Sell MCX Gold Feb around Rs 30950; tgt 30840: Fortune Fin

Fortune Financial Servies has come out with its report on bullion, metals and energy. According to the research firm, MCX Gold February Contract is looking negative for the day. Market may find support near 30840 & 30750; intraday resistance can be seen near 30950 & 31060. Day traders can sell intraday on rise.

Bullion: Gold futures contracts were up on domestic exchanges due to the fall in the rupee against the dollar, which makes dollar-denominated imported bullion costlier, even as the parent contract on COMEX slipped again after trading firm in the Asian session. Domestic gold remains supported probably by depreciating rupee globally, gold investors are caught between the prospects of possible rollback of stimulus measures by the US Federal Reserve by 2013 as hinted earlier and expectations of economic recovery in the US and China.

Energy: Crude oil futures on the MCX were trading slightly higher tracking the weakness in rupee against the US dollar, but fall in benchmark contracts on the New York Mercantile Exchange limited the upside. NYMEX crude oil futures declined on profit booking after having risen in the previous session following encouraging US job data.

Metals: Base metal futures on the MCX traded lower tracking similar movement in the overseas market, where firm US dollar against the euro weighed on prices. However, fall in LME inventories acted as a supportive factor for copper and restricted the fall in prices. Expectation of a fall in the German factory orders, which indicated weakness in the economy, also put pressure on metal prices.

MCX Gold February Contract is looking negative for the day. Market may find support near 30840 & 30750; intraday resistance can be seen near 30950 & 31060. Day traders are advised to sell intraday on rise. (Sell around 30950 with SL 31060, for the target of 30840 & 30750.)

MCX Silver March Contract is looking negative for the day. Market may find support near 57750 & 57200; intraday resistance can be seen near 58200 & 58700. Day traders are advised to sell intraday on rise. (Sell around 58200 with SL 58700, for the target of 57750 & 57200.)

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