Financial minister P. Chidambaram has said the government is considering a step to reduce the import f gold. A huge import of gold deflects the current account. RBI making a scheme by which they provide a relaxation on gold.
On the MCX gold price is very volatile and the movement is not very satisfactory in the morning session. Currently gold is trading in the positive direction up by a 57 point from its last trading at 2:30pm.
Meanwhile the movements in the silver give some relief on the early trade; yesterday silver crosses the point of 59000 marks.
Base metal is looking tired today, the market is showing a constant position. After the fiscal problem solved base metal is watched in the green side. Nickel movement is showing some change from the afternoon its goes 9 point high to its last close position.
Movement in menthe oil is showing red flag from the last traded session and helpless to recover from that position but is expected to go high in the next trading session.
Today MCX buy calls
Buy nickel (31 Jan) above 972.30 tgt 973, 975, 977.90………sl 965
Buy silver (5 march) above 59040 tgt 59100, 59200,……..sl 58800
MCX SELL CALL
Sell menthe oil (31 Jan) below 1428.70 tgt 1428, 1425…..sl 1440
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