Buy MCX Gold at Rs 32340; SL Rs 32280: Dani Commodities
Dani Commodities has come out with its report on Gold, Silver and other commodities. According to the research firm, one can buy MCX Gold at Rs 32340 with a stop-loss of Rs 32280 for the target of Rs 32450.
November 26, 2012 / 15:53 IST
Dani Commodities has come out with its report on Gold, Silver and other commodities. According to the research firm, one can buy MCX Gold at Rs 32340 with a stop-loss of Rs 32280 for the target of Rs 32450.
Iron ore prices in international markets have seen a tremendous improvement of 40 percent since September. The prices of 62% fines were at three and half years low of $ 86.7 per tonne in September from where they are now quoting at $ 121 per tonne on Chinese ports. Participants were betting for higher inventories and lower demand that declined the commodity sharply.However when the prices fell to $ 86.7 per tonne, viability of producing Iron ore was reduced considerably in China. This forced producers to cut their production as most of them in China became unprofitable.However, the recent increase has made producers reassess their plan once again. BHP Billiton that cut back its operations in Harbour terminal has once again started to maintain the production citing rise in prices.MCX GOLD
International: Major Support at USD1700. Bullish above USD1700.
Domestic: Buy at 32340, Stop loss 32280, Target 32450.MCX SILVER
International: Major Support at USD29. Bullish above USD32.
Domestic: Buy at 63700, Stop loss 63450, Target 64100.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
Read More
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
