12 April 2016

BULLION ANALYSIS FOR TODAY 12 APRIL 2016

CRUDEOIL ROCKSSSSSS HIT FINAL 2638 MADE HIGH OF 2700!!!!!!!! 
GOLD:
RESISTANCES : 29840/29960 29450/29600 
SUPPORTS : 29120/29020 28590/28380
BUY Above 29300 TGT 29450 SL 29200
SELL Below 29120 TGT 28840 SL 29280
Review Gold prices traded above $ 1259/ounce in early morning today as weak economic data and uncertainty over US monetary policy have sparked risk-averse sentiment in the market, underpinning the demand for safety assets such as gold. The dollar slid near the lowest since mid-October on the expectations of no interest rate hikes in April meet. The rally in the oil prices also lifted the broader sentiments. In the meeting held between Fed Chairperson Janet Yellen and US President Mr. Obama , the president has praised Fed’s efforts towards supporting the overall recovery process, however nothing was discussed on the monetary policy front. CFTC data on Friday showed hedge funds and money managers cut their net long positions in gold futures and options in the week to April 5, but still not far from a two-month high. Assets in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.22 percent to 817.81 tonnes on Friday.
SILVER: 
RESISTANCES : 39200/39580 37850/38500 
SUPPORTS : 37250/36900 /36600/36350
BUY  Above 37850 TGT 38500 SL 37450
SELL Below 37500 TGT 36950 SL 37850
Review Silver prices led from the front and ended the session with almost 4 % gains on COMEX to close at $16/ounce. On MCX also the prices spurred to end the session higher 2.85% at Rs 37764/Kg. The total known ETF holdings rose by .19 % to 63.79 Million Oz , while more importantly the gold- silver ratio fell sharply towards 79 from a reading of 82 where it was hovering in the previous week. We expect the rally to fizzle out as the volumes and open interest have not been supportive for upside move so far, therefore for the day we recommend a sell on rise strategy in silver

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