721, thus prices are seen resting at the point. Looking at the Bullish RSI and ADX, prices are expected to move up to 15900 levels with the Immediate support at 15630 levels- 7 DMA. Breaching 15630 prices may correct further till 15500-450 levels.

Expert Analysis for Gold and Silver Futures Trading

GoldGold surged past $1,000 per ounce on Tuesday backed by momentum buying and dollar weakness, but ultimately closed shy of the key psychological barrier of $1000 per oz, although it was slightly higher than Friday's close. Silver outperformed gold as it surged by over 1 percent on Comex following the rise in industrial metals largely.

IN FOCUS:

The Singapore Commodity Exchange Ltd (SICOM) will launch a new trading platform called exchange-traded Deferred Settlement Gold Contract in the next two months, its chief executive said on Wednesday. This product mirrors the Loco London gold market which trades actively over-the-counter.

COMMODITIES OUTLOOK in SILVER by Nirmal Bang

SILVERSilver prices rallied up sharply in the previous week from $14.78/oz to $16.285/oz, a rise of 10.18%. Silver prices in the weekly chart have formed an Inverse Head and Shoulder pattern and breached the Neckline in the previous week. Thus the medium term outlook looks bullish in Silver.

The above Silver Continuous weekly chart has formed an Inverse Hand and Shoulder pattern. Prices have breached the Neck-line at $15/oz last week, closing at $16.285/oz. Thus the medium term trend is Bullish in Silver.

COMMODITIES OUTLOOK IN GOLD by Nirmal Bang

COMMODITIES OUTLOOK IN GOLD by Nirmal BangGold prices have spiked up sharply in the last week closing up 4% from its previous week's closing. Looking at the weekly chart the counter has given bullish symmetrical triangular breakout by breaching a resistance of $975/oz. We expect bull trend to follow in gold in the near term.

After a long consolidation between $930/oz and $971/oz for last 6 weeks, the counter has finally breached the $975/oz resistance and closed above $990/oz.

Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang

goldGold held broadly steady on Monday just shy of $995 per ounce, consolidating stellar gains last week that took it close to the $1,000 psychological level, with buyers encouraged by dollar weakness. Silver took support from gold's strength and gains in benchmark base metal copper, hitting a high of $16.34 an ounce, its firmest since August 2008.

South Africa's miners' union said on Monday its members at Impala Platinum had ended a strike at the company's biggest mine. The union also said on Monday it had agreed in principle to a wage offer from Anglo Platinum and would recommend the offer to members who will vote on it in a week's time.

Bullion Update and Market Outlook: Nirmal Bang

goldGold: The counter is seen forming a Bullish Flag, maintaining above the 50% retracement level of the earlier filled green candle. The upside movement may trigger on breaching the 15800 levels on the upside. The RSI is overbought at 80 levels, thus one should apply stop loss below 15600 for intraday. The ADX indicates bullish trend in the counter, thus one can remain long at dip above 15600.

Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang

goldGold: We have seen major spike in the counter after breaching 15200 levels. Currently the counter is seeking immediate support around 15600 levels, while resisting at the 15800 levels. The price are in positive momentum indicating further upside in the counter but the RSI is in over bought zone thus wait for some correction to buy. One can buy around 15450-15500 levels for the target of 16000 in the short run.

Expert Analysis for Gold and Silver Futures Trading

goldPrecious metals ended a tad down on Friday on the back of improved risk appetite following the report of smallest decline in U. S. nonfarm payrolls. Gold futures ended $1 lower and prices failed to surpass $1,000 an ounce. Silver futures closed -0.03 percent down on LME. It settled flat on MCX on Saturday.

India's gold imports in 2009 are seen between 460 to 550 tonnes, compared with 712 tonnes a year ago, with high prices and an economic slowdown hitting demand in the world's biggest market, trade members at an industry conference said on Sunday.

Expert Analysis for Gold and Silver Futures Trading

goldGold: The counter sharply rallied up n fast two sessions, after a long consolidation. The ADX indicate bullish trend in the counter with rising +DI. However the RSI have entered the overbought zone above 80 levels. Thus for the day we can expect some correction, fresh buyer should remain cautioned and enter a dips around 15450-500.

Silver: The counter looks super bullish with all bullish indicators, but the RSI have entered the overbought zone. Thus profit taking can come in at this level. However looking at the trend one can enter a dips around 25000-25400.

Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang

GoldGold futures surged yesterday after risk aversion was witnessed in financial markets which tends to support bullion prices.

Despite of correction taking place in industrial metals silver prices moved up sharply following sharp upmove in Gold prices.

The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust said holdings stood at 1,061.83 tonnes as of Sept 1, unchanged from the previous business day.

