Sell MCX Gold below Rs 31350; SL Rs 31430: Dani Commodities

Economic Buzz: Japan Cuts Economic Assessment For Third Month:

The Japanese government cut its assessment of the economy for the third straight month in October, as a slowdown in the global economy weighed on exports and production.

In its monthly economic report released Friday, the government said the economic recovery "is in a weak tone recently due to deceleration of the world economy." The government expects movement toward economic recovery to pause in the short term, but then resume as conditions improve overseas and with continued support from reconstruction-related spending after the March 2011 earthquake and tsunami.

But the government said "a degree of uncertainty about the external economic prospects of the euro zone and Asia, notably China," remained high. It said further slowing abroad and sharp fluctuations in the financial and capital markets were downside risks to Japan's economy.

The report comes as various recent economic indicators, including industrial output, have been showing weak results, suggesting Japan's export-led recovery is struggling amid the worldwide slump.

The Cabinet Office official said Japan's territorial dispute with China over a group of uninhabited islands in the East China Sea also contributed to its assessment of uncertain economic prospects related to China.

Meanwhile, weak exports caused the government to downgrade its view of production to "decreasing" from "weakening" for the third consecutive month.

MCX GOLD
International: Major Support at USD1580. Bullish till USD1800.
Domestic: Sell below 31350, Stop loss 31430, Target 31260.

MCX SILVER
International: Major Support at USD29. Bullish above USD34.
Domestic: Sell below 61800, Stop loss 62050, Target 61500.

MCX COPPER
Domestic: Buy at 436.50, Stop loss 434.50, Target 439.

MCX LEAD
Domestic: Sell at 114.30, Stop loss 114.80, Target 113.80.

MCX ZINC
Domestic: Sell at 102.40, Stop loss 102.80, Target 101.90.

MCX ALUMINIUM
Domestic: Sell below 105, Stop loss 105.40, Target 104.50.

MCX NICKEL
Domestic: Sell below 926, Stop loss 932, Target 920.

MCX CRUDE OIL
International: Major Support for WTI at USD83 Bullish above USD 91
Domestic: Buy above 4880, Stop loss 4840, Target 4930.

MCX NATURAL GAS
Domestic: Buy at 190, Stop loss 188, Target 193.

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