MCX gold, Silver, oil trading tips feb 28 2012

MCX gold, Silver, oil trading tips feb 28 2012 : Naveen Mathur of Angel Broking says fundamentally gold may trade sideways, but technically, he expects gold prices to rise from here. The strategy for the day, he says, would be to buy MCX April contract at Rs 28,600 with stop loss at Rs 28,490 -28,500 and target of Rs 28,800 and Rs 28,820 per 10 gm.

The European central bank action to inject cheap funds is going to be beneficial for precious metals and silver could gain from that, says T Gnanasekar Director Comm Trendz Research & Fund Management. "It has to do some catch up with gold prices. It has not really performed well recently," he says adding, "We believe any dips to Rs 58,300-58,350 per kg can be bought with a potential target of Rs 59,000 per kg and stop loss at Rs 58,000 per kg."

Buy MCX March contract crude oil at around Rs 5,370 per barrel with a stop loss of Rs 5,320 per barrel for a target of Rs 5,420 per barrel, advises N Prasad of Safetrade Advisors.

Lastly, Dipen Shah, Business Head -Stayvan.com says, "We saw a good rise in base metal prices yesterday as expected, barring Nickel. We expect it to play a catch up game today. So, Nickel February contract on MCX can be bought at Rs 985 with a stop loss of Rs 975 for a target of Rs 1005, which should be a good trade."

Source ; http://www.moneycontrol.com/
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