Gold Silver Weekly Recommendation By Moneymaker Research

COMEX Gold futures witnessed some bargain buying around their three week low but overall sentiments remained tepid amid a weak technical picture and lack of demand in retail markets in India. However, a spree of terrorist attacks in Europe is likely to keep the safe haven tag in play for Gold. COMEX Gold ended just above $1320 per ounce levels and a sideways pattern is expected to prevail in the commodity in near term. MCX Gold futures topped out above Rs 32000 per 10 grams mark in early July 2016 and dropped near Rs 30700 mark amid sustained selling pressure. Local Gold imports dropped by about 48% to $3.90 billion in the first quarter of the current fiscal, extending their weak run. Gold imports stood at $7.51 billion in April-June 2015. The shipments contracted for a fifth consecutive month in June by 38.5% to $1.20 billion, according to the data by the Commerce Ministry. Silver imports too dipped to $249.39 million in June as against $342.37 million in the same month last year.

The Euro is lingering just above 1.1000 mark against the US dollar- its lowest levels in nearly six weeks. The European Central Bank left interest rates unchanged as expected. In a statement, the ECB said it expected rates to remain at the present or lower levels for an extended period of time, and well past the horizon of the net asset purchases. The central bank also said it was also confirming that monthly asset buys of 80 billion euros a month are intended to run until March 2017. The ECB Chief Mario Draghi noted that the ECB continue to expect interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the central banks net asset purchases.

Equity Benchmarks Under Pressure, Global Indices Slumps

Sensex started on a flat note with a slight positive bias in morning trade on Friday. Sensex live on 27697 with 13 points down or 0.05 percent and nifty live at 8508 with 2 points down or 0.02 percent. Commodity market is showing average movements today. MCX Gold drops 54 points to 30951 while Silver with minor loss of 39 points trading at 46582. Energy sector is little bit down today. Crude Oil dropped 15 points to 3023 and Natural Gas with minor up-downs trading at 179.40. Aluminium, Copper and Nickel with minor changes trading at 107, 335 and 715 respectively. NCDEX Market has not shown any major loss or gain in todays session. Rmseed drops 10 points to 4943, Sybeanidr hikes 13 points to 3742 and Dhaniya jumps 47 points to 7694. Indian sectors are trading mixed with BSE Capital Goods at top with 146 points hike at 15541, BSE Auto uplifts 96 points to 20582. All the major Asian Market indices are trading in the negative zone. Japan's benchmark index Nikkei declined 183 points to 16626, Hong Kong's Hang Seng fell 99 points down to 2929 and China's benchmark index Shanghai Composite drops 20 points to 3018.

Sensex Nifty Poor Closing, Mcx Commodity Under Pressure

After gaining satisfactory positive leads in the day session, Indian Stock Market closed up poorly. The Profit booking drove the Sensex down, while Nifty managed to hold above 8500. Sensex has lost 89.84 points today and ended up at 27746.66 and Nifty has lost 32.7 points today and ended up at 8508.7. All Bse Sectors have lost the initial gain and ended up in negative zone except the Auto and IT. Bajaj Auto, Bharti Infratel, Tata Motors(D), Axis Bank and Eicher Motors are the top gainers today, while Idea Cellular, ONGC, Bharti Airtel, Bank of Baroda and Zee Entertain are the top losers today. In Commodity Market, the Ncdex Commodities seems to working fine, but the Mcx Commodities are under pressure and struggling hard. In Mcx Commodity Market, Gold is at 30930 loss 47, Silver is at 46699 loss 576, Crude oil is at 3063 loss 18 points, Natural Gas is at 186.9 hike 2.2, Aluminium is at 110.65 loss 4.35, Nickel is at 690 hike 3.9, Lead is at 124.55 loss 0.55, Zinc is at 147.9 loss 0.55, Mentha oil is t 912.4 hike 35 and Cotton is at 23450 loss 120 points.