Market Update

Market Watch

Wednesday, 15 January 2014

MCX Bullion Market Live News and Trends by Money CapitalHeight

 Gold on Wednesday pullback again for its second session, its gripping forward from a 1 month high as a rally in stock markets prompted by strong U.S. retail sales data dented the metal's appeal as a safe haven.

Gold and silver futures declined on Tuesday after the government reported better-than-expected sales at US retailers last month. The benchmark, S&P GSCI Precious Metals dropped 0.46% to settle at 1,675.36.

Today’s Bullion Market Trends:
Gold futures for February 2014 settlement fell 0.5% to USD 1,245.4 per troy ounce at the Comex division of the New York Mercantile Exchange.
Trend: Consolidate | Strategy: Buy on dips
R1- 29370, R2- 29750 | S1-28750, S2- 28480

Silver on Friday closed at $20.13 / ounce just ahead of a key resistance level after a rapid surge in the US session amid poor non-farm payrolls data. The metal is likely to face immediate resistance at $20.29 which is 38.2% fib level and then $20.82, a very crucial 50% fib level and 100 DMA.
Comex Silver futures for March 2014 settlement slipped to USD 20.28 per troy ounce.
Trend: Consolidate | Strategy: Sell on high
R1- 45850,R2- 46700 | S1-44150, S2- 43180

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