Gold futures edged down on MCX as the dollar recovered a bit from a three-week low hit in the previous session, but geopolitical concerns about North Korea and nervousness ahead of the French presidential election lent support to the safe-haven asset. In the direction of strengthen Brexit hand, UK prime minister decided to go into the snap election in June 2017, fuelling the uncertainty across the financial market.
Crude oil futures traded marginally lower on MCX as investors and speculators cut down their bets in the energy commodity on swelling US supplies and slide in Saudi crude exports that was offset by surging production in the country. Crude export in Saudi Arabia declined to 6.96 million bpd during the month of February as compared with 7.7 million bpd reported in the preceding month, whereas its production rises to 10 million bpd in February, up from 9.75 million bpd in January.
(Later in the day, scheduled EIA inventory will be a key watcher for the trader as it’s expected to come at -0.1M this week against -2.2M noted previously)
Copper futures traded slightly higher on MCX as speculators built up fresh positions amid rising demand from consuming industries in the domestic spot markets.
Technical Level
Gold
Support at 29240 and Resistance at 29550
Close below 29240 will drive it to 29150---29080 and then to 28900 mark in days to come else could touch its resistance level of 29550 mark.
Further upside panic will see above 29550 mark.
Silver
Support at 41600---41000 and Resistance at 42500
If unable to breach its resistance level of 42500 then we can expect it to touch its support level of 41600---41000 again.
Trade with levels only
Crude Oil (May)
Support at 3400 and Resistance 3480
Below 3400 it can touch 3320—3280 mark in days to come else could touch its resistance level of 3480 again
Fresh buying can be initiated above 3480 mark.
Copper
Support at 359 and resistance at 367.
Close below 359 will see sharp downside panic till 353—348 and then to 334 mark else could touch its resistance level of 367 again.
Further upside rally will see only above 367 mark.
