Uncertainty in Ukraine to help gold price to inch higher - CapitalVia

Commodity market outlook - Mr. Vivek Gupta- Director Research - CapitalVia Global Research Limited

Precious metal:

Gold prices moved in a range after four week of gains as poor US data increased the hopes of continued US bond buying, United States told Russia to demonstrate in coming days that it was sincere about its promise not to intervene in Ukraine. U.S. Federal Reserve Chair Janet Yellen said unusually harsh winter weather appears to be behind recent signs of weakness in the U.S. economy, suggesting the central bank was poised to press forward in ratcheting back its stimulus. Gold prices are expected to move higher for the week as uncertainty in Ukraine has created a safe haven buying and poor data from US has raised hopes of continued Bond Buying.

Over all, MCX Gold April future is in consolidation and sustaining on higher levels. For the coming week 30000/29600 will act as a major support whereas 31050/31468 will act as a major resistance level in MCX Gold April future. For the next week in MCX Gold, trader can use buy on lower level strategy, if MCX Gold April future sustain above the levels of 30400 then it could test the levels 30550 / 30900.

Technically, MCX Silver May futures is consolidate and sustaining around higher levels. For the coming week 50700/51800 will act as major resistance levels where as 46600/45100 will act as major support in MCX Silver May futures. For the next week in MCX Silver futures, traders can use buy on lower level strategy, if MCX Silver May futures sustains above 47963 then it could test the levels of 49150/ 50400.

Source : Equity Bulls

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