Expect further selling in Gold till Rs 26000: Mangal Keshav
Mangal Keshav has come out with its technical alerts on bullion and other commodities. According to the research firm, on the lower side, support in Gold holds at Rs 26880, a breach below the given levels, further selling is expected till Rs 26000 & Rs 25300 levels.
April 29, 2013 / 16:50 IST
Mangal Keshav has come out with its technical alerts on bullion and other commodities. According to the research firm, on the lower side, support in Gold holds at Rs 26880, a breach below the given levels, further selling is expected till Rs 26000 & Rs 25300 levels.
Market pulseGold futures declined on Friday, lead by profit taking ahead of the weekend; however prices still closed higher for the week with gain of 4 percent, on the back of growing physical demand.Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,083.05 tons, as on April 27.Silver holdings of ishares silver trust, the largest ETF backed by the metal, increased to 10,392.42 tons, as on April 27.The ICE dollar index, a measure of the greenback against a basket of six other currencies, fell to 82.484 from 82.813 on late Thursday.The dollar extended steep losses versus the yen on Friday, as technical factors kicked in after the Bank of Japan left policy unchanged and data showed US economic growth expanded in the first quarter more slowly than economists had projected.The US economy grew more slowly than expected in the first quarter, expanding 2.5 percent versus expectations of a 3.2 percent rise.Copper fell more than 2 percent on Friday, after two days of gains as some investors closed their positions ahead of a holiday in China next week and after US first-quarter growth numbers missed market forecasts.World unwrought aluminum stocks were at 1.233mn tons in March versus a revised 1.289mn in February, as per International Aluminum Institute (IAI).Shipments of rolled-aluminum products by Japanese fabricators to domestic and overseas markets decreased at a slower pace of 1.5 percent to 171,163 tons in March, supported by demand from beverage-can makers - Bloomberg.Crude oil futures declined on Friday after trading in a narrow range, as disappointing first-quarter US economic growth raised worries over the outlook for energy demand.India has cut down the import of crude oil from Iran by over 26.5 percent to about 13.3mn tons in the financial year ended 31 March 2013, as the US
and European sanctions has made it difficult to ship oil from the Persian Gulf nation - News Reports.Natural gas fell in New York for the fourth time this week on speculation that fuel demand will slump after a shot of unusually cold weather next week.The number of natural-gas drilling rigs working in the US fell by 13 in the latest week to 366 while oil-rig count rose by 10 rigs to 1,381, as per oilfield
services company Baker Hughes Inc.Technical AlertsGold: June futures last recovered from a low of 25270… however prices now hold strong resistance at 27500 & trend remains down till the given level holds. On the lower side, support holds at 26880, a breach below the given levels… further selling is expected till 26000 & 25300 levels.Spot Gold: Prices did recover towards USD 1,500 per ounce last week, as was expected… we now again expect prices to decline towards USD 1,400 & USD 1,300 (50 percent retracement) with resistance at USD 1,500. Retracement calculated from bottom of USD 682.5 to top of USD 1,920.9.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. 
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