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Commodity Weekly Report for 27 May 2013 1 june 2013

Volatility may mark Gold futures in the days to come.
The hypersensitivity of gold to information inflows was seen on Wednesday when Ben Bernanke testified before the US Congress on monetary policy. When he said that the US Federal Reserve may continue with its bond buying programme, the futures climbed above $1400 levels only to backtrack to former levels as he almost retreated from what he said.âVolatility may mark the futures in the days to comeâ. âThe futures may trade in the range of $1360-$1410/oz in as we go forward. Chances cannot be ruled out that it may touch levels close to $1330â. âChances are more that gold cannot go up in the near future. Even if it goes up, it would be temporary and limitedâ. Theoretically, it would be a rare incident if gold could go below $1200/oz, its cost of production. But even that cannot be ruled out given the current circumstances,â. But it is also difficult to rule out the scope of surprises that the economies around the world may throw up. âEurope may take at least three years to recover. US is a beacon of hope. China data is not encouraging beyond a point,â.âWhen it comes to surprises, one should not forget that Cyprus indeed was a big surpriseâ.
MCX GOLD Technical Trend
MCX GOLD last week showed sideways to bullish movement on daily charts and took support around 25370. It moved around the 23.6% retracement and now sideways movements are expected in the range of 26800-25900 in the coming week. If it breaks the resistance level of 27000 then only bullish movement is expected. On other hand bearishness is only expected below 25250.
Better strategy in MCX GOLD is to sell below 25800 for the targets of 25400-25000 with stop loss of 26700.

About Author kailash trifid :

TriFid Research Pvt. Ltd. is a privately held company in Indian financial markets operations in Indore. TriFid research is an Research House that produces and delivers tips and recommendations for Stock Tips, <a href="" target="_blank">Commodity Tips</a>, <a href="" target="_blank">Mcx Tips</a>, Equity Tips, Currency Tips

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