Gold futures edged higher on MCX as the US dollar headed for its longest losing streak since November in wake of the Federal Reserve's dovish guidance on the path of rate hikes this year.
Crude oil futures edged lower on MCX as investors and speculators exited their positions in the energy commodity on rising US drilling activity, as drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631. Besides, firm supplies from OPEC countries despite its pledge to cut output by almost 1.8 mbpd together with some other producers like Russia, too influenced crude oil prices.
Copper futures traded lower on MCX as speculators offloaded bets, amid subdued demand at domestic spot market. Besides, a weak trend in the base metals at the London Metal Exchange (LME) too weighed on copper prices.
Technical Level
Gold
Support at 28400 and resistance at 28650.
Looks weak and can touch its support level of 28400. Close below 28400 will take it to 28200---28050 else could touch its resistance level of 28650 again.
Fresh buying can be initiated above 28650 for the upside target of 28820---28880.
Be cautious around 28900 mark.
Silver
Support at 40450---39800 and resistance at 41250
Break and sustain below 40450 will take it to 40200—40000 and then to 39800 mark else could touch its resistance level of 41250.
Further upside rally only close above 41250
Crude Oil (APR)
Support at 3160 and Resistance 3230---3300
Trading in range either side breakout with volumes will decide further. Till then trade in a range with strict stop loss and wait for confirmation.
Copper
Support at 385.50 and Resistance at 391
Break and sustain above 391 will take it to 394---396 and then to 400+++ mark else could touch its support level of 385.50
Looks weak below 385.50 only
More will update soon!!
