Daily Intraday Technical Levels for MCX by Finvasia

Gold futures depicted a technical breakout in the previous session while some speculations over Fed's tapering plans have also supported gold and silver prices. We expect the sentiment to stay on the positive side and a breakout in silver above USD 22 levels would be highly bullish for the white metal. Crude is expected to trade in a seesaw manner. Slowing demand from the emerging economies is likely to remain balanced with supply concerns from the Middle East and frigid weather forecasts in the US. Base metals are likely to face selling pressure on any significant rallies while stronger Rupee might add further pressure. Natural gas is expected to face selling pressure after its recent rally.

Source: FINVASIA Research

Silver is trading near its crucial resistance in the international markets. If silver futures break above USD 22 levels, it will be extremely bullish for the white metal. Bullions are expected to trade with a positive bias. Crude is holding well above USD 101 levels, opportunities should be taken to buy crude oil on any price dips. We continue holding a mixed bias in base metals while natural gas might face profit booking pressure. Warming temperatures is expected to limit demand for this energy fuel.

Source: FINVASIA Research

Precious metals are expected to continue trading with a positive bias. Weak economic data has raised the safe haven appeal for bullions. However technically, USD 1335-1340 is expected to act as a strong resistance zone for gold with USD 22 levels acting as a strong resistance for silver futures. We continue holding our positive bias in crude and every dip in the oil prices should be taken as an opportunity to buy. Base metals are expected to trade mixed, while we continue holding our sell on rally view in natural gas.

Source: FINVASIA Research

Geopolitical concerns caused an overnight rally in international bullions and crude. Considering the fundamental aspects, we hold a mildly bullish view in gold, silver and crude oil. Forecasts of freezing temperatures are likely to add further support on prospects of increased demand for this heating fuel. We continue holding our mixed bias in base metals while natural gas is expected to face further selling pressure on rallies.

Source: FINVASIA Research

We continue holding our bullish bets on gold and silver with USD 1360 as a strong resistance for the international gold prices. The ongoing Ukraine crisis is expected to raise the safe haven buying in the yellow metal. However, some profit booking pressure is expected to limit upside. We expect crude to continue trade with a positive bias. Base metals are expected to trade mixed. Nickel is likely to outperform the other metals in the base metals basket. Natural gas is expected to face selling pressure on any rallies.

Source: FINVASIA Research

Precious metals are expected to trade in a range awaiting further cues for clarity of direction. The easing geopolitical concerns added selling pressure to gold and silver in the previous trade. Crude is expected to trade with a positive bias. Any price dips should be taken as opportunities to buy. Nickel is expected to outshine the other metals in the base metals basket on Indonesia export ban concerns. We continue holding our sell on rally view in natural gas.

Source: FINVASIA Research

Precious metals are expected to trade within a range after the recent volatility which has been seen in gold and silver futures. In the international markets, USD 1355 and USD 1305 are expected to act as important resistance and support levels respectively. Crude oil is likely to face selling pressure on rallies amid the soft economic indicators from the US markets and receding fears of Ukraine conflicts. Nickel and Zinc are expected to outperform the other base metals however a stronger Rupee might limit the upside. We continue holding our sell on rally view in natural gas.

Source: FINVASIA Research

Geopolitical concerns in Ukraine and Russia are expected to support bullion prices. We hold a mildly bullish view in gold and silver. Crude is expected to consolidate in a range face some selling pressure on rallies. We continue holding our positive view in Nickel and zinc, which are expected to outperform the other base metals. Natural gas is expected to face selling pressure on rallies.

Source: FINVASIA Research

Precious metals are expected to rally as Ukraine crisis has added a lot of safe haven buying support to gold and silver. USD 1360 is an immediate resistance for gold while USD 22 is a very strong resistance for silver futures. We continue holding our sell on rally view in crude and natural gas. In base metals basket, copper is expected to significantly underperform Nickel. Fundamentals are supporting the Nickel prices very firmly. The investors are recommended to watch the currency moves carefully. Also, the traders are recommended to stay cautious ahead of crude oil inventory data due today.

Source: FINVASIA Research