Market Update

Market Watch

Monday, 8 April 2013

Mcx Market Watch



  • Copper fell in New York, capping a third straight weekly drop
  • Gold rebounded from a 10-month low
  • Silver futures for May delivery gained 1.7 percent
  • Crude 4.7% weekly loss was the biggest since sept 21


Copper fell in New York, capping a third straight weekly drop, as weaker-than-estimated U.S. employment figures added to signs that economies are struggling to maintain growth amid swelling inventories of the metal. Gold rebounded from a 10-month low, gaining the most in five weeks, after U.S. payrolls grew by the least in nine months. Gold futures for June delivery added 1.5 percent to settle at $1,575.90 an ounce on the Comex in New York, the biggest gain since Feb. 26.Silver futures for May delivery gained 1.7 percent to $27.22 an ounce in New York, after reaching $26.575 yesterday, the lowest since July 24. Prices fell 3.9 percent this week and entered a bear on April 1. The precious metal is down 9.9 percent this year. crude capped the biggest weekly drop in six months as U.S. employers hired less than half the number of workers forecast in March, raising concern that economic growth won’t be strong enough to support oil demand. WTI oil for May delivery dropped 56 cents, or 0.6 percent, to $92.70 a barrel on the Nymex, the lowest settlement since March 21. The 4.7 percent weekly loss was the biggest since Sept. 21.

Technical View: 



GOLD(APR) 

Trend          • Consolidate 
Strategy      • Sell on high
Resistance  • R2 - 30180 ;  R1 - 29890
support       • S1 – 29430 ; S2 – 29150

SILVER(MAY)
Trend          • Consolidate
Strategy      • Sell on high   
Resistance  • R2 -52550 ; R1 -51870               
support       • S1 - 49500  ; S2 - 48300

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