COMMODITY OUTLOOK 9th April

GOLD & SILVER PREDICTION April 2011 :-

The month of April started off with rises for gold and silver prices. During March silver prices rose by over 10% while gold prices didn’t do much.

The recent decision of ECB to raise its interest rate might push some investors to trade their gold and silver with government bonds, however since this interest raise was expected and wasn’t a high raise, traders in the commodities markets don’t seem to react to this news, and if any the major commodities keep on rising, such as gold, silver and crude oil.

MCX SILVER OUTLOOK :-

Silver surpassed the benchmark of Rs 60,000 a kg in Mumbai’s Zaveri Bazaar on Friday, rendering physical buying negligible. The metal closed at Rs 60,125 a kg — a rise of Rs 1,045 a kg, or 1.77 per cent, over the previous day’s close. Standard gold also moved up, in line, by 0.52 per cent, or Rs 110, to close the day at Rs 21,090 per 10 grams.

SILVER SUPPORT & RESISTANCE :-

Support for the Silver is 56572-56040-54796-51843-49088-47950-.

Immediate resistance for Silver is 59827

COMMODITY ADVISE TODAY :-

Remain cautious in both highly tradable precious metals, including gold and silver; and take a fresh position with care.