Gold is up on bargain buying in Asia after falling sharply in last session. The metal dropped heavily as sustained
selling continued to hit the metal after prices hit around one year highs. DOW slipped on Friday as some profit
selling emerged amid two month highs. The world’s top economies failed to find consensus on dealing with
sluggish global growth, with the G20 meeting in Shanghai coming up only with recognition of the need to stick
to structural reform.
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PRECIOUS METALS:
Gold is up on bargain buying in Asia after falling sharply in last session. The metal dropped heavily as sustained
selling continued to hit the metal after prices hit around one year highs. DOW slipped on Friday as some profit
selling emerged amid two month highs. The world’s top economies failed to find consensus on dealing with
sluggish global growth, with the G20 meeting in Shanghai coming up only with recognition of the need to stick
to structural reform. MCX Gold futures tumbled nearly Rs 600 in intraday moves on Friday before carving out
some gains in closing hours. The metal ended around Rs 29340 levels and could extend these gains once Rs
29400 mark is overcome.
ENERGY:
MCX Crude oil futures gained further today amid hopes that the global policymakers would continue to keep
monetary conditions soft. A slowdown in the implementation of policy changes by governments that are
needed to boost long-term growth prospects is "deeply concerning, the Organization for Economic Cooperation
and Development said in a report published as finance officials from the Group of 20 largest economies meet in
Shanghai.
BASE METALS:
MCX Copper February expiry contract closed at Rs 321.70 per kg on 26 Feb 2016 against Rs 315 per kg on 25
Feb 2016. Copper prices regained strength after investors looked interested towards riskier asset classes across
the globe. In domestic markets favored the realistic growth targets of 7-7.5% for the year 2016-17 mentioned
in the Economic Survey of Government released today. Internationally, Risk assets gained lee way from a G20
summit starting today in Shanghai, China. Asian stock indices and copper posted gains.
MARKET WRAP
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SILVER:
CALL: SELL SILVER MAY AROUND 36600 TARGETS 36200 STOP LOSS 37000.
CHART OF THE DAY
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