PRECIOUS METAL: The demand for safe-haven is increasing day by day reached above 6-years high $1500 psychological level due to ongoing protests in Hong Kong, as a result the local government decided to cancel all airport departures, which fueled the bullions and other metals. At the time of writing, U.S. gold futures price is trading above 0.62% to $1,526.35 an ounce. In MCX, gold prices is likely to open in positive territory as international market spooked fears of investors on global economic uncertain activities and depreciation in home currency underpinned demand of yellow metal. However, on MCX, Gold contracts in December closed in green by Rs 278 or 0.72%, at Rs. 38,577 per 10 grams with the turnover of 196 lots, while October contract climbed from the previous trading session with a turnover of 5250 lots. Overall sentiment for gold is positive with immediate support of 37,800 levels & 37,600 levels while resistance would be 38,800 & 38,600 levels.
TOP COMMODITY SPREADS:
NATURAL GAS: -0.50
MCX Gold-Silver Ratio: 87.67
The ratio suggest Silver is undervalued as compared to the Gold , going forward more upside can be seen in the Gold as relative to the Silver.