• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Realasset

Presented by :

Associate Sponsor :

Home » News » Brokerage Recos - Commodities

Feb 11, 2013, 04.52 PM | Source: Moneycontrol.com

Buy MCX Gold futures near Rs 30720-30600: Fortune Fin

Fortune Financial Servies has come out with its fundamental report on bullion. According to the research firm, traders can buy MCX Gold futures near Rs 30720-30600 stop below Rs 30200 for the target of Rs 31200 & 31555.

Like this story, share it with millions of investors on M3

Buy MCX Gold futures near Rs 30720-30600: Fortune Fin

Fortune Financial Servies has come out with its fundamental report on bullion. According to the research firm, traders can buy MCX Gold futures near Rs 30720-30600 stop below Rs 30200 for the target of Rs 31200 & 31555.

Post Your Comments

Share Cancel

(more)

, Fortune Financial Services |

Fortune Financial Servies has come out with its fundamental report on bullion. According to the research firm, traders can buy MCX Gold futures near Rs 30720-30600 stop below Rs 30200 for the target of Rs 31200 & 31555.

Gold futures on MCX are likely to trade with a negative bias as investors park funds in riskier assets following a series of positive economic data from the US and China, the top consumers of commodities. Though the US Federal Reserve has so far not hinted at any rollback of the quantitative easing programme, market players fear some tightening of policies in the coming months, as the world's largest economy is showing signs of recovery.

Meanwhile, China's trade surplus rose 7.7% on year to $29.2 bln in January with exports up 25% on year at $187.4 bln. Market continue to favor the downside in gold as it would seem to take a really definitive risk off environment to rekindle broad-based fresh buying interest in gold.

A weaker euro and the absence of Chinese players from the market will also keep prices under pressure. Concerns had emerged with the common European currency falling Thursday after European Central Bank President Mario Draghi said the impact of a strong euro on inflation will be watched.
However, a weaker Indian rupee against the dollar may keep the domestic prices well supported.

MCX Gold April contract has turn positive on chart after its sustained above 30800 and close above this level on weekly chart. It’s looking positive if holds strong support near 30200.

Initial upside levels are seen near 31200 -31555 & 32275 on chart, traders cab buy on dips.

Recommendation: Traders can buy near 30720-30600 stop below 30200 for target of 31200 & 31555.

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 here

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Buy MCX Gold futures near Rs 30720-30600: Fortune Fin

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login