Gold prices edged higher on stronger demand for safe-haven assets, while platinum and palladium tumbled as Japanese car makers shut production in the wake of a massive natural disaster. Gold benefited from heightened uncertainty as Japan scrambled to avert a meltdown at a stricken nuclear plant on Monday after a hydrogen explosion at one reactor and exposure of fuel rods at another.
Now technically market is trading in the range as RSI for 18days is currently indicating 55.88, where as 50DMA is at 20579.28 and gold is trading above the same and getting support at 20938 and below could see a test of 20878 level, And resistance is now likely to be seen at 21066, a move above could see prices testing 21134.
Trading Ideas:
Gold trading range is 20878-21134.
Gold prices edged higher on stronger demand for safe-haven assets
Spdr gold trust holdings fell by 1.83 tonnes to 1213.65 tonnes
ETF Securities: Gold-backed ETCs boosted by $250m in past 4 weeks
Silver ended slightly weak but recover almost all of its losses on brisk buying for seasonal demand, amid a firm global trend. Silver recovered near to the peak level as trading sentiments bolstered after precious metals came in demand in the global market in the aftermath of Japan's strongest earthquake and intensifying violence in Libya. Silver's pattern remains bullish however it will need a catalyst to push it above the recent 54500 high. With the RSI at just 70, there is still room before the metal reaches overbought levels and we would not be surprised to see another push higher.
Now technically market is trading in the range as RSI for 18days is currently indicating 70.05, where as 50DMA is at 47679.4 and silver is trading above the same and getting support at 53621 and below could see a test of 53268 level, And resistance is now likely to be seen at 54336, a move above could see prices testing 54698.
Trading Ideas:
Silver trading range is 53268-54698.
Silver ended slightly weak but recover almost all of its losses on brisk buying for seasonal demand
Silver is having resistance at 54335 and support at 53620 level.
In spot silver looks to hold support at 35.20$ and resistance at 35.88$
Crude oil ended nearly flat as concerns of a drop in Japan's economic activity weighed against views that additional oil products will be needed to generate electricity in the country. Worries about lower demand from Japan after last week's devastating earthquake limited the day's gains. Libya's National Oil Corporation has called on employees to return to work at oil installations and hoped oil production can soon increase. Saudi Arabia and other OPEC producers have increased production, partly to offset the drop in Libyan exports.
Now technically market is trading in the range as RSI for 18days is currently indicating 55.97, where as 50DMA is at 4316.56 and crude is trading above the same and getting support at 4481 and below could see a test of 4418 level, And resistance is now likely to be seen at 4582, a move above could see prices testing 4620.
Trading Ideas:
Crude trading range is 4418-4620.
Crude oil ended nearly flat as concerns of a drop in Japan's economic activity weighed
Crude looks to test support at 4481 and resistance is seen at 4582.
Saudi Arabia and other OPEC producers have increased production, partly to offset the drop in Libyan exports
