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10/4/2018

Updates on Bullion, Base Metals and Energy Levels 10th Apr 18

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Gold futures traded marginally higher, despite Chinese President Xi Jinping promised to lower import tariffs on certain products, helping calm on escalating trade row with the United States. Gold prices continued to be underpinned as geopolitical tensions helped support haven demand. Markets fear that U.S.-Russia relations could deteriorate amid heightened tensions in the wake of a suspected chemical weapons attack in Syria. Investors seek out gold as a store of value during times of political or economic uncertainty.


Crude prices rallied for the second day in a row, as appetite for riskier assets improved after a speech by Chinese President Xi Jinping eased concerns about a trade conflict between the United States and China. OPEC and other producers, including Russia, agreed to cut output by about 1.8 million barrels per day (bpd) in November last year to slash global inventories to the five year-average. The arrangement is set to expire at the end of 2018.





Technical Level for the day



Gold


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Support at 30650 and Resistance at 30850


Break and sustain above 30850 will take it to 31000---31200 mark else could touch its support level of 30650.


Fresh selling can be initiated below 30650.


Trade with levels only



Silver


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Support at 38200 and Resistance at 38600.


Break and sustain above 38600 will take it to 39000---39400 mark else could touch its support level of 38200


Fresh selling can be initiated below 38200


Trade with levels only





Crude


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Support at 4130--4070 and resistance at 4180


Break and sustain above 4180 will take it to 4240—4300 mark else could touch its support level of 4070.


Fresh selling only can be seen on close below 4070 mark.


Trade with levels only




Natural Gas


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Support at 173 and Resistance at 177.


Break and sustain above 177 will take it to 182—185 mark else could touch its support level of 173 again


Fresh selling can be initiated on close below 173 mark




Copper


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Support at 443 and resistance at 448


Break and sustain above 448 will take it to 453—456 mark else could touch its support level of 443 mark.


Fresh selling can be seen on close below 443.


Trade with levels only




Economic Data


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6:00 PM U.S PPI m/m Expected (0.1%), Previous (0.2%), Actual (??)


Impact: Actual' greater than 'Forecast' is good for US currency


07:30 PM US Final Wholesale Inventories m/m   Expected (0.8%), Previous (1.1%), Actual (??)


Impact: Actual' less than 'Forecast' is good for U.S currency



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

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