USD/INR: Rupee yesterday tested the level just below 49 but fails to sustain below the same and closing was seen at 49.16 with the positive move in Dollar index. Today the opening is positive at 49.43 per$ but fails to cross the lower resistance of 49.5 per$ level. Immediate support is seen at 49.25per$ and further crossover below 49.25 per$ will bring to 49.1 to 48.9 on lower side. On higher side if sustain trading is seen above 49.4 will bring to 49.5 – 49.75per $ which is the resistance level and RBI intervention was seen at 50 per$, further above 50 per$ will bring to 52 to 53.5per$ in near to medium term which is expected target till the time 48.7$ holds on closing basis. I expect it to move upsdei beyond 50 in near to medium term for higher target. Dollar index after testing 76.56 gave a sharp reversal in price where yesterdays closing were seen above 77, and currently it is trading at 77.20 and is near the resistance of 77.3 level. Rupee is expected to trade in range of 49.7per$ to 49.25per$ for the day. Stochastic are trading in mid zone and with positive intersection is trading at 40% zone which indicates upside move can be expected.

COMEX SILVER OVERVIEW

Silver: Silver after retreating from the higher level of 33$ is trading in tight range where lower side support is seen at 31$ and is failing to cross the higher resistance level of 33$ and is trading at 32$. Today after positive opening at 32.25$ it is trading negative at 32$ at days low where on lower side immediate support is seen at 31.8$ and further crossover below 31.8 will move to test 31.6 to 31.2$ on lower side. On higher side only on closing basis above 33$ will hamper the bearish outlook in silver where it will test 36$ to 40$ on higher side. Immediate resistance is seen at 32.5$ and till this resistance is holding intraday expected to continue the down trend where lower target can eb expected. Stochastic has reverted from the overbought zone and has given negative intersection where some down side move can be expected with fall in price and may move towards mid zone.

COMEX GOLD OVERVIEW

Gold: Gold looking at 4 Hrs. chart is just hovering near the higher resistance line where its failing to cross the resistance level of 1690$ on higher side and is taking immediate support of 1650$ on lower side. Some rang bound move can continue for short term and either side trading beyond the said range will confirm further move. If sustain trading is seen above 1685 on closing basis will dismissed Bearish Pennant formation. Today after the side way opening near the level of 1683$ resistance is seen at 1685$ and is trading is seen flat. We continue to maintain bearish view on gold where rise will be a selling opportunity till the time 1690$ is holding on closing basis. On lower side if sustain trading is seen below 1675$ will bring to1650$ support and further below 1650$ will bring to 1610 – 1580 support level. Stochastic has entered in overbought zone with positive intersection which indicates some range bound move is expected till the time higher resistance is not taken over, where only below the support of 1650 will give short correction.

COMEX SILVER

Silver: Silver in last three trading session is trading in tight range where on higher side it failing to cross the higher resistance level of 33$ which it tested yesterday and its making higher bottom where support is seen at 31.5 level. Today after sideway opening at 32.53 it is trading negative at 32.36$ and is near to the support level of 32$ and next support is coming at 31.20$. On higher if resistance of 33$ holds then it’s expected to give selling pressure where 31.6$ to 31$ can be the expected target. On higher side only on closing basis above 33$ will hamper the bearish outlook in silver where it will test 36$ to 40$ on higher side. Stochastic are trading in overbought zone and is showing negative intersection and indicating short term top is placed where some selling can be expected, this bounce was just taking a breath in market before starting of the fresh down side rally.

COMEX GOLD

Gold: Gold looking at 4 Hrs. reverted after trading above higher trend line testing 1692 and is consolidating in the range of 1670$ and 1685$ range. If sustain trading is seen above 1685 on closing basis will dismissed the pattern formation of Bearish Pennant formation. Today after the side way opening near the level of 1674$ resistance is seen at 1685$ and is trading is seen at 1677$. We continue to maintain bearish view on gold where rise will be a selling opportunity till the time 1680$ is holding on closing basis. On lower side if sustain trading is seen below 1660$ will bring to1625$ support and further below 1625$ will bring to 1610 – 1580 support level. Further we expect the level of 1400 in medium term where at lower level around will be a long term positional buying may emerge. Immediate resistance is seen at 1685$ and till the time this resistance is holding on closing basis some range bound move can be expected, only above 1685$ on closing basis will hamper the bearish outlook where we have been selling from 1890$ levels. Stochastic which are trading near higher zone is trading flat where some correction in price will bring to lower zone with negative intersection where some sharp selling can be seen in prices.

USDINR CMP is 49.43 MCX-SX expected to test 49.8 level : RBI intervention is seen at 49.9 - 50 level .. expect to test 52 shortly till the time 48.2 holds on closing basis. 

we maintain bearish view on both crossover above resistance level will only hamper the bearish outlook for short term.

Silver CMP is 31.14$ :: Resistance is seen at 31.50$ and till the time its trading below the same resistance level its expected to test 30.80 to 30.55$ on lower side.

Gold CMP is 1674$ :: resistance is seen at 1680 and if fails to cross the same will move to test the level of 1666 - 1660 - 1654 level on lower side.

Bullion Overview

Gold: Gold gave sharp sell off after crossing the support level of 1770$ and after the crossover in just three trading session it tested the level of 1530$ just near the level of 1500$ support. After testing the level of 1530 bargain hunting was seen at level below 1550 and closing was seen near 1621$. Shot bounce was seen as short covering from the lower level and tested the level of 1677$ which was 38.2% retracement of the fall from the higher level of 1920$ to the lower support level of 1533$. We continue to maintain the negative view on gold till the time resistance is holding at 1677$ and falling below 1620$ will try to change the near term low of 1530 and may test 1440$ and 1400$ on lower side. Some range bounce move is expected in the range of 1680 and 1620 level and once the support is broken will continue the down trend. If sustain trading below 1600 will further bring to lower level of 1400$ in near term. Further if sustain trading above 1680 on closing basis will hamper the bearish outlook and will bring to 1750$ to 1770$ on higher side. Stochastic which has reverted from the oversold zone has moved flat and this rise is just looking like its taking a breath before the next down side move and with the price movement below the support level will reenter in oversold zone where some good down fall in price and be expected.