Gold futures edged higher on MCX as participants enlarged their holdings on the back of a firming trend overseas where gold strengthened as the dollar slipped against a basket of major currencies and sluggish economic data from the United States. Though, Lunar New Year holiday in Asia capped some gains in gold futures..
Crude oil futures traded marginally higher on MCX as investors and speculators extended their positions in the energy commodity as OPEC appears to have persuaded investors that it’s making good on promised output cuts. Further, Saudi Arabia has said more than 80 percent of the targeted decline of 1.8 million barrels has been implemented and oil shipments from OPEC are plunging this month, supported rise in crude prices at futures trade. However, signs of increasing production in the United States capped some gains in crude oil prices. The US weekly oil and gas rig count from Baker Hughes showed that US drillers added 15 oil rigs last week, bringing the total count to 566, the most since November 2015
Copper futures ended higher on Friday on the potential for reduced output from a possible labour strike in Chile and a Freeport-McMoRan, mine in Indonesia. At BHP Billiton-run Escondida in Chile, the worlds biggest copper mine, unionised workers on Tuesday rejected the firm's latest wage offer and asked workers to vote for a strike and prepare for an extended conflict. Meanwhile, Freeport-McMoRan, the world's biggest listed copper miner, warned this week it would need to start slashing output at its Indonesia mine to about 40 percent of capacity if it fails to get a government export permit. However, some gains were capped by stronger dollar, making metals priced in the dollar more expensive for holders of other currencies.
Technical Level
Gold
Support at 28200---28050 and resistance at 28550.
Looks positive and could touch its resistance level of 28550. Further upside rally will see on close above 28550 else could touch its support level of 28200---28050 again.
Fresh selling can be initiated below 28050
Trade can buy and accumulate Gold in panic around 28200 with stop loss below 28050 on closing basis.
Silver
Silver has support at 41200 and resistance at 42000.
Break and sustain below 41200 will take to 40800---40500 and then to 39700 mark else it could test its resistance level of 42000 again.
Further upside rally will see only close above 42000 mark
Trade with levels only.
Crude oil
Support at 3570 and resistance at 3670—3720
Looks positive and could touch its resistance level of 3670---3720 mark.
Further upside rally will see only close above 3720 else it could touch its support level of 3570 again
Looks weak only close below 3540 mark.
Copper
Support at 398 and resistance at 410
Break and sustain below 398 will take it to 393—389 and then to 383 mark else could touch its resistance level of 410.00
Fresh buying can initiated only close above 410.00
Trade with levels only
More will update soon!!
