Daily Intraday Technical Levels for MCX by Finvasia

Precious metals have been on an upward run and we continue holding a mildly bullish view in gold and silver. For a major uptrend, silver has to break decisively above USD 21 levels. If such a breakout is seen, silver is likely to significantly outperform gold. We continue holding our positive view in crude oil. Cold temperatures have been increasing prospects of higher demand for this energy fuel. However, natural gas is expected to face selling pressure on any rallies after its recent bull run. Base metals are expected to trade with a mixed bias while the investors are recommended to stay cautious with Rupee movements. Opportunities should be taken to sell base metals on rally.

Source: FINVASIA Research

Precious metals have been on an upward journey though some gains have been limited by a stronger Rupee. Despite the optimism seen in bullions, silver has not been able to depict a convincing performance hence we hold more of a range bound view in silver though our view continues to remain mildly bullish for gold. Crude futures in the international markets are trading well above 100 levels. Crude oil is likely to trade with a positive bias amid cold temperatures and optimistic outlook over Fed's stimulus plans. Base metals are likely to trade mixed while natural gas is expected to face selling pressure on rallies.

Source: FINVASIA Research

The sentiment for gold futures continues to remain positive while silver is expected to stay range bound during the day. Though a soft US inventory report weighed on the international crude prices, we might see some buying coming in at the price dips. We continue holding a mildly bullish view in crude oil however USD 101 in the foreign markets is a strong resistance zone for oil prices. Base metals are expected to face selling pressure on rallies though Nickel might outperform the other base metals. We continue holding our sell on rally view in natural gas.

Source: FINVASIA Research

We continue holding our bullish view in precious metals. Silver in the domestic markets is expected to record a gap up opening of almost 1000 rupees during the day. With US states facing deadly winters, the demand for natural gas and crude oil is expected to increase for heating purposes. Hence we hold a positive view in both the energy fuels. We continue holding a mixed bias in base metals while the investors are recommended to stay cautious of Rupee movements.

Source: FINVASIA Research

We hold a bullish view in precious metals after the recent strong performance depicted by both gold and silver. Though a stronger Rupee is expected to limit gains in domestic bullions, we expect silver continuing to outperform gold. Crude is expected to trade with a positive bias though volumes might remain low during the day on account of US markets close. We hold a mixed view in base metals where nickel might remain positive but the other major metals are expected to stay selling pressure on any rallies. Natural gas is expected to shine during the day tracking international price movements. In the pre opening session, the international natural gas futures contract is trading 4.4% higher at 5.42 per mmBtu. Cold winter streaks in the US have raised the heating demand for this energy fuel.

Source: FINVASIA Research

Precious metals have depicted a very strong performance on account of supportive global demand, weak US data, technical bounce and declining US dollar. We continue holding our mildly bullish view in gold and silver. However, some profit booking might be seen after its recent rally. Crude oil is expected to trade with a positive bias ahead of manufacturing data and inventory reports. We continue holding a mixed bias in base metals with nickel and zinc expected to trade stronger than the other metals in this basket. We continue holding a positive view in natural gas amid boost in its heating demand.

Source: FINVASIA Research

With some bullishness traced in commodities across the board, precious metals are likely to inch higher gradually from its current levels. Stay cautious ahead of US data as any positive indications can create heavy selling pressure in gold and silver. USD 22 is acting as a strong resistance for international silver prices. Crude is expected to trade with positive sentiment amid winter storms and supply concerns arising from the Middle East region. Base metals are expected to take some breather from its recent losses, inching higher from its current levels. A key HSBC Chinese PMI data is due tomorrow which would add further direction to base metal prices. We continue holding our mildly bullish view in natural gas amid prospects of increased demand for heating purposes.

Source: FINVASIA Research

Despite the fundamentals continuing to support precious metals, we expect the session to be more on the range bound side. USD 22 is acting as a strong resistance for the international silver prices. For gold, USD 1331 is a very strong resistance zone, a breakout above which would be very bullish for the yellow metal. Though we continue holding our positive bias in crude oil yet the gains are likely to remain limited on disappointing Chinese PMI data. The investors are recommended to stay cautious in both crude and natural gas ahead of inventory data today. Copper and lead are likely to underperform Zinc and Nickel in the base metals basket.

Source: FINVASIA Research

Precious metals are expected to trade in a range with some positive bias. USD 22 levels continue acting as a strong resistance for international silver futures while gold is expected to rally if it breaks above USD 1331. In domestic precious metals markets, there are speculations of an import duty cut. Whenever such news comes in, we are expected to see a heavy selling pressure in gold and silver. Crude is expected to trade with a positive bias. Base metals are expected to face selling pressure on rallies. We recommend our investors to stay cautious in natural gas as it can trade highly volatile similar to its price movements in the last few sessions. Technically, natural gas prices depict a bullish trend however we expect some profit booking at its current levels. No clarity of direction is expected until this month’s natural gas expiry.

Source: FINVASIA Research