Daily Intraday Technical Levels for MCX by Finvasia

Amid the ongoing emerging market woes, precious metals are likely to trade with a positive bias on increased safe haven appeal. USD 1250 is likely to act as an immediate support for the international gold prices. We hold a sell on rally view in crude oil as the markets are likely to face selling pressure on concerns of weaker global oil demand. Base metals are expected to trade mixed while the markets participants are advised to stay cautious in natural gas. After the recent massive Bull Run seen in this energy fuel, we might see some profit booking despite the fundamentals continuing to support natural gas prices.

Source: FINVASIA Research

Precious metals are expected to trade cautious as a key Federal Reserve policy meet decision is due today. A stronger Rupee is expected to weigh on domestic bullion prices. Opportunities can be taken to buy crude oil on dips as prospects of increased demand are likely to support crude oil. Investors are recommended to stay cautious ahead of weekly inventory report due today at 9 pm IST. Base metals are expected to face some selling pressure on back of Rupee strength. We continue holding a positive bias in natural gas.


Source: FINVASIA Research

Precious metals continue trading in a seesaw manner forming strong support near USD 1250 levels in the international markets. Investors are recommended to stay cautious as there can be volatility seen in the currency markets. We continue holding our positive bias in crude oil as Fed tapering added optimism towards a strengthening US economy. Base metals are expected to trade in the red terrain facing selling pressure on any rallies. Taking into consideration the fundamental aspect, natural gas is expected to continue trading with a bullish sentiment.

Source: FINVASIA Research

Precious metals are likely to stay highly sensitive towards US data set. As seen in the previous trading session, upbeat US GDP data weighed over precious metal prices. Until a major trigger is seen, the investors are recommended to stay cautious in gold and silver. Crude is expected to trade strong amid prospects of rising demand. We continue holding our mildly bullish view in crude oil. Any profit booking pressure should be taken as an opportunity to buy on dips. Base metals are likely to trade with a negative bias. Stay cautious in natural gas, as its recent rally can add to heavy selling pressure though the fundamentals still continue supporting this energy fuel in the near term on account of cold weather demand.

Source: FINVASIA Research

In the international markets, the gold futures have been trading in more or less a range. The investors should take opportunities to sell gold and silver on any significant rallies until the broad range is decisively broken on either side. Crude futures are expected to trade with a positive bias. We might see some profit booking pressure in natural gas after its recent rally. Though, cold weather demand continues to support natural gas on fundamental basis. We continue holding our sell on rally view in base metals.

Source: FINVASIA Research

Though bullions depicted some strength in previous trading session, the overall sentiment continues to stay mixed for gold and silver. The metals have been trading in a broad range hence the investors can take opportunities to play this broad trading arena. Opportunities can be taken to sell gold on rallies with USD 1275 as it's near term resistance. We recommend selling crude oil on rallies with disappointing set of economic data from the US adding to the demand concerns from world's largest economy. We continue holding our sell on rally view in base metals while the investors are recommended to stay cautious in natural gas until a major trigger is seen from its current levels.

Source: FINVASIA Research

We hold a neutral view in precious metals as no major movement is seen either direction. Gold and Silver have formed a broad range and continue trading in the same. The investors are recommended to stay cautious in crude oil ahead of weekly EIA inventory report due at 9 pm IST today. Opportunities should be taken to sell the energy fuel on any significant rallies. Base metals are likely to trade with a negative bias however natural gas is completely bullish. Cold temperatures renewed demand for this heating fuel. Natural gas prices skyrocketed in the previous session due after updated weather forecasts.

Source: FINVASIA Research

Precious metals have been highly sensitive towards US economic indicators as speculations continue over Fed's futures tapering plans.
A disappointing jobs data revealed in the previous session added strength to the precious metal prices, though we continue seeing gold and silver to trade in a range. Crude oil is expected to face selling pressure on rallies. We recommend our investors to stay cautious in natural gas as selling pressure might be seen after its recent bull run. Also, the natural gas inventory report is due at 9 pm IST today. We continue holding our sell on rally view in base metals.

Source: FINVASIA Research

We continue holding a range bound view in gold and silver and the investors are recommended to stay cautious ahead of US nonfarm payrolls data. Market participants are expected to stay on the sidelines until further clarity of direction is achieved. We recommend our investors to sell crude oil on rallies as crude continues trading in its broad range. Base metals are likely to trade mixed. Natural gas can face some selling pressure on account of profit booking but for the very short term opportunity to buy on dips should be taken as cold temperatures continue supporting the heating demand for this energy fuel.

Source: FINVASIA Research