Bullions:
Bullion counter has seen lot of selling pressure in past few weeks but investors will be watching the FOMC meeting this week on Wednesday to get further clues about monetary easing. Strong support for gold is 30,800 in MCX. Gold is expected to trade in the range of 30,800-31,800 while silver can trade in range of 61,400-64,000. Meanwhile Gold silver ratio can move in the range of 50.5-52 in near term. Meanwhile rupee can strengthen further towards 53 levels and can cap the upside in billions on domestic bourses.
Metals:
In base metals section the recent bullish momentum may witness some pause and can trade on volatile path as the slowdown in euro zone economy and fiscal cliff concerns can lead to profit booking at higher levels. Red metal Copper may move in the range of 425-455. Aluminum prices may also trade in the range of 110-116. Zinc can trade in range of 105-112 while Lead can trade in the range of 115-123. Nickel prices can trade in the range of 910-960 in MCX.
Energy:
Crude oil may remain on volatile path as investors will keep close eye on the OPEC meeting euro zone debt situation coupled with fiscal cliff in US. Furthermore any escalation of Middle East tensions will spur the crude prices higher. Crude oil can trade in the range of 4,600-4,950 in MCX. Natural gas prices can trade sideways with upside bias. Expectation of colder weather conditions can give support to the prices.
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