Karvy Commodities has recommended to buy MCX Gold August around Rs 27300-27350 for the target price of Rs 26020/28300 with a stop loss of Rs 27000, in its research report dated June 27, 2014.
Three weeks of June have passed and gold prices have jumped over 5% from the levels of $1260-1270. Last week we saw gold prices rising to near to two month highs and there were few prominent factors that pushed the gold prices higher. Geo-political turmoil going in Iraq pushed gold higher as part safe haven urge while Brent oil rising above $115 supported Bullion as an inflation hedge. Besides we had the FOMC meeting wherein the Fed Chairman sounded comfortable about the outlook for inflation and probably was not keen uptill middle 2015 to hike interest rates. Nonetheless, physical demand continued to be lower while the investment demand has also been muted. Therefore, we believe going ahead in the next week or in the near term the gains may not be as high as it was noticed in the past week. Lastly, from the derivatives front, we have seen a good amount of price rise with higher volume and open interest so possibly the trend may not immediately turn back into bearish though fresh buying effect may not be seen in the next week. So this means we may expect gold to stay less volatile in the next week while the gains would be also capped.
Weekly call: MCX August Call: Buy at 27300-27350 TP 26020/28300 SL 27000
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