Thursday, July 4, 2013

MCX BULLION SUPPORT AND RESISITANCE

MCX BULLION 
SUPPORT AND RESISTANCE

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Demand and supply statistics

                                 Gold Demand and Supply – Q1 2013

Q1 saw a strong resurgence in demand for gold jewellery, bars and coins; however, overall demand was down 13%. Outflows from ETFs accounted for the bulk of this decline; excluding these outflows overall demand grew year-on-year.
  • Global first quarter gold demand of 963.0 tonnes was valued at US$50.5bn.

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  • India and China accounted for 62% of Q1 global jewellery demand, generating year-on-year growth of 15% and 19% respectively.
Click-Demand_and_Supply_Statistics

Further declines or a rally in gold? Where is the bottom?

  Without a doubt, this was a week of strong declines for the yellow metal. What could we read in newspapers and see on TV? The big banks were falling over each other in their scramble to get on the bear bandwagon. Here are some sample headlines: 

          CLICK BELOW                

further-declines-or-a-rally-in-gold-where-is-the-bottom

Gold/Silver/Copper futures-Weekly outlook: July 1-5


Investing.com - Gold and silver futures rose sharply on Friday, as investors returned to the market to seek cheap valuations after prices fell to the lowest level since August 2010 earlier in the session.

Sentiment on the precious metals remains downbeat amid growing expectations the Federal Reserve will begin to taper off its bond-buying program by the end of this year.

[Click More Details - Commodities-news/gold-silver-copper-futures-weekly-outlook:-july-1-5]


GOLD - MONTHLY CHART-29.6.2013

Won't get fooled again: 

physical gold buyers sit out this price rout

(Reuters) - In April, after gold dived more than $200 an ounce in two days, an unprecedented scramble to buy everything from coins to jewellery at "bargain" prices helped arrest the plunge, tempering fears of a prolonged rout.
[More Details - Gold-Physical ]




                           SILVER - MONTHLY CHART-29.6.2013


Silver up sharply on ratio punters' bets

Silver saw a sharp short covering on Friday in Indian markets with prices shooting up smartly. This was because traders playing on the ratio of gold to silver price have seen the ratio peaking out.

Ratio trading in gold and silver prices is a trading tool. Ratio fell from 66.16 on Wednesday and was trading around the same level on Friday when ratio punters started short covering in silver to take the ratio to 62.74.



                     COPPER - WEEKLY CHART-29.6.2013


METALS-Copper steady, 

China credit worries subside

LONDON/SINGAPORE, June 26 (Reuters) - Copper was steady on Thursday after a 1 percent loss the previous session, as worries over China's credit crunch eased and on expectations that the U.S. and EU central banks will not rush to reduce their stimulus programmes but oversupply concerns weighed on metals.

Benchmark copper on the London Metal Exchange was little changed, trading at $6,731 a tonne in official rings from $6,735 at the close on Wednesday.


Click More [Markets-Metals]


                    CRUDE - MONTHLY CHART-29.6.2013

Crude oil futures-Weekly outlook:July 1-5

Investing.com - New York-traded crude oil futures ended Friday’s session lower for the first time in five days, as a broadly stronger U.S. dollar prompted investors to lock in gains after prices hit a one-week high earlier in the session.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, rose as much as 0.5% on Friday to hit 83.59, the strongest level since May 31.

The dollar was in demand amid indications the Federal Reserve will begin to taper asset purchases in the coming months


USD VS INR - MONTHLY CHART-24.6.2013

Indian rupee may plunge

The Indian rupee, which has depreciated by nearly 10 per cent in the last few months, is likely to weaken further and may touch 61.50/USD in next three months and 62/USD in the next 12 months, Credit Suisse said.

Credit Suisse forex strategists are currently expecting the rupee to fall to 61.5 against the US dollar in the next three months and reach 62 this time next year. 

USD/INR: USD Strength Bring New Woes To RBI


If there’s someone that Reserve Bank of India Governor Subbarao want to murder right now, it must be Fed’s Chariman Ben Bernanke. Thanks to Bernanke’s surprise revelation on QE3 tapering timeline, USD has strengthened tremendously, and has been the difference which allowed USD/INR to push for yet another record high. This has made RBI’s already difficult task into an impossible one. Case in point, RBI has been aggressively buying INR via its agent banks after a new record high was made back on 11th June. Prices did climb down but stayed above the highs made on Jun 2012 (see weekly chart below), with price bouncing straight back up this week with the new high ceiling halting further advance.

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