Gold futures declined on Thursday and also closed in negative by about 5percent for first quarterly on CY2013, as fears about Europe waned, equities surged and strong US economic data reduced demand for a safe haven asset. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,221.26 tons, as on March 21. Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,703.9 tons, as on March 28.
The euro rebounded from a 4-month low against the dollar, as investors continue to fret about the ramifications of the Cyprus crisis and political concerns in Italy. Euro declined to a 1-month low versus the yen, as the single currency was weighed down by concerns of capital outflows from the euro zone. The dollar index, a measure of the greenback's performance against six major global rivals, slipped to 82.387, compared with 82.833 Thursday evening.
Technical Alerts:
Gold June futures are trading below crucial resistance of 30300 and trend remains down till the given level holds. Since, the overall trend still remains bearish we advise selling on rallies. Other Resistance are seen at 30,818 (200-day SMA), 30,392 (100-day SMA).
Spot Gold Prices are currently trading below their long term Simple Moving Averages (SMA's), indicating that the trend remains bearish. Strong resistances are seen at USD1,664.4 (200-day SMA), USD1,620.6 (50-day SMA), USD1,658 (100-SMA day).
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Sell Gold June Future on rally: Mangal Keshav
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