Gold Trend Buy......

BUY GOLD 29950, TARGET 30600, STOP LOSS..?

TECHNICAL:-

TRIX AND RVI IN BUY ZONE AND CANDLE STICK PATTERN BREAK IT UPPER LEVEL.

FUNDAMENTAL:-
JOB CLAIM ARE BULLISH FOR GOLD AND GOLD MINES STOCKS ARE IN SHORTAGE  AS COMPARED TO DEMAND.
IN TERMS OF COMEX  IT WILL GO NEAR 1311.

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Gold imports declined by about 8% to $31.72 billion in 2015-16 due to weak global prices and are expected to keep a lid on the country's current account deficit.

Gold imports stood at $34.38 billion in 2014-15.

The sliding prices of the precious metal in both global and domestic markets are seen as a contributory factor for the plunge.


In March, the imports dipped for the second consecutive month in March. It fell by 80.48% to $972.96 million.

The contraction in the imports helped narrow trade deficit to five-year low of $5.07 billion last month. The deficit was at $11.39 billion in the year-ago period.

India is the largest importer of gold in the world and the imports mainly cater to the demand of jewellery industry.

India's current account deficit (CAD) narrowed to 1.3% of GDP in third quarter of the fiscal 2015-16 as against 1.5% in the same period previous year, mainly on account of lower trade deficit.

Dip in gold imports have impacted the exports of gems and jewellery.

Gems and jewellery export grew by just 4.6% in March to $3.61 billion.

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Oil prices slipped on Monday over worries that the result of next Sunday's meeting of producers in Qatar aimed at freezing current output levels would fail to improve the current supply-demand balance.

Brent crude futures, the global benchmark, were down 27 cents at $41.67 a barrel at 0810 GMT, retreating from a three-week high reached on Friday.

Oil prices rallied more than 6 percent on last week after data showed U.S. energy firms had cut oil rigs for a third straight week to the lowest since November 2009. U.S. WTI crude also eased on Monday, falling to $39.51 a barrel, down 21 cents from the prior session. "Prices will move back and forth this week on expectations for Doha. This morning it seems that speculation is being scaled back again.

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Venezuelan Oil Minister Eulogio Del Pino and Iraqi Oil Minister Adel Abdel Mahdi were to travel to Tehran for talks with their Iranian counterpart Bijan Zanganeh in a bid to reach a deal to restrain output and prop up sagging prices.

Iran signaled that it would take a tough line in talks among oil producers on restraining production, saying it would continue increasing its output until it reached levels seen before international sanctions were imposed.

Crude prices sold off in volatile trade on Tuesday after a meeting between oil ministers from Saudi Arabia, Russia, Qatar and Venezuela ended with consensus to freeze output, but said the deal was contingent on other producers joining in, disappointing investors who were hoping for a coordinated supply cut.

Oil futures are down nearly 70%.

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India’s total rice shipments saw a 7.3% decline in volumes and an 18% fall in value in the April-November period of the current fiscal.

This makes India the world’s largest rice exporter, beating Thailand. India’s top position comes not from its scaling up, but by Thailand’s decline. Thailand’s rice exports were down by 10.8% to 9.8 million tonnes on a year-on-year basis. The Southeast Asian country attributed this to global economic slowdown, particularly in countries with high rice demand and decrease in purchasing power of nations due to falling oil prices. India’s total rice shipments saw a 7.3% decline in volumes and an 18% fall in value in the April-November period of the current fiscal. It is likely to post lower export figures in 2015-16 than the 11.92 million tonnes shipped in 2014-15.

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The fundamental reason for low oil prices remained unchanged, with producers around the world pumping over 1 million barrels of crude every day beyond demand, leaving storage tanks brimming.

U.S. crude inventories rose by 4 million barrels in the last week, compared with analyst expectations for an increase of 2.8 million barrels, according to the U.S. Energy Information Administration (EIA).

"At 486.5 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years," the EIA said.

Now we can say that "U.S. crude prices stabilize after jumping from 2003 lows."

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Oil futures fell in Asian trade on Friday, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market.

This is three or four months ahead of what the market was thinking last year, so it just adds fuel to the fire," said Tony Nunan, Oil risk Manager, Mitsubishi Corp in Tokyo.

Iran has removed the sensitive core of its Arak nuclear reactor and U.N. inspectors will visit the site on Thursday to verify the move crucial to the implementation of the atomic agreement with major powers, state television said on Thursday.

 

Any additional oil from Iran would add to the glut that has pushed oil prices into a deep slump since the middle of 2014.

"It is the wrong time for Iran to be returning to the oil market, both for the market and likely also for Iran," Phillip Futures said in a note on Friday.

"It would have been so much more ideal for Iran to return to the oil scene if prices were soaring at $100

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Oil prices trimmed gains on Monday, the first trading day of the New Year, after rising more than 3% earlier, with investors noting heightened geopolitical tension between Saudi Arabia and Iran.

Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by the Organization of the Petroleum Exporting Countries last year not to cut production in order to defend market share.

 

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U.S. crude has been firmer relative to Brent recently, on signs that the U.S. oil market is likely to grow tighter following Congress' decision to lift a 40-year old ban on domestic oil exports, while a global glut gets worse in 2016 due to soaring production in Saudi Arabia and Russia.

Oversupply issue will be exacerbated further once Iran returns to the global oil market early next year after western-imposed sanctions are lifted. Analysts say the country could quickly ramp up production by around 500,000 barrels, adding to the glut of oil that has sent prices tumbling.

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