Gold futures traded down on MCX as investors exited their positions in the precious metal on diminishing safe-haven demand due to an uptick in the US dollar ahead of the US non-farm payrolls data due later in the day. Traders keenly eyed the February non-farm payrolls data due today as a barometer of the US economy after Fed Chair Yellen said last week that the central bank was poised to lift rates provided jobs and inflation data held up.
Crude oil futures traded higher on MCX as investors and speculators extended their positions in the energy commodity but pressured by concerns that a global supply glut is proving stubbornly persistent. Data showed that crude stocks in the US, the world's top oil consumer, swelled by 8.2 million barrels last week to a record 528.4 million barrels. US drilling has picked up as producers planning to expand crude production in North Dakota, Oklahoma and other shale regions, while output has jumped in the Permian, America's largest oilfield.
Copper futures ended lower on Thursday on speculation that ongoing supply issues could be resolved shortly. BHP Billiton said it may try to restart production at Escondida copper mine in Chile using temporary workers once the strike surpasses 30 days. Further, another large build in London Metal Exchange (LME) copper stocks too added pressure to copper prices. Reports showed that copper stocks in LME-registered warehouses rose a further 38,775 tonnes on Wednesday. They have increased 126,575 tonnes, or 64 percent, this month. Meanwhile, investors are waiting for February non-farm payrolls, which is due later in the day. This data is the key indicator, which will provide hints as to whether the Federal Reserve will raise rates at its meeting next week.
Technical Level
Gold
Support at 28225 and Resistance 28550
Looks weak and could touch its support level of 28225, Weekly close below 28225 will see more downside panic else could touch its resistance level of 28550 again.
Trade with levels only.
Silver
Support at 40400 and Resistance 41000
Break and sustain below 40400 will take it to 40000--39800 mark, else could touch its resistance level of 41000.
Fresh buying can be initiated above 41000
Crude Oil
Weekly close below 3280 will see more downside panic till 3120---3050 and then to 2800 mark.
Hurdle intact at 3450---3520
Copper
Support at 378 and Resistance at 385
Break and sustain below 378 will take it to 373—369 and then to 365 mark else could touch its resistance level of 385 again.
Fresh buying can be initiated above 384.00
Major Economic Data
07:00 P.M Non-Farm Employment Change: Previous 227K, Forecast 200k Actual –??
Impact - Increase in Non-Farm Employment Change – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
07:00 P.M Unemployment Rate: Previous 4.8% Forecast 4.7%, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
More will update soon!!
