Gold futures inched lower on Thursday after the dollar strengthened following the release of better-than-expected US data;
(prHWY.com) March 19, 2013 - indore, India -- NEWS RADAR
Gold futures inched lower on Thursday after the dollar strengthened following the release of better-than-expected US data; however, the dip has been fairly modest indicating that another attempt at $1,600 an ounce might not be far off.Gold for April delivery on the Comex division of the New York Mercantile Exchange was last down $4.30 at $1,584.10 an ounce. Trade has ranged from $1,575.20 to $1,588.50.In data, initial claims for unemployment benefits declined by 10,000 last week to a seasonally adjusted 332,000, hitting a five-year low and easily beating the 352,000 forecast."Once again the better data knocked metals lower as the dollar picked-up, so again we wait to see if they can bounce back. Generally the better data should be good for industrial metals and it could be a headwind for bullion," William Adams of FastMarkets said.
TRADING TIP :
BUY GOLD
AROUND 1598
TGS 1604/1610
SL 1592
BUY SILVER
AROUND 28.50
TGS 28.70/28.90
SL 28.30
SELL COPPER
AROUND 3.4505
TGS 3.4305/3.4105
SL 3.4705
SELL CRUDE
AROUND 92.70
TGS 92.50/92.30
SL 93.00
EXPERT OPINION
* GOLD LOOKS BULLISH
* SILVER LOOKS BULLISH
* CRUDE OIL LOOKS BEARISH
* COPPER LOOKS BEARISH
* NGAS LOOKS BULLISH
* LEAD LOOKS BEARISH
* NICKEL LOOKS BEARISH
* ALUMINIUM LOOKS BEARSIH
* ZINC LOOKS BEARISH
GOLD HOURLY CHART
S1 S2 R1 R2
1596 1590 1608 1614
GOLD LOOKS BULLISH BUY AROUND 1598.00 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 1604.00 LEVEL AND MAINTAINING SL OF 1592.00
SILVER HOURLY CHART
S1 S2 R1 R2
28.60 28.40 29.00 29.20
SILVER LOOKS BULLISH SELL AROUND 28.85 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 28.70 LEVEL AND MAINTAINING SL OF 28.30
COPPER HOURLY CHART
S1 S2 R1 R2
3.4000 3.3800 3.4400 3.4600
COPPER LOOKS BEARISH SELL BELOW 3.4505
LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 3.4305 LEVEL AND MAINTAINING SLOF 3.4105
CRUDE OIL HOURLY CHART
S1 S2 R1 R2
92.30 92.10 91.90 91.70
CRUDE LOOKS BULLISH BUY AROUND 92.70 LEVEL IS SUGGESTED AND RECOMMENDED TO BOOK PROFIT NEAR 92.50 LEVEL AND MAINTAINING SL OF 93.00
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