Last Updated : 01 January 2013 at 12:55 IST
The international markets are closed for the day. And with the fiscal cliff deal clinched markets are heaving a sigh. While rupee is expected to be stronger for the day, gold in the international markets are expected to have resistance at $1680-$1690 in the upcoming sessions.
“If it crosses $1690-$1695, only then will I turn bullish on gold.” said Manoj Kumar Jain, President Commodity & Forex Business, IndiaNivesh Commodities Pvt. Ltd.
“Similarly, I would suggest you to buy gold only above Rs.30900 levels in INR terms.” he added. Silver will have to close above $30.70-$30.80 levels for the commodity to turn bullish, he advised.
“When it comes to Indian markets, Rs.58500 is a good resistance for silver. Close above the said levels may be bullish signal.”
On the MCX, trend is relatively flat for gold and silver. Gold for delivery on February 5, 2013 was seen trading at Rs.30867 a gain of 0.02% against the previous close. Silver for delivery on March 05, 2013 was seen trading at Rs.57842 a kilo, loss of 0.04% against the previous close, as of 12.41 PM.
US has technically gone off the cliff as midnight express surged past 2012 into 2013; but the Senate is about to hold vote on the bill that would by all means could be effected retroactively.
The House Republicans are expected to vote on the issue on Tuesday: Tuesday would see taxes going up in a technical sense and the vote by tax-averse Republicans would give them leg room to to argue that they have in a way voted to bring down taxes.
The commodity markets which had already priced in the deal responded with silent enthusiasm and muted cheers.
Not much of activity was reported across the Indian Comexes as Europe, US markets are closed for the day.
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