Gold futures were trading marginally higher on MCX on increase in demand in the spot market, amid upcoming marriage season. Further, speculators created fresh positions driven by study trend in the global markets as the U.S. dollar firmed following overnight losses after the release of minutes from the last U.S. Federal Reserve meeting, which suggested a cautious approach to interest rate hikes.
Crude oil futures turned lower on Wednesday despite a late slump in the dollar, after the release of the Federal Reserve Open Committee (FOMC) minutes. Traders were awaiting the inventories data and expecting that U.S. stockpiles continued to soar last week, adding to the gargantuan surplus recorded earlier in February. There were concerns about growing output by producers outside of a pact to curtail global production weighed on crude futures. The crude market has been anxious about rising production from U.S. shale-oil producers and Russia, which has a history of not complying with production limits.
Copper futures edged down on MCX as investors exited their positions in the industrial metal on strength in the US dollar. However, ongoing supply worries from industrial action in Chile and an Indonesian export permit dispute capped some losses. A stronger greenback erodes buying power for those paying for dollar-denominated commodities with other currencies.
Technical Level
Gold
Support at 29050---28900 and Resistance at 29350---29600
Trade in a range with levels only and wait for confirmation.
Silver
Support at 42400 and Resistance at 43150
Silver too trading in range.. Traders can trade in range with strict stop loss and with for the confirmation.
Crude Oil
Support at 3600---3570 and Resistance at 3700
The trend looks positive and could touch its resistance level of 3700. Break and sustain above 3700 will take it to 3780---3850+ mark in days to come else could touch its support level of 3600---3570 again.
Trade with levels only.
Copper
Support at 396 and resistance at 406.
Close below 396 will take to 391---386 mark else could touch its resistance level of 406.
Fresh buying can be initiated above 406
Major Economic Data
07:00 P.M Unemployment Claim: Previous 239K Forecast 242K, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
09:00 P.M Natural Gas Storage: Previous -114B, Forecast -86B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on natural gas prices or vice versa.
09:30 P.M Crude Oil Inventories: Previous 9.5M, Forecast 3.4M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices vice versa.
More will update soon!!
