Gold
futures jumped the most in three weeks on speculation that demand for bars and
jewelry will increase in Asia. Silver futures for March delivery jumped 3.9
percent to $20.128 an ounce on the Comex. West Texas Intermediate crude dropped
the most in almost 14 months as an improving U.S. economy added to speculation
that the Federal Reserve will further curb stimulus.
Today’s MCX Market Trend
Gold rose for a fourth
session on Friday, hitting a two-week high as weaker equities spurred demand
for the metal as a safe-haven asset.
GOLD
(FEB)
Trend: Consolidate | Strategy: Buy on dips
R1- 29270, R2- 29650 | S1-28650, S2-
28180
Silver was also trading near its highest in two weeks after gaining 3.5 percent in the previous session.
SILVER
(MAR)
Trend: Consolidate | Strategy: Sell on
high
R1- 46850, R2- 47700 | S1-44850, S2-
43280
Copper
declined by the most in two weeks, leading drops in industrial metals, after a
gauge of China’s services industry fell, stoking concern that demand will
weaken in the biggest user.
COPPER
(FEB)
Trend: Consolidate | Strategy: Sell on
High
R1- 475, R2- 483| S1-462, S2- 455
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