Daily Intraday Technical Levels for MCX by Finvasia

Precious metals are trading at very crucial levels in the international markets. With the domestic commodity markets remaining closed for the first half of trading session, we might see some selling pressure in bullions as the markets opens. However, we recommend the investors to stay cautious ahead of retail sales due in the evening which can cause high volatility in metals' markets. We continue holding our sell on rally view in crude oil. Some cautiousness is likely to prevail ahead of weekly crude inventory report due tomorrow. Base metals are expected to trade mixed however natural gas is likely to continue holding its gains on soaring expectations of a bullish supply data.

Source: FINVASIA Research

Though precious metals held steady in the opening trading session yesterday, a positive US retail sales data added selling pressure on gold and silver. However, the bullions failed to break out of its recent trading range hence we hold a neutral view in precious metals until a decisive breakout is seen in either direction. We continue holding our sell on rally view in crude oil though the investors are recommended to stay cautious ahead of weekly inventory report. The EIA crude inventory report will be released at 8 pm IST today. Base metals are expected to trade mixed while natural gas is likely to stay bullish amid increasing demand prospects and hopes of a bullish supply data.

Source: FINVASIA Research

Precious metals continue fluctuating between mild gains and losses on lack any major triggers. In the domestic markets, 28700 continues acting as a strong support for gold. Crude futures rallied on bullish inventory results however we recommend our investors to take such rallies as an opportunity to sell. Base metals are likely to trade mixed with some positive bias however the investors are recommended to stay cautious with Rupee movements. We continue holding our mildly bullish view in natural gas though the investors are recommended to stay cautious ahead of inventory results due at 9 pm IST today.

Source: FINVASIA Research

Precious metals are stuck in a range failing to break in either direction. Investors can take opportunities to sell gold on the upper end of its range. On the Comex division, gold is likely to continue trade in a range between USD 1210 to USD 1250. We continue holding our sell on rally view in crude oil as market participants are expecting the recent rise in demand to fade very soon. Among the base metals basket, Nickel has been outperforming on news of banning of Nickel exports by Indonesia. We might see such strength continued to be held by the Nickel prices. Amid the cold temperatures and dropping stockpiles, natural gas is likely to trade with a bullish sentiment.

Source: FINVASIA Research

Precious metals have formed a very strong base hence we hold a mildly bullish view in gold and silver. If the international gold futures break above its current levels, we might easily see another rally whilst USD 1275-1280 would be the next resistance zone. We hold our sell on rally view in crude oil as a weaker than expected Chinese data reported over this weekend is likely to add selling pressure. Base metals are likely to trade mixed while we continue holding our mildly bullish view in natural gas.

Source: FINVASIA Research

We recommend our investors to stay cautious in precious metals as it is trading at very crucial levels. However, tracking the recent price trends we continue holding our mildly bullish view in gold and silver. Crude oil is expected to face selling pressure hence every rally should be taken as an opportunity to sell. We hold neutral to mildly bullish view in base metals although the investors are recommended to stay cautious with Rupee movements. Natural gas is expected to continue holding its gains and trade with a positive bias.

Source: FINVASIA Research

With the Fed policy meeting lined up in major upcoming economic events during next week, we are likely to see some volatility in bullions. As of now, the precious metals are stuck in a range, with international gold price facing some selling pressure near USD 1250 levels on hopes of tightening stimulus plans. Crude is likely to trade with a positive bias and we hold a mildly bullish view in crude oil. With IMF and IEA raising its growth and demand forecasts respectively, oil prices are likely to edge higher from its current levels. Nickel is likely to outperform the other base metals though we hold a neutral to mildly bullish view across the board. Natural gas is expected to trade firm amid cold weather forecasts and prospects of increased demand for heating fuel.

Source: FINVASIA Research

Precious metals are likely to trade with a negative bias however we do not see the international gold futures breaking below its 40 dollar trading range. The sentiment is likely to stay cautious ahead of a series of US data awaited today. Crude oil is expected to trade with some positive bias however a renewal in US oil pipeline operations is likely to limit upside. The investors are recommended to stay cautious ahead of EIA inventory results due at 9:30 pm IST today. Base metals are likely to trade firm with a positive bias. Nickel is expected to outperform the other base metals. We hold a bullish view in natural gas though some volatility might be seen as the weekly inventory report is due at 9 pm IST.

Source: FINVASIA Research

Precious metals inched higher in last trading as sharp fall in global equity markets and weak US manufacturing spurred safe haven buying in precious metals. Currently, US gold futures are flirting with crucial resistance level of $ 1260 per ounce and breach above this level is bullish for yellow metal. Base metals witnessed selling pressure on Thursday following weak manufacturing numbers from world’s two biggest economies, US & China. We hold sell on rally view on base metals except nickel. Nickel is likely to outperform other base metals on Indonesia’s export ban. Crude futures rallied in previous trading session on larger fall in weekly US distillate supplies data. We continued to hold mildly bullish stance on crude. However, US crude futures may face technical resistance near crucial resistance zone of $99-$100. Ng futures are expected to trade with bullish stance on ongoing winter storm in major parts of northeastern US.

Source: Finvasia Research