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Published on 26/04/2019 11:17:44 AM | Source: Kedia Commodity Ltd

Buy Silver May 2019 @ 37350 SL 37000 TGT 37560-37700.MCX - Kedia Commodity

Posted in Commodities Reports| #Kedia Commodity Ltd #Commodity Tips

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Gold

Gold on MCX settled up 0.29% at 31911 as weak economic data rekindled global growth fears, while bullion’s recovery from four-month lows and an improved technical picture prompted some investors to cover their short positions. Data showed German business morale deteriorated in April as trade tensions hurt the industrial engine of Europe's largest economy. South Korean economy also unexpectedly contracted in the first quarter, fuelling concerns that the global economy is still not out of the woods. Attesting the bearish momentum, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, dipped 0.2 percent to 747.87 tonnes on Wednesday, its lowest since Oct. 19. Recent data out of the U.S. and China have been quite encouraging. Last week, China reported a better than expected 6.4% GDP growth in the first quarter of 2019 and a sharp 8.7% jump in retail sales in March. A Commerce Department report showed that new home sales in the U.S. unexpectedly jumped to their highest level in well over a year in the month of March. The report said new home sales surged up by 4.5% to an annual rate of 692,000 in March after soaring by 5.9% to a revised rate of 662,000 in February. Investors also eyed further trade negotiations between the United States and China. The two countries are slated to begin the next round of talks on trade on April 30, in an attempt to conclude a nearly year-long tariff spat. Technically market is under fresh buying as market has witnessed gain in open interest by 0.13% to settled at 13517 while prices up 93 rupees, now Gold is getting support at 31735 and below same could see a test of 31559 level, And resistance is now likely to be seen at 32056, a move above could see prices testing 32201.

BUY GOLD JUN 2019 @ 31850 SL 31700 TGT 32000-32200.MCX

 

Silver

Silver prices recovered from lows with investors making cautious moves, weighing earnings reports and economic data from across the globe. German business morale deteriorated in April, bucking expectations for a small improvement, a business index by the Munich-based Ifo economic institute showed, as trade tensions weighed on the German economy, leaving domestic demand to support slowing growth. A wave of better-than-expected earnings results from U.S.-listed companies this week and strong U.S. housing data were cited as putting pressure on the precious metal. The US will send a high-level trade delegation to Beijing next week for talks that will begin on April 30, the US Press Secretary Sarah Huckabee Sanders said in a statement. Following those talks, the Chinese Vice Premier Liu He will lead a delegation to Washington for further discussions that will begin on May 8. A Commerce Department report showed that new home sales in the U.S. unexpectedly jumped to their highest level in well over a year in the month of March. The report said new home sales surged up by 4.5% to an annual rate of 692,000 in March after soaring by 5.9% to a revised rate of 662,000 in February. With the unexpected spike, new home sales reached their highest annual rate since hitting 712,000 in November of 2017. Markets are now awaiting U.S. GDP data for the fourth quarter, due on Friday. Technically market is under long liquidation as market has witnessed drop in open interest by -12.29% to settled at 13461 while prices down -25 rupees, now Silver is getting support at 37258 and below same could see a test of 37060 level, And resistance is now likely to be seen at 37651, a move above could see prices testing 37846

BUY SILVER MAY 2019 @ 37350 SL 37000 TGT 37560-37700.MCX

 

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