Bullion Insight Report - Sep 04, 2015 : Karvy Commodities

Published: Sep 06, 2015 12:19 (GMT+8)

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Gold prices tumbled after the ECB kept the rates at record lows and signaled that it could extend the stimulus which fuelled the dollar against Euro.

By Paul Ploumis 04 Sep 2015 Last updated at 05:44:38 GMT

Gold: Daily Technical Recommendations

Exchange	Contract	S2	S1	PCP	R1	R2	Recommendation
COMEX	Dec-15	1116.9	1120.5	1124.50	1129.9	1134.8	Sell at 1127-1130 TP 1116 SL 1134
MCX	Oct-15	26217	26302	26394	26530	26651	Sell at 26450-26470 TP 26200 SL 26600
Gold Hedge NCDEX	Sep-15	23920	24000	24189	24230	26360	Sell at 24230-24250 TP 24000/23920 SL 26360

REVIEW:

• Gold prices tumbled after the ECB kept the rates at record lows and signaled that it could extend the stimulus which fuelled the dollar against Euro. Prices are headed for a second negative weekly close

• Prices took a beating after the ECB lowered the GDP and inflation targets amidst lower commodity prices

• Data from the labour department showed that the number of individuals filing for initial job benefits increased by 12,000 last weeks to 282,000. Analysts expected initial jobless claims to rise by 5,000 to 275,000

• Prices are likely to take clues from the crucial nonfarm payroll data for the month of August to be released today. A weaker employment data can make it difficult for the Fed to go with the rate hikes yet

OUTLOOK: The ECB president’s comment boosted the dollar against the Euro putting pressure on the bullion prices, especially gold. However the initial claims that came a little higher than expected pointed to a slightly weaker nonfarm payrolls data supported the prices at lower levels. Participants will be closely monitoring the data as it will play a crucial role in fed meeting where a lot of speculations are being made regarding the interest rate hike. A weaker number will make it difficult for Fed to sell a rate hike which can be supportive for gold prices. There can be some consolidation in the morning trade but as the trend remains weak the strategy remains to sell.

Gold Price in Different Currency

Exchange	9/3/2015	9/2/2015	Change (%)
COMEX (USD/oz)	1124	1133	-0.80%
London AM Fix (USD/oz)	1130	1140	-0.87%
London PM Fix (USD/oz)	1130	1140	-0.87%
London (GBP/oz)	738	741	-0.50%
Euro (EUR/oz)	1011	1010	0.08%
Switzerland (CHF/oz)	1096	1100	-0.38%
Canada (CAD/oz)	7143	1506	-1.59%
China(CNY/oz)	7143	7219	-1.05%
Mumbai (INR/10gm)	26394	26629	-0.88%

Silver: Technical Recommendations

Exchange	Contract	S2	S1	PCP	R1	R2	Recommendation
COMEX	Dec-15	14.45	14.57	14.71	14.87	15.01	Trading range 14.92-15.50
MCX	Oct-15	34931	35154	35400	35694	35957	Trading range 35800-35000

REVIEW:

• Silver prices continued to diverge with gold and ended the day with marginal gains

• Comex silver for Dec delivery tested highs of $14.92 an ounce however ended the session at $14.70 an ounce after making lows of $14.55 an ounce

• Market participants are cautious ahead of FOMC meeting scheduled on 16- 17th Sep 2015, that could decide the course of interest rates, typically higher interest rates are negative for bullion prices as it fetches no interest

OUTLOOK: Silver prices continued to diverge with gold and ended the day with marginal gains. Markets will be eyeing on the nonfarm payrolls and employment data due to be released today. Prices are likely to see selling at higher levels as they have been not able to sustain gains in the wake of weaker gold prices, therefore the strategy remains to sell on rise.

Silver Price in Different Currency

Exchange	9/3/2015	9/2/2015	Change (%)
COMEX (USD/oz)	14.7	14.7	0.28%
London AM Fix (USD/oz)	14.7	1456.0	-98.99%
London PM Fix (USD/oz)	9.6	9.6	0.12%
London (GBP/oz)	13.2	13.1	0.76%
Euro (EUR/oz)	14.3	14.3	0.32%
Switzerland (CHF/oz)	19.4	19.5	-0.90%
Canada (CAD/oz)	20.9	20.9	0.00%
China(CNY/oz)	93.3	93.7	-0.35%
Mumbai (INR/10gm)	34762	34728	0.10%

Courtesy :Karvy Commodities

gold price silver price

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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