Gold futures showed mixed trend on MCX as April contract edged higher, bouncing off the prior session's three-week low as focus remained on US stocks, which were the source of the latest turbulence in global markets while, June contract edged marginally lower as traders dialled back bets the US central bank would ratchet up the pace on rate increases on Monday to between two and three hikes from three to four hikes last week.
Crude oil futures traded marginally higher on MCX as speculators widened their positions, tracking higher prices at overseas amid a global share market recovery and supported by a report that US crude inventories fell last week, although some warned that soaring US output and a seasonal demand drop could soon weigh on crude.
Copper futures ended lower on Tuesday as the US dollar strengthened against basket of major currencies. The dollar, seen as a safer asset, has risen from three-year lows, making metals more expensive for holders of other currencies.
Technical Level
Gold
Support at 30150 and Resistance at 30400
Break and sustain above 30150 will take it to 29850--29600 mark else could touch its resistance level of 30400 mark.
Fresh buying can be initiated above 30400
Silver
Support at 38300 and Resistance at 39850
Looks weak and could touch its support level of 38300, Break and sustain below 38300 will take it to 37800---37600 mark else could touch its resistance level of 39850
Fresh buying can be initiated above 39850
Crude
Support at 4060 and resistance at 4150
Break and sustain below 4060 will see sharp downside panic till 3980--3950 and then to 3900 mark in days to come else could touch its resistance level of 4150.
Fresh buying can be initiated only above 4150
Trade with levels only.
Natural Gas
Hurdle at 180, Break and sustain above 180 will take it to 185--188 mark else could touch its support level of 174.50
Fresh selling can be initiated below 174.50
Trade with level only.
Copper
Support at 449 and Resistance at 460
Trading in range either side breakout with volumes will decide further.
Economic Data
09.00 P.M Crude Oil Inventories: Previous 6.8M, Expected 3.2M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will be update soon!!
