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14/3/2018

Updates on Bullion, Base Metals and Energy Levels 14th March 18

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Gold futures traded moderately higher backed by weaker dollar against a bucket of major currencies after news that U.S. President Donald Trump replaced Secretary of State Rex Tillerson with loyalist Central Intelligence Agency Director Mike Pompeo. Besides, yellow metal prices further improved by news that U.S. consumer prices cooled in February, the latest indication that an expected pick-up in inflation is likely to be only gradual.


Crude oil futures traded marginally higher as speculators enlarged their positions, supported by a report that US crude inventories are not rising as much as expected during the spring season now starting, implying healthy demand, and from strong China data..



Technical Level


Gold


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Support at 30400 and Resistance at 30550


Break and sustain below 30400 will take it to 30250---30100 else could it can touch its resistance level of 30550.


Fresh buying can be initiated above 30550



Silver


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Support at 38800 and Resistance at 39150


Break and sustain below 38800 will take it to 38400---38150 else could it can touch its resistance level of 39150.


Fresh buying can be initiated above 39150





Crude


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Support at 3930 and resistance at 4000


Break and sustain below 3930 will take it to 3850—3820 mark else could touch its resistance level of 4000.


Fresh buying can be initiated 4000 only.


Trade with levels only.





Natural Gas


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Support at 176.00 and Resistance at 183.00, 


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




Copper


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Support at 450.00 and resistance at 457.00


Break and sustain above 457.00 will take it to 463—465++ mark else could touch its support level of 450.00


Fresh selling can be initiated below 450.00




Economic Data


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06:00 P.M Core Retail Sales m/m: Previous 0.0%, Expected 0.4%, Actual??


Increase in Core Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.





06:00 P.M Retail Sales m/m: Previous -0.3%, Expected 0.3%, Actual??


Increase in Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.




06:00 P.M PPI m/m: Previous 0.4%, Expected 0.1%, Actual??


Increase in PPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.



06:00 P.M Core PPI m/m: Previous 0.4%, Expected 0.2%, Actual??


Increase in Core PPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.



08.00 P.M Crude Oil Inventories: Previous 2.4M, Expected 2.2M, Actual??


Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.



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

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