Expert Analysis for Gold and Silver Futures Trading

goldGold: The counter looks positive with rising RSI and picking +DI. The prices are maintaining above the trend line and 7 DMA. For the prices are expected to remain positive above the 15050 levels. Thus one can buy on every dip above 15050, targeting 15250 and 15350 in short run.

Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang

GoldGold: The counter has seen some correction yesterday, after making a new high above 15150. Prices took support at the 7 DMA of 15040. The immediate support for Gold is seen at 15040- trend line support. Breaching this level prices may take support at the 14980 levels. Thus for the day prices may trade side-ways to down

Silver: The counter looks strong above the trend line, as prices has rallied lower during the day but managed to close higher on a positive note. Also prices are seen resisting the 23850 levels on the upside. Breaching 23900 on upside prices can test 24250-300 for the day. Thus one can remain long at dips above 23500.

Bullion Update and Market Outlook: Nirmal Bang

goldGold futures trimmed losses but still ended lower on Monday, as risk-averse investor sentiment and a tumbling Chinese equities market prompted selling in bullion and other commodities.

Silver, meanwhile, turned higher due to strong demand from Asia. Silver, which is largely an industrial metal, has recently outperformed gold on the back of better economic sentiment.

Alexandria Minerals Corporation reported today that new high grade gold mineralization has been discovered during a summer surface sampling programme on its JoannesTownship claims, 20 km east of Noranda and 60 km west of Val d'Or, Quebec.

Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang

goldGold hit a three-week high above $960 an ounce Friday on the back of strong investment demand and buying linked to the initial dollar weakness, but lackluster U. S. consumer sentiment data prompted profit-taking in the metal.

Silver was also helped by gains in base metals, with copper up more than 4 percent. Silver, also used as an industrial metal, settled at $14.79, a rise of 3.96 percent.

The Commerce Department said spending rose 0.2 percent after increasing by a revised 0.6 percent in June, previously reported as a 0.4 percent gain. The headline number was in line with an average of analysts’ forecasts.

Expert Analysis for Gold and Silver Futures Trading

goldGold: The counter has given a break out above the resistance with a close of 15112 on Friday. The RSI also have crossed the resistance at 60 levels and moved out. The +DI also have lifted up with rise in prices. Thus the overall sentiments in the counter are bullish targeting 15250 in the near term.

Silver: The prices rallied upwards maintaining itself above the 23325 levels; this indicates strength in the counter. The RSI have moved above the MA while the +DI have picked up with rise in prices. Thus the prices are expected to move up towards 24200 levels with above the 23300-400 support of 7 and 21 DMA.

Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang

SilverGold: The counter is continuously resisting the upper levels at 15060, while making higher lows in every session. This indicates that prices intend to break upwards but selling pressures come-in at higher levels. The RSI is also seen resisting the 60 levels, while ADX is laying flat. Thus there is no direction indication from ADX but prices suggest remaining long at dips, with Support at 21 DMA- 14903.

Expert Analysis for Gold and Silver Futures Trading

GoldGold futures ended slightly higher Thursday on a weaker dollar and better equities market amid improving overall economic sentiment, prompting investors to buy precious metals across the board.

Silver futures settled in a positive territory on LME, gaining 0.25 percent. However, it ended slightly lower on MCX due to strength in rupee against the dollar.

IN FOCUS:

Russia's gold and foreign exchange reserves fell to $398.3 billion on Aug. 21 from $400.6 billion the previous week, central bank data showed on Thursday.

Bullion Update and Market Outlook: Nirmal Bang

GoldGold: The counter is forming higher lows in past few sessions which indicate strength in the counter, while on the upside prices are resisting the 15060 levels. Thus we can expect a break-out from the 15060 levels to 15150 levels. Thus buying can be done at every dip above 14900.

Silver: The counter closed lower yesterday but maintained above the 23250 levels indicates positive for the counter. The uptrend in the short run is maintained while upside is resisted. The downside is expected to be limited to the support at 23200 (21 DMA).

Bullion Update, Precious Metals Trading and Market Outlook: Nirmal Bang

GoldGold futures ended a tad lower on COMEX on Wednesday as the dollar's sharp rise against the euro tempered bullion's status as a hedge against the falling U. S. currency. However, it ended slightly positive on MCX owing to the fall in rupee against the dollar.

Silver futures settled in a positive territory following the rise in other industrial metals. It gained 0.12 and 0.21 percent respectively on MCX and COMEX respectively.

On the supply side, the Russian Gold Industrialists' Union reported a 21 percent rise in gold output from Russia, the world's fifth largest producer of the yellow metal, in the first seven months of the year.

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