Daily Intraday Technical Levels for MCX by Finvasia

The investors are recommended to stay cautious as a very important nonfarm payroll data is due at 6 pm IST today. In general, we continue holding our sell on rally view in precious metals. Crude is expected to trade in a seesaw manner, though opportunities can be taken to buy crude oil on any price dips. Base metals are likely to trade firm while the investors are advised to stay cautious with the currency moves. We expect natural gas to trade in a broad range, some positive bias might be seen after an in line inventory report was released yesterday.

Source: FINVASIA Research

As the US nonfarm data missed market expectations on Friday, gold and silver futures inched higher. However, we continue holding our sell on rally view in bullions. We might see a lackluster performance in gold in today’s trade as the Chinese markets are closed on account of a holiday. We expect crude oil and natural gas to trade firm. Libyan supply concerns are likely to support the oil prices. Base metals are expected to trade mixed while we recommend our investors to stay cautious with Rupee moves.

Source: FINVASIA Research

Precious metals are trading with a positive bias whilst a weak dollar index is also supporting the international bullion prices. We expect a short squeeze in the near term to support gold and silver prices. Such rallies should be taken as an opportunity to sell. Further clarity of direction will be achieved after the release of FOMC meeting minutes today. Crude is expected to hold on to its positive terrain and we continue holding our positive bias in crude while the investors are advised to stay cautious ahead of weekly inventory due from EIA at 8 pm IST today. Base metals are likely to trade mixed. Copper has formed a firm base near USD 3 levels on the Comex division while Nickel is also likely to trade strong. We continue holding our mildly bullish view in natural gas.

Source: FINVASIA Research

Precious metals are expected to trade in a broad range until a decisive breakout is seen in either direction. However some bullishness might be seen in the very short term on account of value buying and short squeeze at its current levels. Geopolitical concerns are expected to continue support crude oil prices, seeking its immediate support near USD 102.50 per barrel. We recommend our investors to buy copper above 410 levels, which is an important resistance for domestic copper prices. We hold our mildly bullish view in Nickel and Zinc. The investors are recommended to stay cautious in natural gas ahead of its inventories due at 8 pm IST today.

Source: FINVASIA Research

Considering the recent movement in bullion prices, gold is likely to trade with a bullish sentiment. In the international markets, gold is currently trading at its resistance levels, a breakout above which will add further momentum to the yellow metal. Silver is likely to follow the trend though rallies could be taken as opportunities to sell. We continue holding our positive bias in crude oil. Base metals are expected to trade with a strong footing. Nickel is expected to continue outperform the other base metals. We continue holding our mildly bullish view in natural gas especially after its bullish inventory report.

Source: FINVASIA Research

Gold futures moved higher last week as rising geopolitical tensions in Ukraine boost safe haven demand for bullions. Going ahead, we expect precious metal to trade with positive bias. In international market, gold prices are trading at its resistance level, a breach above which will add further buying interest in yellow metal. MCX silver has strong resistance in the zone of Rs 43450-43600 and a break above this level will be bullish for white metal. We continue to hold our positive bias in crude oil. Worries over possible supply disruption from Russia due to ongoing tensions in Ukraine are likely to support oil prices. Base metals are expected to trade with mildly bullish stance. Copper has strong resistance at Rs 410 and daily closing above this level will be positive for base metal. Nickel is expected to outperform other base metals on concerns of supply crunch. We continue holding our mildly bullish view in natural gas.

Source: FINVASIA Research

Precious metals are likely to face selling pressure on rallies as the US economic data has been right on track thereby raising expectations of US fed raising its interest rates soon. USD 18.5 is a very strong support for international silver prices, which if broken would add heavy selling pressure in the white metal. Crude oil and natural gas is likely to trade with a positive bias. We expect base metals to trade mixed. Some sluggishness might be seen until fresh triggers are received. In domestic markets, copper is likely to face selling pressure on rallies.

Source: FINVASIA Research

Upbeat US economic data and soaring equities have added selling pressure in gold and silver. We recommend our investors to take opportunities to sell bullions on any significant rallies. Crude is expected to trade positive with the Nymex crude futures contract seeking its immediate support at USD 102.95 levels. The investors are recommended to stay cautious in Nickel as its recent rally can cause some profit booking pressure though the overall sentiment continues to stay positive in nickel and zinc. We continue holding our positive bias in natural gas.

Source: FINVASIA Research

Precious metals are expected to face selling pressure on rallies with USD 19.1 acting as a strong near term support for Comex silver. Escalating Ukraine concerns are expected to support the crude oil prices and the investors are recommended to take opportunities to buy crude oil on dips. Base metals are likely to trade mixed with MCX copper facing a stiff resistance at 410 levels. Stay cautious in natural gas as markets are pricing in bullish inventories report. The investors are recommended to enter fresh positions only after clarity of direction is achieved.

Source: FINVASIA Research