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13/4/2018

Updates on Bullion, Base Metals and Energy Levels 13th Apr 18

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Gold traded moderately higher, as tensions in the Middle East rose and the risk-adverse precious metal became more attractive to investors. After a Russian diplomat said his country’s forces would shoot down U.S. missiles launched at Syria, U.S. President Donald Trump warned Russia to "get ready” for imminent military action in response to an alleged chemical attack over the weekend. Investors seek out gold as a store of value during times of geopolitical uncertainty or market turmoil. 


Escalating geopolitical risks in the Middle East are proving to be a boon for oil prices, with speculation over supply disruptions in the energy-rich region countering concerns over rising U.S. crude stockpiles. tensions in the Middle East flared as Saudi Arabia said it intercepted a ballistic missile over Riyadh and shot down two drones in another part of the country in the latest attacks by Yemeni rebels. Trump had confirmed the U.S. would strike Syrian President Bashar al-Assad, whose forces are backed by Russia and Iran, over a suspected chemical weapons attack.





Technical Levels for the day



Gold


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Support at 30900 and Resistance at 31150


Above 31150 will take it to 31350—31500 mark else could touch its support level of 30900 mark.


Fresh selling can be seen below 30900


Trade with levels only



Silver


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Support at 38600 and Resistance at 39000


Trading in a range. We will wait for confirmation in it.


Trade with levels only




Crude


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Support at 4300 and resistance at 4420


Above 4400 will take it to 4480—4550++ mark else could touch its support level of 4300 again


Fresh selling only can be seen on close below 4300 mark.


Trade with levels only




Natural Gas


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Support at 174 and Resistance at 178.


Trading in a range. We will wait for confirmation in it.


Trade with levels only




Copper


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Support at 439 and resistance at 448


Break and sustain above 443 will take it to 447—448 mark. 


Fresh selling only can be seen on close below 439 only


Trade with levels only




Economic Data


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7:30 PM U.S Prelim UoM Consumer Sentiment, Expected (100.6), Previous (101.4), Actual (??)


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


07:30 PM US JOLTS Job Openings Expected (6.11M), Previous (-6.31M), Actual (??)


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



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

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