Daily Intraday Technical Levels for MCX by Finvasia

We recommend our investors to stay cautious while trading in precious metals as escalating geopolitical concerns in Ukraine can rally gold and silver prices although our overall view continues to stay negative for precious metals. Until Nymex crude holds well above USD 101 levels, opportunities can be taken to buy oil on dips as improving US economy and supply fears from Russia is likely to support the oil prices. Our view in natural gas is range bound i.e. the investors can take opportunities to buy NG on dips and sell it on rallies with strict stop losses. Copper is likely to trade strong tracking the international copper price movements while we continue holding our mildly bullish view in other base metals as well.

Source: FINVASIA Research

Precious metals are likely to gather some support as Ukraine crisis has been lending safe haven support to gold and silver. The investors are recommended to stay cautious as sudden volatility can be seen in bullions. Crude has been facing heavy selling pressure recently after its inventories were reported to have been standing at an all time high. The investors are recommended to stay cautious until further clarity of direction is achieved. We continue holding our positive bias in base metals and natural gas.

Source: FINVASIA Research

The investors are recommended to stay highly cautious in precious metals ahead of nonfarm payrolls data due today. Our overall view continues to remain negative in gold and silver while the international silver futures contract is trading at very crucial levels with its next immediate support lying at USD 18.5-18.60 levels. Crude is expected to face selling pressure as fundamentals weigh over the commodity prices. Increasing crude stockpiles stand out to be major concern while prospects of increased exports from Libya can cause further pressure. Base metals are likely to trade mixed while the investors are recommended to wait for further clarity of action ahead of lieu of Chinese data due next week. We continue holding our positive view in natural gas.

Source: FINVASIA Research

Ukraine unrest and weak Chinese data is limiting losses in bullions however the investors are recommended to stay cautious while trading precious metals until a decisive breakout is seen in either direction. Technically, gold has formed a broad range between USD 1270 and USD 1325. Rallies can be taken as opportunities to sell with strict stop losses. Crude is likely to trade cautious ahead of the weekly inventory report as rising stockpiles have weighed heavily on the oil prices recently. Base metals are likely to trade mixed with weak Chinese PMI limiting upside in copper and nickel. Natural gas is likely to trade in a range as weak demand outlook is adding pressure while bargain hunting at price dips is likely to limit losses.

Source: FINVASIA Research

The investors are recommended to stay on the sidelines until a clear price direction is seen in gold futures. Opportunities should be taken to sell silver on rallies. We continue holding our range bound view in crude oil. The investors are likely to track further clarity of action from economic data across the globe. Base metals are likely to face selling pressure on rallies although our view in Nickel continues to stay positive. Natural gas might face further selling pressure after a bearish inventory report was released on Thursday.

Source: FINVASIA Research

Markets will be opening for the second half of its trade on Wednesday as the domestic markets remained shut on account of Buddha Purnima today. Tracking the international price trends and currency moves, the precious metals are likely to face selling pressure on rallies. Though we expect crude to trade in a range, it is taking a strong support near USD 100 levels. The investors are also recommended to stay cautious ahead of the weekly inventory due at 8 pm IST today. We continue holding our sell on rally view in base metals, while there might be heavy profit booking pressure seen in Nickel after its recent bull run. We hold a negative view in natural gas as mild weather forecast weigh on demand prospects.

Source: FINVASIA Research

Bullion traders are recommended to stay highly cautious as further selling pressure is expected in domestic gold prices. Despite some bargain hunting limiting the losses at regular intervals, our overall view in gold stays negative. Silver is likely to outperform the yellow metal. We continue holding our mildly bullish view in crude oil after the latest government report showed a drastic decline in crude stockpiles. We hold a mixed view in base metals while Nickel is likely to outperform the other metals in the basket. Natural gas is likely to face selling pressure on rallies.

Source: FINVASIA Research

Precious metals are likely to take some support on account of value buying after its recent steep losses however we continue holding ours ell on rally view in gold. Every price rally in gold should be taken as an opportunity to sell. Crude is likely to remain positive on account of increasing demand prospects from the world’s largest consumer of oil. We hold our mixed bias in base metals where Nickel and copper are likely to outperform lead and zinc. We continue holding our positive bias in natural gas.

Source: FINVASIA Research

We might see some short term bounce back in gold and silver on account of value buying after its recent losses. However, in the medium term we hold a bearish view in gold. Positional traders can take opportunities to sell gold in every rally. Technically, gold is very weak below USD 1260 levels while in India, an import duty cut would add to further losses. Crude is likely to trade sluggish in today’s session after a bearish supply report released by the EIA. Base metals are likely to trade with a negative bias on account of profit booking however we continue holding our sell on rally view in natural gas.

Source: FINVASIA Research