Mcx Gold Prices Updates For Today

A hushed overnight in Asia, with Chinese players out for the next three days, saw gold come under some pressure. This pressure was extended into Monday morning, as a relatively strong dollar combined with the threat of poor physical demand from India (as we enter a third week of a nationwide strike in protest against gold levies) dampened investor enthusiasm for the metal. The white metals have fared relatively better, although this is only because they are trading mostly sideways, in line with euro/dollar movements this morning.

Lattice exploratory length lost 140.8k oz-an abrupt increase in momentum of the previous four weeks of decline. The past week saw the largest drop of the year so far in long positions (105.8k oz), with a strong 35.0k oz added to shorts. The changes in the futures market over the past week warrant some attention, as participants appear to be positioning for some negative price moves. ETFs became net buyers, although only a meager 3.5k oz were added to their platinum holdings-a number hardly indicative of brimming confidence.

Behind a minor drop the previous week (7.9k oz), net speculative length fell hard this past week, surrendering a remarkable 257.0k oz (the largest loss of 2012 so far). A massive 194.7k oz in long positions was unwound, together with an equally significant 62.3k oz increase in shorts. As for platinum, this re-positioning in the futures market is hardly inspiring and signals an expectation of future price weakness. However, ETF buying of palladium continued at a respectable pace, with 21.8k oz added.

1. Gold Updates Mcx Apr Support @ 27800-27680-27510 Resistance @ 28050-28218-28385 

2. Silver Updates Mcx May Support @ 56935-56285-55884 Resistance @ 57986-58387-58788

3. Gold Prices Comex Support @ $1660-1654 Resistance @ $1672-1677

4. Silver Prices Comex Support @ $32.23-31.96 Resistance @ $32.71-32.91

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