Daily Commodity Report by www.epicresearch.co - 6th March 2013

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indore, India (prHWY.com) March 6, 2013 - HEADLINE
Gold drifts on growth hopes; Asia buying lends support.
Gold traded in a narrow range and hovered around $1,575 an ounce, evoking little interest from investors who switched to riskier assets as confidence in the global economy grew. A strong stock market grabbed the attention of investors, with the Dow Jones industrial average hitting a record high on data showing quickened growth in the huge U.S. services sector. In contrast, the exodus of investment from gold-backed exchange-traded funds underscored the sober sentiment for the precious metal and overshadowed physical purchases of the metalin Asia.
Base metals close higher on the LME
BASE metals on the London Metal Exchange (LME) have closed higher after the market focused heavily on China, which allayed some concerns regarding industrial-metal demand, although gains stalled with market players lacking near-term direction. At the close of open-outcry trading, LME three-month copper was 0.6 per cent higher on the day at $US7772 a metric tonne. Aluminum was up 0.2 per cent at $US1977 a tonne.
TRADING TIP:
Buy Aluminium Mar
* Above 107.60
* TGTS-108.50/109.50
* SL-107

Buy Natural gas Mar
* Above 197.10
* TGTS 199/202
* SL- 196

ANALYSIS
DAILY MCX GOLD CHART
OPEN: 29649
HIGH: 29753
LOW: 29556
CLOSE: 29569
* GOLD LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY MCX SILVER CHART
OPEN: 54434
HIGH: 54434
LOW: 53750
CLOSE: 54083
* SILVER LOOKS DOWNWARD
* TREND: BEARISH
* STRATEGY: SELL ON RISE


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