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09/4/2018

Updates on Bullion, Base Metals and Energy Levels 9th Apr 18

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Gold prices still struggling to build new direction…


Gold prices traded a bit lower during the session amid firmer dollar dampened demand for bullion, despite simmering trade tensions between the U.S. and China. U.S. President Donald Trump said that China would take down its trade barriers because it was "the right thing to do. However, China stated that he was prepared to hit back “forcefully” if the Trump administration followed through on a threat to impose $100 billion in additional tariffs on imports. Escalating the trade conflicts between the world’s two largest economies may added gain in gold as a safe heaven.


Oil prices traded lower as geopolitical tensions continued between the U.S. and China. OPEC has been cutting crude output by 1.8 million barrels per day to prop up oil prices. The pact began in January 2017 and is set to expire at the end of 2018 but de-facto leader Saudi Arabia is pushing for the cuts to extend into 2019. In an unusual move, Saudi Arabia announced it would raise its official selling price for May crude sold to Asia.



Technical Level for the day



Gold


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Support at 30500 and Resistance at 30750


Sustain above 30750 will take it to 30950---31100 mark else could touch its support level of 30500.


Fresh selling can be initiated below 30500.


Trade with levels only



Silver


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Support at 37800 and Resistance at 38400.


Break and sustain above 38400 will take it to 38850---39100 mark else could touch its support level of 37800


Fresh selling can be initiated below 37800


Trade with levels only





Crude


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Support at 4000 and resistance at 4070


Below 4000 will take it to 3950—3920 mark else could touch its resistance level of 4070.


Fresh buying only can be seen on close above 4070 mark.


Trade with levels only




Natural Gas


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Support at 174 and Resistance at 178.


Break and sustain below 174 will take it to 169—166 mark else could touch its resistance level of 178 again


Fresh buying can be initiated above 178 mark




Copper


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Support at 433--428 and resistance at 444


Three consecutive close + weekly close above 444 will see sharp upside rally till 456 mark


Any sharp downside panic will be buying opportunity with stop below 428 on closing basis


Trade with levels only




Economic Data


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No Major economic data for the day.

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

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