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MS: Buy gold at 12,950-12,980
 
Gold opened at USD 812/814 and ticked higher on light trading as investors step back from the market. Despite falling oil prices and a stronger USD, the metal spiked to an intraday high of USD 819.75/821.75. However it quickly reversed and plunged, finding support near USD 812. The metal later traded erratically within a relatively narrow range, but short covering near the close caused it to rebound, finally settling at USD 818.25/820.25, said Ajay Kedia, managing director, Kedia Commodities.

At the MCX, Gold December, 2008 contract opened at Rs 13,060 per 10 gm as compared to its earlier closing of Rs 13,125, tossed in the range of Rs 13,028-13,066 and was last traded at Rs 13,040, down 0.65%.

Kedia added the support for the gold MCX is seen at Rs 13,105 and below could see a test of Rs 13,084. Resistance is now likely to be seen at Rs 13,157, a move above could see prices testing Rs 13188.

He recommended buying in gold at Rs 12,950-12,980, with stop-loss of Rs 12,870 and target of Rs 13,012-13,056-13,090-13,140.

Gold dipped due to oil and weakening equities, he added.

He further added that Silver opened at USD 10.14/10.19 and good buying during the early part of the session carried the metal higher, peaking at USD 10.37/10.42. However it retreated from its highs as dealers took profit, finding support near USD10.16. It later became range bound, but heavy buying near the end of the session caused it to rally, finally closing at 10.23/10.28. Gold / Silver ratio can be seen at 79.65.

Presently on MCX, Silver December, 2008 contract opened at Rs 16,789 per kg as compared to its earlier closing of Rs 16,779, tossed in the range of Rs 16,552-16,808 and was last traded at Rs 16,767, down 0.07%. The support for the silver is seen at Rs 17,492 and below could see a test of Rs 17,410. Resistance is now likely to be seen at 17,715, a move above could see prices testing Rs 17,856.

He recommended selling in silver below Rs 17,500, with stop loss of Rs 17,584 and target of Rs 17,470-17,420-17,380.

Source