Sure Shot MCX Tips

Gold futures began week on strong note in Asia electronic trades today, after retreating 1% last week on ongoing fears over the looming fiscal crisis in the U.S. and growing tension in the Middle East.

December delivery gold futures are trading up $7.3 at $ 1722 an ounce on the Comex division of the New York Mercantile Exchange. The counter may find support near $1685 levels with resistance near $1740 levels in the near term.

Silver for December delivery fell 1.1% on Friday to settle the week at $32.30 a troy ounce. Earlier in the session, silver futures touched a one-week low of $32.02 a troy ounce. On the week, silver futures shed 0.7%.

Investors continue to remain concerned over the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal crisis were "constructive."

There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.

Gold hit a one-week low of $1,704.55 a troy ounce on Thursday, after the World Gold Council said global demand for the precious metal dropped 11% in the third quarter.

In the coming week, market participants will be focusing on developments relating to the U.S. fiscal cliff, as well as Tuesday’s meeting of the euro group of finance ministers to discuss unlocking Greece’s next aid installment.

MCX December gold futures may open today’s session near Rs 31,670 levels with resistance near Rs 31700 -750 levels.

Sure Shot MCX Tips

Gold futures began week on strong note in Asia electronic trades today, after retreating 1% last week on ongoing fears over the looming fiscal crisis in the U.S. and growing tension in the Middle East.

December delivery gold futures are trading up $7.3 at $ 1722 an ounce on the Comex division of the New York Mercantile Exchange. The counter may find support near $1685 levels with resistance near $1740 levels in the near term.

Silver for December delivery fell 1.1% on Friday to settle the week at $32.30 a troy ounce. Earlier in the session, silver futures touched a one-week low of $32.02 a troy ounce. On the week, silver futures shed 0.7%.

Investors continue to remain concerned over the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal crisis were "constructive."

There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.

Gold hit a one-week low of $1,704.55 a troy ounce on Thursday, after the World Gold Council said global demand for the precious metal dropped 11% in the third quarter.

In the coming week, market participants will be focusing on developments relating to the U.S. fiscal cliff, as well as Tuesday’s meeting of the euro group of finance ministers to discuss unlocking Greece’s next aid installment.

MCX December gold futures may open today’s session near Rs 31,670 levels with resistance near Rs 31700 -750 levels.

Sure Shot Mcx Tips ( Silver Trading )

Silver Trading & Investments get lucrative on Higher Gold Prices:

With Gold Prices at much higher levels & out of reach of most of the small investors & them essentially being the largest in Numbers, Silver Investment provides the next most lucrative option after Gold. Also added the fact that Gold Prices have been on a rampage for the last 11 years & with Silver being mostly on the sidelines with a sole, though an exceptional rally last year to around $50, the time for a sustained Silver Price Rally may just have come. Gold Prices are at their highest levels in India due to the sharp weakening of the INR – Indian Rupee against the US Dollar. Gold trading participation, Investments & Jewelry buying has lowered considerably by a 56% drop in demand in the Indian Markets due to the historically high Gold Prices.  Small Investors may in fact go to the extent of selling Gold to invest in larger quantities of Silver. Historically also, Silver follows a common path and responds similarly to its costlier cousin Gold. With higher Inflation expectations due to the dual factors of a severe drought in most countries & Economic stimulus efforts expected to be initiated anytime now on in the U.S. & Eurozone, Gold & Silver Trading or Investment is looked upon as a safe haven & is a natural hedge against Inflation. With lowered levels of risk appetite triggered due to recent meltdowns, traders may look towards Silver more than Gold as an option to hedge. Gold has declined only by a paltry 16% to the present $1620 level from its all time high if $1925 but on the other hand, Silver has slumped almost close to 50% to the present $27.50 levels from its high of $50 seen last year, providing a better opportunity of a faster upside recovery.

Gold futures traded comfortably above the psychological level of $1,600.00 yesterday when the U.S. dollar index came under selling pressure following some fresh, weak U.S.economic data. The Philadelphia Fed business survey was released Thursday morning and it came in weaker than expected. That followed a weak housing starts report for July.

MCX Tips

World Bureau of Metal Statistics (WBMS) showed that zinc market was in surplus by 217000 tonnes during January to August 2012 which compares with a surplus of 566000 tonnes recorded in the whole of the previous year. Reported stocks rose by 56000 tonnes in the first eight months of the year with almost all of the increase recorded at LME warehouses. LME stocks represented 75 percent of the global total.

Production of locally refined metal in China fell by 7.4 per cent compared with the previous year. According to Chinese customs data, imports remain at historically high levels. Much of the Chinese imports originate from other Asian countries. Exports reported by Japan, South Korea and Taiwan confirm the Chinese imports.

Global refined production fell by 3.1 percent and consumption fell by 0.9 per cent compared with the levels recorded one year earlier. Japanese demand was, at 291.9 kt, 12.6 per cent below the equivalent total for January to August 2011. In August 2012, slab zinc production was 1.036 million tonnes.

World demand was 74000 tonnes lower than corresponding period previous year to 8.11 million tonnes. Chinese apparent demand was 3.49 million tonnes, which is just over 43 per cent of the global total. Chinese demand rose by 1.7 percent compared with the first eight months of 2011. In August 2012, slab zinc consumption 1.063 million tonnes.