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06/3/2018

Updates on Bullion, Base Metals and Energy Levels 6th March 18

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Gold futures traded higher as sentiment on the greenback remained vulnerable amid uncertainty surrounding US import tariffs imposed last week has led to a spurt in the volatility amidst worries of a potential trade war between US and its trading partners, which have rung an alarming bell on slowing down some of the major economies of the world forcing the major global equities settled the session lower. More importantly, it has taken the focus of market away from hawkish Fed stance and offered some respite to gold prices. Today William Dudley will speak on the impact of 2017 hurricanes in the US and might touch upon the current state of the economy which will set further stance on its currency.

 

Crude oil futures traded marginally higher on MCX as participants raised bets, followed by higher prices overseas due to robust demand forecasts and as ministers from OPEC touted the strength of its agreement with global producers to cut output to bolster the market. The International Energy Agency (IEA) stated that, the global oil demand was expected to grow over the next five years, while output from producers in the Organization of the Petroleum Exporting Countries (OPEC) would rise at a much slower pace.


Technical Level


Gold


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Support at 30250 and Resistance at 30550


Break and sustain above 30550 will take it to 30680—30850 else could it can touch its support level of 30250.


Fresh selling can be initiated below 30250



Silver


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Support at 38550 and Resistance at 39100


Break and sustain above 39100 will take it to 39600—40000 else could it can touch its support level of 388550.


Fresh selling can be initiated below 38550




Crude


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Support at 4040 and resistance at 4100


Break and sustain above 4100 will take it to 4160—4220 mark else could touch its support level of 4040 mark.


Fresh selling can be initiated below 4040


Trade with levels only.




Natural Gas


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Support at 172.00 and Resistance at 179.00, 


Trading in range either side breakout with volumes will decide further.




Copper


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Support at 452.00 and resistance at 458.00


Break and sustain above 458.00 will take it to 463—467 mark else could touch its support level of 452.00


Fresh selling can be initiated below 452.00.




Economic Data


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08:30 P.M Factory Orders m/m: Previous 1.7%, Expected -0.4%, Actual??


Increase in Factory Orders m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.



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Tags:Gold And Silver, Basemetal, Crude And Natural Gas, Full MCX

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