Latest data from the world gold council show that China beat India in consuming valuable precious yellow metal. In 2013 china gold demand whopping around 1000 tonnes said by World gold council.
Many analyst believing that selling pressure is to be continued in upcoming days, in February contract gold is expected to trade in a sideways trend and short term trader have a chance to book a small profit on intraday trading. At MCX gold for December closes in green side at 30236 on week end while gold for February contract was closes on downside by loss -48 point to 29232.
Support and Resistance
S1: 28650 , S2: 28300
R1: 30125, R2: 30300
silver for expiry in December closes also closes to positive by +146 point to 44274, while for delivery in march 2014 close to 45861 up by +465 point. In coming day some up trend in bullish side is waited while in mid week volatility might be seen towards downside below 45000.
MCX crude oil for December delivery closes positive after a long sluggish negative trend to 5839. in coming week increment in Dollar give some hope positive side, however trend is looking bounded in the range between 5700 to 5950.
In base metal copper , nickel , aluminum , lead zinc all are closes in a green side on Friday, in coming session copper and nickel looking to move over a positive side , copper expected to near 466 to 438 while nickel might be above 850 in most session. In nickel their some bearish trend is expected in mid week due to low flow of demand in overseas market.