Gold futures ended higher on Tuesday as investors sought assets seen as havens from risk amid mounting political and security concerns over North Korea, the Middle East and the looming French election.
Crude oil futures moved further high on Tuesday, with Nymex crude reaching its highest closing level in a month. Prices also got support with reports that Saudi Arabia supported the idea of extending OPEC-led cuts by an additional six months to the end of the year. Saudi Arabia informed OPEC officials it favoured an extension of the six-month OPEC-led deal to cut supply, which began in January this year, for an additional six months, when the group meets in May.
Comex copper ended marginally higher on Tuesday, but London copper prices steadied after hitting a two-week low as the world's top two copper mines continue to recover from recent disruptions. Copper has faltered since BHP Billiton restarted production at the Escondida mine in Chile last week and Freeport McMoRan said it was waiting for final details on a temporary export permit in Indonesia.
Technical Level
Gold
Support at 29050 and Resistance at 29450
Looks weak and can touch its support level of 29050 mark , further downside panic will see below 29050, else could touch its resistance level of 29450 mark.
Fresh buying can be initiated above 29450 mark.
Silver
Support at 41900 and Resistance 42500--42800
Below 41900 it can touch 41600—41300 mark else could touch its resistance level of 42500—42800 mark.
Further upside rally will see above 42800 mark.
Trade with levels only.
Crude Oil
Support at 3430 and Resistance 3480.
Looks positive …. Above 3480 it can touch 3520---3550+++ mark else could touch its support level of 3430 again.
Further downside panic will see below 3430 mark.
Copper
Below 368 panic remain continue till 365—362 mark else could touch its resistance level of 376 again.
Fresh buying can be initiated above 376 mark.
Economic Data
03:30 PM President Trump Speaks
08:00 P.M Crude Oil Inventories: Previous 1.6M, Forecast -0.7M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices vice versa
Tentative (13th Apr) – CNY Trade Balance: Previous -60B, Forecast 76B, Actual –??
Impact - Increase Trade balance will positive impact Base metals and CNY or vice versa.
More will update soon!!
