Daily Commodity Report by www.epicresearch.co - 19 th February 2013
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Gold inches up but stronger dollar caps gains
Gold edged up on to extend slight gains from theprevious session, but prices were capped as the U.S.dollar rose to a more than one-month high againsother currencies. Spot gold had climbed 0.2 percent to$1,612.90 an ounce by 0029 GMT, off a six-month lowof $1,598.04 hit late last week. U.S. gold was also up0.2 percent at $1,612.90. European Central BankPresident Mario Dragh sought to take the heat out of adebate about currency wars on Monday but said theECB would still have to assess the economic impact ofhe euro's strength.
Copper falls to near 3-week low on growth concerns
Copper prices dipped to a near three-week low on as signs of weak global growth dampened the demand outlook for industrial metals, with the focus on buying interest from top consumer China where investors are returning from a week-long holiday. Benchmark three-month copper on the London Metal Exchange (LME) closed at $8,119, from a close of $8,207 on Friday. It earlier fell to an intraday low at $8,107, its lowest level since Jan. 30.
TRADING TIPS
* Sell Zinc Feb
Below 116.00
TGTS-115.20/114
SL-116.70
* Sell Aluminum Feb
Before 113.50
TGTS-112.50/111
SL- 114.20
ANALYSIS
DAILY MCX GOLD CHART
OPEN: 30215
HIGH: 30275
LOW: 30148
CLOSE: 30176
* GOLD LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY MCX SILVER CHART
OPEN: 56215
HIGH: 56415
LOW: 56122
CLOSE: 56215
* SILVER LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE
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