Market Update

Market Watch

Tuesday, 26 March 2013

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Today Mcx Market Wrap: ·           


  • Copper fell in New York, extending a weekly decline
  • Natural gas futures climbed in New York for the first time in four days
  • Gold dropped the most in three weeks
  • Silver futures for May delivery slid 0.2 percent
  • Nickel, zinc, aluminum and lead were also lower in London


Copper fell in New York, extending a weekly decline, as speculation that China’s government will take steps to tame inflation added to concerns that global growth will slow, curbing metals demand. Gold dropped the most in three weeks after Cyprus agreed with euro-area finance ministers on a rescue package, reducing demand for the precious metal as a haven. Silver futures for May delivery slid 0.2 percent to $28.645 an ounce in New York. Natural gas futures climbed in New York for the first time in four days as colder-than-normal weather persisted in the eastern half of the U.S., boosting demand for the heating fuel.

Technical View: 


GOLD(APR) 


Trend          • Consolidate 
Strategy      • Buy on dips
Resistance  • R2 - 30250 ;  R1 - 29850
support       • S1 – 29420 ; S2 – 29180


SILVER(MAY)
Trend          • Consolidate
Strategy      • Sell on high   

Resistance  • R2 -56750 ; R1 -55470                
support       • S1 - 53150  ; S2 - 52200
                    
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