10th April, 2018

Tuesday, April 10

Australia is to publish a report on business confidence.
Canada is to produce data on building permits.
The U.S. is to report on producer price inflation.

Daily Gold Market Report

Gold attempts to breach – Analysis - 10-04-2018
Gold price attempted to breach 1335.40 level but it begins today with bearish bias to move below this level, which keeps the bearish trend scenario active until now, supported by stochastic negativity, waiting to head towards 1316.48 that represents our next main target. We should note that breaching 1335.40 and holding above it will stop the expected decline and push the price back to its main bullish track again. Expected trading range for today is between 1316.00 support and 1345.00 resistance. Expected trend for today: Bearish

Daily Silver Market Report

Silver within the sideways track – Analysis - 10-04-2018
Silver price shows more sideways trading as appears on the chart, and the price still confined between 16.15 support and 16.80 resistance, while the contradiction continues to appear between stochastic positivity and the EMA50 negativity. Therefore, the sideways range will remain dominant until the price manages to breach one of the above mentioned levels, noting that the details of the expected targets after the breach are explained in our previous reports. Expected trading range for today is between 16.30 support and 16.60 resistance. Expected trend for today: Sideways

IBJA in association with SRDC has launched Skill oriented course for Jewellery Manufacturing Techniques (JMT-1).

For Admissions, contact: Kejal 022 49717444

Proposal for Photocard for Hallmarked Jewellery

IBJA-MCX seminar on Hedging & Option held today at IBJA house by CNBCTV18News
Panelists:- Mr. Mohit Kamboj-President IBJA
Mr. Prithviraj Kothari-Vice President IBJA
Mr. Mrugang Paranjape-MD MCX

Gold and Silver Prices Fall Amid Ongoing US-China Trade Dispute, Bearish Betting on Silver Reach Record Highs

GOLD AND SILVER PRICES slipped on Monday morning in London amid the ongoing uncertainty over the US/Chinese trade war and the air strikes in Syria, writes Steffen Grosshauser at BullionVault. Gold fell $6 from Friday's close at $1333 per ounce after a volatile week while markets were waiting for the next move in the trade dispute between the world's biggest economies the Unites States and China.

Gold, Silver Lifted Slightly By Weaker U.S. Dollar

(Kitco News) - Gold and silver prices were slightly higher in midday trading Monday. The precious metals saw modest support from a weaker U.S. dollar index on this day. Buyers of the safe-haven metals were squelched by a solid rally in the U.S. stock market today. June Comex gold futures were last up $0.70 an ounce at $1,336.80. May Comex silver was last up $0.078 at $16.344 an ounce. There was better investor risk appetite in the marketplace to start the trading week. The U.S.-China trade dispute has simmered down a bit. Trump administration officials are now saying that trade sanctions against China are not imminent and there is time to work out a solution to avoid a full-blown trade war between the world’s two largest economies.

Gold, Silver Slightly Lower Amid Upbeat Risk Appetite

(Kitco News) - Safe-haven gold and silver prices are slightly lower in early U.S. trading Monday. Higher world stock markets overnight are a negative for the competing asset class of precious metals. However, a slightly weaker U.S. dollar index today is working in favor of the metals bulls. June Comex gold futures were last down $0.60 an ounce at $1,335.40. May Comex silver was last down $0.007 at $16.355 an ounce.

Market Turning Points: Gold And Silver

Gold is slowly rising and making equal highs and higher lows. The market does not seem to care about the metal at the present time due to poor performance. We believe an inflection point is right around the corner. Is this expected move investable or tradable? We will examine the models for insights to this question.

Extraordinary Positioning Foretells Extraordinary Movements in Silver Prices

The setup for higher silver prices is so good it’s scary. The relative positioning of speculators versus the bullion banks in the futures markets is extraordinarily lopsided. A bet on silver moving higher from here looks a lot like a no-brainer. The bullion banks (Commercials) are almost certainly now betting for higher silver prices and have relinquished their concentrated short position.Meanwhile, the large speculators are positioned increasingly short. The good news for silver bulls is the bullion banks dominate the futures markets, by hook or by crook, and they generally win versus the speculators.

