Daily Commodity Report by www.epicresearch.co -- 13 th February 2013

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indore, India (prHWY.com) February 13, 2013 - HEADLINE

Gold may swing to currency movements
Gold prices are likely to be range-bound with the to decide on low, searching for a direction. With Brent crude rising to near $120 a barrel, there could be increasing demand for dollar from importing companies, leading to a drop in the rupee. This could boost gold since any rise in the dollar will make import of commodities such as gold, crude oil and vegetable oil dearer. In early trade at Singapore, spot gold traded at $1,652.50 an ounce, while gold for delivery in April quoted at $1653.50. In the domestic market on Wednesday, gold for jewellery (99.5 purity) fell to Rs 30,255 for 10 gm and pure gold (99.9 purity) slid to Rs 30,395.

Base metals prices retreat as Asian holidays weigh, copper near two-week lows.

Base metals retreated gently during LME premarket trading, led by copper, which was around its lowest for nearly two weeks the downward drift due to the absence of many Asian participants for holidays was maintained.
TRADING TIP:
Sell Gold Apr
* Sell Silver Mar
* Below 57699
* TGTS-57500/57300
* SL-57800


* Sell Zinc Feb
* Below 118
* TGTS-117/116
* SL- 118.80


ANALYSIS
DAILY MCX GOLD CHART
OPEN: 30581
HIGH: 30627
LOW: 30516
CLOSE: 30573

* GOLD LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE

DAILY MCX SILVER CHART
OPEN: 57502
HIGH: 57633
LOW: 57211
CLOSE: 57555

* SILVER LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE

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