Gold : Overall trend is bullish and more short covering and rollover will move further. Today we may consider support 23400 and resistance at higher level 23600-23650. Decline to buy side.
In Comex: Higher level resistance 1635-1650 US$ watch out.
Tracking the sharp downtrend in spot gold, silver traded along a weak side slipping from previous levels in major spot Mumbai, Ahmedabad and New Delhi Monday. Gold fell more than one per cent after US lawmakers took the first steps toward a deal to raise the debt ceiling, boosting risk appetite across the markets.
Our Technical said that markets dropped in tandem with the global markets and is likely to rule dull throughout the week and that demand will emerge after August 15 in wake of festive season.
In Mumbai, 995- standard gold traded at Rs 23,366 and 999- pure traded at Rs 23,470. In Delhi, 995 quoted at Rs 23,455 and 999 at Rs 23,455 and in Ahmedabad 995 traded at Rs 23,360 and 999 at Rs 23,480. (Prices in per 10 gm).
Comeks is to move upwards in the gold and silver. Currently on Comeks 1620.40 dollars per ounce of gold gained 1.5 dollar is trading at. Also Comeks 39.6 dollars per ounce of silver at a nominal speed is reached.
With crude oil in international markets - with gold and silver there is in the slight edge.
Naimeks currently with the crude oil, 0.3 per cent is trading at 95.18 dollars a barrel. With the slight decline Brent crude is trading at 116.25 dollars a barrel.
Tips provided to investors -
Crude oil: Sell -4305, stoploss -4330, -4240 to 4225 targets
Gold (September Futures): Buy - 23 300, stoploss - 23 150 and the target - 23 550
Silver (August Futures): Buy - 57 700, stoploss - 57,000 target - 59,000