'The Most Bullish Set Up for Silver that I Have Ever Seen'

We now have the most bullish setup for silver that we have ever seen. After trading sideways/down for over 20 months now, investors have completely lost interest in it, which is, of course, the perfect breeding ground for a huge rally that seems to come out of nowhere. As we will proceed to see, both COTs and the silver to gold ratio are at record extremes that point to a major bull market in silver starting imminently.We will begin by looking at the latest price charts for silver. The 6-month chart looks dead boring, which is of course why those who are habitually wrong are making the dangerous mistake of shorting it. If you can stay awake for long enough looking at it, you will observe a dreary neutral trend and somewhat bearishly aligned moving averages—it certainly isn't this chart that stirs our interest in silver.

If gold gets to this level, it’s going to be really bad for stocks: Piper Jaffray

The next leg up for gold might be the true test for the stock market, says one technician. "You've got to get a break above $1,365 specifically to really suggest that gold is starting a new leg higher," Craig Johnson, chief market technician at Piper Jaffray, told CNBC's "Trading Nation" on Friday. "If we get this break above $1,365, I got to tell you, that's going to be a real negative event for the overall market itself."

Gold imports halve in March as prices rally

MUMBAI: India's gold imports in March halved from a year ago to 52.5 tonnes as a rally in local prices to 16-month high slashed demand in the world's second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS and bank dealers showed. The drop in purchases by India, though, could weigh on global prices, which are still up nearly 8 percent from a mid-December trough, despite dropping back from a 17-month high hit at end-January. Lower gold imports could also help the South Asian country reduce its trade deficit, which fell to lowest in five months in February.

Will Gold Suffer After Trade Tensions Ease?

(Kitco News) - The U.S.-China trade spat will not escalate into a trade war this year, said ABN Amro, adding that gold will suffer as a result. The key driver for the yellow metal in 2018 has been the U.S. dollar, which is expected to rebound in the coming months as trade tensions ease, ABN Amro’s senior precious metals and diamond analyst Georgette Boele wrote in a report published on Monday.

Dubai Loses Glitter as VAT Tax Crimps Demand in City of Gold

Demand for gold jewelry in the United Arab Emirates plummeted in the first quarter, and traders say they know the culprit: the value-added tax. Wholesale gold jewelry sales in Dubai, sometimes known as the City of Gold, fell 50 to 60 percent in the first quarter from a year earlier after VAT began on Jan. 1, according to Chandu Siroya, vice chairman of the industry association Dubai Gold & Jewellery Group. Dubai’s historic souk marketplace of mostly jewelry traders even has space available for the first time in years, he said.

Gold losing its sheen. An upside breakout possible from here?

The detailed study of monthly chart of Gold, as per International and domestic trend, is hinting at a possibility of a sharp upside breakout of a crucial resistance/pattern in coming months The upside breakout points of Gold (LME, India and MCX Fut) could be set USD 1360-1370, 31,500 and 31,100 levels, respectively, in the next 1-2 months A decisive/sustainable upside breakout in the underlying could lead towards the upside targets of USD 1520 (LME approx. 13.6%), 35,500 (Gold India approx. 13.2%) and 35,075 levels (MCX FUT approx.14%) respectively, over the next 4-6 months

Gold rises to Rs 31,500 on spot demand

Gold prices advanced by Rs 30 to Rs 31,500 per ten grams at the bullion market today on continued buying by local jewellers, shrugging-off a weak trend overseas. Silver followed suit and strengthened by Rs 50 to Rs 39,250 per kg due to increased offtake by industrial units and coin makers.

IBJA members can contact our Delhi regional office for any queries / suggestions regarding IBJA in the North region.
Address : B33, Ansal Chamber 2, Bhikaji Cama Place, RK Puram, New Delhi 110066.
Contact Person: Mr. K.P Singh on 9540230600.

IBJA members can contact our Gujarat regional office for any queries / suggestions regarding IBJA in the west region.
Address : Gems & Jewellery Trade Council of India "GJTCI" Gem Place, 3rd Floor, Deepkala House, C. G. Road, Ahemdabad - 380 009, Gujarat.
Contact Person : Mr. Shantibhai R. Patel  on 9327000093 / 079-26402573

India Bullion and Jewellers Association Ltd.
IBJA House, 2nd Agiary Lane, Zaveri Bazar, Mumbai - 400002.

Tel: +91-22 49098950 / 49098960
Fax:+91-22 23427459

©2015 Company name. All rights reserved.

www.ibja.co | www.iibsummit.in | www.ibjawards.in | www.ibjafashionshow.in | info@ibja.in