Silver MCX May Witness Fresh Rally above 38710: Neal Bhai

Silver MCX May Witness Fresh Rally above 38710: Neal Bhai

Gold Silver Reports ~ Crude oil prices today moved down at International benchmarks as US crude stockpiles are seen further rising. Last week itself the same showed massive gains, which is seen rising further. However, the losses got arrested as the products side downfall is expected.

♦With refinery maintenance shutdowns and improved gasoline demand, stockpiles for the same shall witness some withdrawals. We recommend buying crude oil during evening session from lower levels.

♦NG prices today continued its uptrend despite of negative fundamentals. As mentioned before, fading seasonal demand for the commodity and mild weather situations over the United States have been the main concern. It’s in fact just the short coverings which might get reversed any time. A range bound trade in NG is expected during evening session.

♦Base metals sector today remained almost mixed with negative Chinese trade balance data. The actual trade balance data came much lower than the expected and prior. Country’s Feb month exports slumped more than 25%, which was the worse fall since May 2009. Copper imports fell around 4.50% from month ago. Today the Asian markets remained mostly in red zone, with Shanghai composite showing losses around 0.70%. LME inventory data today was negative for aluminum, while mixed for the rest. During evening session, we recommend buying copper and zinc, while expect a range bound trade in rest metals.

♦Gold prices headed near its 13 months highs as equities retreated after the disappointing trade numbers from China today morning. Holdings of the metal in exchange-traded funds rose for an 18th straight trading day, the most since May 2010, jumping 1.3 metric tons to 1,725.1 tons.

♦For the session we expect prices to trade firm and therefore recommend buy from lower levels , while silver can remain range bound unless it breaks above 38710 at MCX above which a fresh rally can be seen. ~ Neal Bhai Reports


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