Daily Intraday Technical Levels for MCX by Finvasia

We recommend our investors to stay cautious while trading precious metals ahead of FOMC meeting today. Some volatility is anticipated in commodities across the board. We continue holding our sell on rally view in crude oil. Base metals are expected to face selling pressure on rallies though we hold a mildly bullish view in Nickel. Natural gas is expected to trade more or less in a range with some selling pressure at the higher band of its range.

Source: FINVASIA Research

Precious metals fell in previous trading session after US Federal Reserve announced further reduction in its current bond buying program. We expect gold prices to trade in range bound till it gives decisive break out on either side. Concerns of slowdown in Chinese economy are likely to weigh on crude oil and copper prices. We continue to hold sell on rally view in crude oil. $101 is crucial resistance level to watch in crude oil. We expect base metals to witness selling pressure on rally except nickel futures. Nickel is likely to trade with mildly bullish stance on supply deficit concerns. Natural gas is expected to trade more or less in a range with some selling pressure on the higher band of its range.

Source: FINVASIA Research

Precious metals are expected to face selling pressure on rallies. The investors will eye a lieu of US economic data due this week. Lower than expected Chinese PMI is expected to add selling pressure in crude prices. We expect the base metals to trade mixed with a negative bias although Nickel is expected to outperform the other metals. On the LME, copper futures slid lower facing a stiff resistance at $6310. A major downtrend can be seen from its current levels. Natural gas is likely to trade in a range with negative bias.

Source: FINVASIA Research

Gold and silver have been depicting a highly weak performance. As geopolitical concerns seem to be fading away, we might see continued selling pressure in bullions. Technically, USD 1305 is a key support for the international gold futures. Breakdown below such levels would add further bearishness to the yellow metal prices. Base metals are expected to trade mixed with a negative bias. Weak Chinese growth is expected to weigh over the base metal basket. Nickel is expected to continue outperforming the other base metals. Crude is likely to trade within a range and we continue holding our sell on rally view in natural gas.

Source: FINVASIA Research

Upbeat US economic data has been adding continuous weight over the precious metals. We continue holding our sell on rally view in gold and silver. Crude is likely to trade firm amid Libya supply concerns, opportunities can be taken to buy crude oil on dips. Weak Chinese growth has been weighing over the base metals and we recommend our investors to sell base metals on any rallies. Natural gas is expected to trade within a range with more of a negative bias.

Source: FINVASIA Research

Technically, the bullions have broken below their key support areas however some bargain hunting might limit the losses in gold and silver. The investors are recommended to stay cautious while trading bullions ahead of consumer sentiment and inflation expectations data due today. Crude is expected to trade with a positive bias and opportunities should be taken to buy crude oil on dips. Upbeat US data has been raising demand prospects from the world’s largest consumer of crude oil. Our view continues to stay mixed in base metals as lead and zinc are expected to outperform the other metals. Natural gas is expected to trade more or less in a range but with a positive bias.

Source: FINVASIA Research

Precious metals are likely to trade cautious in today’s session facing selling pressure on significant rallies. USD 1280 is acting as the immediate support for gold, and a breakdown below such levels would be highly negative for gold. We continue holding a mildly bullish view in crude and opportunities should be taken to buy crude oil on any price dips. Base metals are expected to trade with a negative bias on China’s growth concerns while natural gas is likely to trade within a range.

Source: FINVASIA Research

We continue holding our sell on rally view in precious metals. Gold and silver are likely to face selling pressure as investors have sort to equities instead of yellow metal considering the fundamental aspects. Speculations of hike in the US interest rates are likely to continue weighing over precious metals. A decisive breakdown in gold from its current levels is likely to bring another round of strong bearish move in yellow metal’s prices. We expect crude and natural gas to trade within a range. Base metals are likely to face selling pressure on rallies, while we expect zinc to outperform the other metals.

Source: FINVASIA Research

We expect bullions to trade choppy in today’s session though the investors are recommended to sell on significant rallies. USD 1300 is likely to act as a strong psychological resistance for gold futures. We continue holding our sell on rally view in crude oil as prospects of increased oil supplies from Libya are likely to limit gains. The investors are also recommended to stay cautious ahead of weekly crude inventory report due at 8 pm IST today. Base metals are expected to trade mixed. Copper futures on the Comex division surged back above 3 levels, which are expected to add some buying support for the red metal. Mild US temperatures have been weighing on natural gas prices as the heating demand is likely to get trimmed down. We hold a sell on rally view in natural gas.

Source: FINVASIA Research