Gold hardly moved yesterday traded in the range and closed at 21177 that is up by +0.05% after striking another record in the previous session, inched up amid concerns over European debt problem and global inflation. However, an interest-rate hike in the euro zone and a higher dollar curbed the rise.
Market expected the gold market got support from deepened concerns over debt problem in the Europe, as Portugal is set to seek a bailout from the European Union after the nation's political crisis pushed borrowing costs to record levels and forced it to become the third country in the euro region in need of a rescue.
The precious market was also propped up by the news that an earthquake hit Japan's devastated northeast coast on Thursday, but the boost was temporary as no major casualties or damage were reported. However, the hike in gold price was limited by interest rate rise in the euro region. Now gold is getting support at 21115 and below could see a test of 21052 level, And resistance is now likely to be seen at 21251, a move above could see prices testing 21324.
Gold trading range is 21052-21324.
Gold settled flat retreating from high after another strong earthquake hit Japan.
Gold looks to take support at 21115 and resistance at 21251 level.
Spdr gold trust holdings rose by 11.74 tonnes to 1217.21 tonnes
Silver spot at $39.80, 20 off from $40. At 31 year high; highest level since when the Hunt Brothers tried to corner the market in 1980, bullion got support from deepened concerns over debt problem in the Europe, as Portugal is set to seek a bailout from the European Union after the nation's political crisis pushed borrowing costs to record levels and forced it to become the third country in the euro region in need of a rescue. The strength in dollar also weighed on the market.
Silver could rise to a new high after ETF holdings rose to an all-time high as inflation worries lingered. IShares Silver Trust said its holdings hit another record at 11,192.80 tonnes by April 7 from 11,162.45 tonnes on April 4. Now technically market is in overbot as RSI for 18days is currently indicating 76.94, where as 50DMA is at 52421.28 and silver is trading above the same and getting support at 57640 and below could see a test of 57347 level, And resistance is now likely to be seen at 58155, a move above could see prices testing 58377.
Silver trading range is 57347-58377.
Industrial demand for silver is expected to rise less than 10 percent this year
Silver is having resistance at 58155 and support at 57640 level.
Holdings at ishares silver trust rose by 30.35 tonnes to 11192.80 tonnes.
Crude oil yesterday broken the tight range and shoot up by 1.76% and finally settled at 4880 and internationally steady above 110$ that is 2-1/2-year highs on continued supply worries stemming from tensions in Libya and the Middle East. Oil prices were also supported by OPEC member Nigeria's decision to postpone parliamentary polls in some areas. Rebels fighting to overthrow Muammar Gaddafi said five of their fighters were killed when NATO planes mistakenly bombed a rebel tank column near the contested port of Brega in eastern Libya.
Crude trading range is 4764-4948.
Crude oil prices jumped amid uncertainties about supply in Libya, the Middle East and Nigeria.
Crude looks to test support at 4822 and resistance is seen at 4914.
Libya accused Britain of damaging an oil pipeline in an air strike