Sure Shot Silver Tips

Select momentum oscillators like the 14-day RSI and the weekly Stochastic Slow are in favour of the bulls for the Silver. Hence, a sharp pull-back from the near support level of Rs 61,800-odd levels cannot be ruled out.

In case, Silver breaks below Rs 61,800, then a fall to Rs 60,800-level may be possible.

On the upside, in case, Silver is able to sustain above Rs 61,800 - a counter rally to Rs 63,800-odd level is also possible.

Today, Silver MCX March futures may seek support around Rs 61,900-61,770-61,635, and on the upside Silver is likely to face resistance Rs 62,750-62,880-63,000.

The corresponding key levels for Silver Micro February futures are as follows - support around Rs 61,920-61,790-61,650, while resistance around Rs 62,760-62,890-63,020.

Sure Shot Silver Tips

Gold futures remained shaky as the US dollar extended gains against the single currency and as the U.S. equity futures retreated after Euro group finance ministers failed to agree on conditions to release a tranche of financial aid to Greece.
The euro which was trading above the $1.28 handle before the announcement, suffered a sharp fall to change hands at $1.2751. U.S. equity futures also retreated, with Dow Jones Industrial Average futures down 55 points, or 0.4%, at 12,704.
Sentiment was dampened after Eurogroup finance ministers, who had been locked in a meeting in Brussels to decide on conditions to release the next tranche of financial aid for Greece, failed to reach an agreement.
“The Eurogroup interrupted its meeting to allow for further technical work on some elements of this package,” Eurogroup President Jean-Claude Juncker said in a statement. The Eurogroup now plans to reconvene on Monday
COMEX December delivery gold futures are trading up $ 1.2 at $ 1724.8 per ounce in early London trades today.
On the data front today, Japan's trade deficit narrowed in October, though by less than forecast, as exports fell on another sharp drop in shipments to China. The trade deficit hit 549 billion yen ($6.72 billion) as exports fell 6.5% from a year earlier, and imports decreased by 1.6%, the Finance Ministry said Wednesday.
MCX December gold futures are trading up nearly Rs 30 at Rs 31771 per 10 grams. The counter may face a resistance near Rs 31840 levels today.

Sure Shot Silver Tips

Bullion metals ended mixed at Comex on Monday, 22 November 2012. While yellow metal prices ended little lower, silver ended marginally higher. Gold prices ended lower due to some profit taking from the strong gains posted on Friday. The key outside markets were also in a mildly bearish posture for the precious metals on Monday, as the U.S. dollar index was firmer and crude oil prices were weaker.
Gold for December delivery fell $1.8 (0.1%) to settle at $1,749.6 an ounce on the Comex division of the New York Mercantile Exchange on Monday.
On Thursday, December silver rose 2 cents, or 0.1%, to settle at $34.14 an ounce.
U.S. traders and investors came back from the Thanksgiving holiday on Monday and are again focusing on the negotiations among U.S. lawmakers and President Obama regarding the so-called “fiscal cliff” tax increases and spending cuts that are approaching. The precious metals showed little reaction to Monday's U.S. economic data that showed a weaker Texas manufacturing survey and a weaker Chicago Fed national business activity index.
In overnight trading, the European markets were quieter and are awaiting the results of yet another key meeting of Euro zone leaders in Brussels on Monday, to decide when and how to disburse fresh bailout funds to cash-starved Greece. Most market watchers think EU leaders will grant new monies to Greece very soon, if not Monday.
It was reported on Monday that German consumer confidence has dropped just ahead of the Christmas season.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.1% on Monday.
At the MCX, gold prices for December delivery closed higher by Rs 111 (0.34%) at Rs 32,359 per ten grams. Prices rose to a high of Rs 32,464 per 10 grams and fell to a low of Rs 32,219 per 10 grams during the day's trading.
At the MCX, silver prices for December delivery closed higher by Rs 463 (0.73%) at Rs 63,734/Kg. Prices opened at Rs 63,300/kg and rose to a high of Rs 64,142/Kg during the day's trading.

Sure Shot Silver Tips

Last close: Rs 33.30
Target: Rs 31.30
Stop Loss: Rs 35.20

MTNL seems to be in the topping phase as per the short-term charts. The stock is likely to face considerable resistance around Rs 34-35.

Ideal strategy should be to sell on rise, closer to Rs 34-odd levels, with a stop at Rs 35.20.

On the downside, the stock can correct to Rs 31.30-30.30 odd levels.

Silver Weekly Report

International Gold was little changed on Friday after gaining in the previous session when the dollar eased from a one-month high, although it remained on target for its biggest weekly drop in two months. Gold has been fluctuating between $1,760 and $1,780 so far this week, with no fresh catalysts to drive it from that range, after stimulus measures by central banks pushed prices near $1,800 earlier this month. The COMEX December gold was trading nearly flat at $1,769.80 an ounce, 0.8 an ounce, after moving in the range $ 1772.7- 1768 an ounce.

Indian rupee weakens with quoting at Rs 52.86, 0.35% drop in the value against the greenback. MCX Gold December is quoting at Rs 31385, up 0.20% from the last close. Support for the counter is at Rs 31300-31210 and resistance is at around Rs 31450-31520 level.

Silver December contact is trading at $ 33.915, down 0.167 per ounce. Silver on MCX is quoting at Rs 61624, down 0.31% from the last close. Resistance is seen at Rs 61800-61950 and supports at Rs 61500-61300 level.Gold