MUMBAI (Commodity Online): Gold prices traded steady in Asian session on Friday, the last day of this week and have risen by more than two percent from the previous week’s close. Gold prices are likely to rise further and bulls have set the targets of 1400 crucial levels in the next few trading days.
Inflation and geopolitical tensions in the Middle East remained the major drivers of Gold in this week. The USD also remained weak against Euro and other major currencies during the week which has also injected some fuel in the Gold’s resumed upward rally from the last couple of weeks.
Gold in international markets last traded strong at 1386 USD an ounce near its five week high. Silver also traded strong at $31.85 per ounce. Silver prices are presently trading at multi years high. Gold may find supports at 1370, 1361 and 1335. While, resistance levels are 1400 and 1431.
Gold prices also got benefitted as safe haven buying emerged from weaker then expected US unemployment data. The initial jobless claims data of U.S. came to 410000 for the week ended 12th February 2011 increased by 25000 from the previous one of 385000. While, continuing jobless claims data 3911 K increased by 1 K against previous claim of 3910 K while expectation was near to 3900 K. Unemployment data of U.S. came on Thursday is supportive for Gold prices while its negative for base metals. Buyers are coming in the gold market on every dips.
Gold prices are seen rising and could touch 1450-1500 levels in this year on the back of strong investment demand. Physical demand from exchange-traded funds is also rising which may also give a boost to Gold prices to go northward.
At MCX, the Indian commodity bourse, Gold April future prices settled marginally up on Thursday at Rs. 20516 per ten grams against last previous day’s close of 20506 up by 10 rupees.
MCX April Gold contract opened weak this morning at 20505, made the same level as an intraday low and last traded at 20551 up by 35 rupees after made an intraday high of 20599.
Support for MCX Gold Apr contract is seen at 20250 and below it; prices can test 19950, while the resistance levels are 20750 and 21050 respectively. Short term range of MCX Gold future prices is 19900-20900.
soucer:http://www.commodityonline.com/marketmovers/Gold-gets-a-strong-demand-from-fresh-investment-appetite-2011-02-18-3098-3-1.html
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