By Paul Ploumis 09 Sep 2015 Last updated at 03:52:20 GMT
Gold: Daily Technical Recommendations
|1112.8||1116.7||1121.00||1125.0||1128.6||Trading range 1133-1113|
|26344||26382||26424||26480||26529||Trading range 26600-26300|
|24030||24130||24224||24320||24460||Trading range 24000-24460|
• Gold struggled to find direction and traded in a tight band at COMEX.
• Trend at MCX also remains clueless and ended the day with mild losses of .29 %
OUTLOOK: Gold prices struggled to find direction in yesterday’s trade amidst higher equities led by a pullback in China. The disappointing trade balance data from China raised expectations of more stimulus announcements and monetary easing from the central bank supported the prices. In today’s trade markets will be watching the JOLTS job data due at 7.30PM. In the wake of recovery seen in global equities, gold prices might not be able to build strong gains we therefore recommend a range trading in gold for the day. Silver prices can however benefit from the rally in the base metals we still however recommend a range trading in silver till the clear confirmation of a reversal is seen.
Gold Price in Different Currency
|London AM Fix (USD/oz)||1121||1121||-0.01%|
|London PM Fix (USD/oz)||1121||1121||-0.01%|
Silver: Technical Recommendations
|COMEX||14.40||14.57||14.76||14.89||15.02||Trading range 15.00-14.70|
|34948||35285||35663||35951||36214||Trading range 36230-35150|
• Prices turned higher and closed at $14.8 an ounce at COMEX
• At MCX also gains were seen and prices closed higher 1.34 % at 35663
• China’s trade surplus widened to $60.2 billion last month from $43.0 billion in July, compared to estimates for a surplus of $48.2 billion. Exports slumped 5.5% from a year earlier, better than forecasts for a decline of 6.0%, while imports plunged 13.8%, far worse than expectations for a drop of 8.2%.
OUTLOOK: The prices can see some continuation of the gains in lines with the base metals pack however the markets will be focusing on the JOLTS job opening and can trade within a range for most part of the day.
|London AM Fix (USD/oz)||14.6||1454.0||-98.99%|
|London PM Fix (USD/oz)||9.6||9.5||1.23%|
Courtesy :Karvy Commodities