Gold prices move higher on tensions in Ukraine and worries over China Continues

Fundamental & Technical Outlook on Commodities - Mr. Vivek Gupta – Director Research - CapitalVia Global Research Limited

Gold prices moved higher marginally by 0.14% yesterday as tensions in Ukraine and worries over China continued. Russia launched new military exercises near its border with Ukraine, showing no sign of backing down despite a stronger than expected drive for sanctions from the EU and United States. Gold prices are expected to move higher for the week over increasing tensions in Ukraine and over poor Chinese economic data came yesterday.

Over all, MCX Gold April future is in consolidation and sustaining in range. For the coming week 30280/29900 will act as a major support whereas 31160/31500 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 30660 then it could test the levels 30850 / 31160.

Technically, MCX Silver May futures is consolidate and sustaining around higher levels. For the coming week 50400/52165 will act as major resistance levels where as 46000/44900 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 47500 then it could test the levels of 48700/ 50392.

Source : Equity Bulls

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