Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
23 November, 2014 22:30 IST
News
Gold may trade in range of 31,700-32,000: SMC Global
Source: IRIS | 22 Nov, 2012, 12.51PM
Comments  |  Post Comment

Broking firm SMC Global gave following outlook on bullions, base metals and energy segments:

Bullions: Bullion counter may remain sideways with upside bias continuing yesterday gains but not much movement will be seen as US markets are closed today due to thanks giving holiday. The gold and silver markets showed little reaction to news reports at midday Wednesday that Israel and Hamas had agreed to an Egyptian-brokered ceasefire. Meanwhile some strength in domestic currency rupee will cap the upside in MCX. On domestic bourses Gold can trade in range of 31,700-32,000 while Silver can trade in range of 61,500-62,600 in near term.

Base Metals: Base metals counter may trade on positive path as investors will eye the euro zone PMI data scheduled today while China’s manufacturing may expand in November for the first time in 13 months, adding to signs that economic growth is rebounding after a seven-quarter slowdown. The preliminary reading was 50.4 for a purchasing managers’ index released today by HSBC Holdings Plc (HSBA) and Markit Economics. It compares with a final level of 49.5 for October. A reading above 50 indicates expansion. Copper can trade in range of 422-428 in MCX while Lead can trade in range of 118-120 while Zinc may trade in range of 104-106. Nickel may move swiftly upwards due to demand from steel sector and can test 920 in MCX and Aluminum can move in range of 106-108.

Energy: Crude oil counter along with natural gas prices are expected to trade with bullish momentum. Crude oil can test 4860 while Natural gas can head towards 218 in near term. The Middle East tensions are prompting higher volatility in crude oil market. Yesterday crude oil advanced for the third time in four sessions as U.S. inventories fell unexpectedly and fewer Americans filed applications for unemployment benefits. Natural gas rose to a one-year high after a government report showed U.S. inventories fell more than expected. The Energy Department said stockpiles fell 38 billion cubic feet last week to 3.873 trillion. Analyst estimates compiled by Bloomberg forecast a drop of 28 billion.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.


Astral Poly Technik acquires 76% stake in Resinova Chemie - 21-Nov-2014 18:46
HDIL announces re-launch of Premier Exotica - 21-Nov-2014 17:53
ICICIdirect maintains 'Buy' on Tech Mahindra - 21-Nov-2014 15:57
Steelcast signs manufacturing pact with AIA Engg - 21-Nov-2014 15:47
KSS ties up with TV18 Broadcast - 21-Nov-2014 14:15
KSS ties up with TV18 Broadcast - 21-Nov-2014 14:15
ICICIdirect maintains 'Hold' on Jet Airways - 21-Nov-2014 14:07
Ind-Ra assigns NHPC's bonds final 'AAA' - 21-Nov-2014 14:03
Ind-Ra upgrades Raj Rayon Industries to 'B+' - 21-Nov-2014 13:57
Tech Mahindra acquires overseas firm LCC: Analysts - 21-Nov-2014 13:44
Tata Power launches 2 new bill collection centres in a day - 21-Nov-2014 13:40
more...
* Q - Quote , N - News , C - Chart , F - Financials
Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer