Daily Intraday Technical Levels for MCX by Finvasia

Precious metals soared in its previous trading session as recent geopolitical concerns that have risen in Iraq added to the safe haven appeal of gold and silver. However, we recommend our investors to stay cautious while trading in bullions as any major developments can lead to massive volatility in precious metal prices. The recent price move is event driven although the fundamentals fail to support gold and silver at its current prices. We hold a bullish view in crude oil and every price dip should be taken as an opportunity to buy into crude oil. Base metals are expected to continue facing selling pressure while some cautiousness might be seen ahead of the Chinese data on fixed investment and industrial production. We hold a mildly bullish view in natural gas as the momentum is likely to stay positive after a decline in weekly stockpiles indicated increase in demand for this energy fuel.

Source: FINVASIA Research

Precious metals have been soaring on account of geopolitical concerns that have risen in Iraq. Despite the recent bullish moves seen in gold and silver, we would not recommend our investors to take long positions for a very long term. Such a rally might be short lived and we might see a heavy selling pressure in bullions as the concerns begin to recede. We continue holding our bullish view in crude oil and natural gas while every price dip should be taken as an opportunity to buy. We hold a negative to mixed bias in base metals, Nickel is likely to continue facing profit booking selling pressure.

Source: FINVASIA Research

The investors are recommended to stay cautious ahead of the Fed policy statement today as major volatile can be seen in markets today. Geopolitical concerns are expected to continue support the gold and silver prices. We continue holding our positive bias in crude oil. The investors are recommended to stay cautious ahead of the EIA weekly inventory report due at 8 pm IST today. Base metals are likely to trade mixed with some positive bias. The market participants are also advised to watch the currency moves carefully before entering into any trades. Natural gas is likely to extend its gains on expectations of rising cooling demand amid the increasing temperatures.

Source: FINVASIA Research

US Federal Reserve did not give any indications of an interest rate hike in the near run which severely dampened the US dollar thereby supporting gold and silver prices. The investors are recommended to trade with cautiousness as any updates on geopolitical concerns can lead to high volatility in the precious metal markets. Crude is likely to continue trade with a positive bias. Any price dips should be taken as opportunities to buy crude oil. Base metals are likely to trade mixed though copper has been showing a lot of strength in the last few sessions. Market participants are advised to stay cautious in natural gas ahead of weekly supply report due today. The energy fuel faced heavy selling pressure in its previous trade on hopes of rising stockpiles.

Source: FINVASIA Research

Precious metals are likely to trade with a positive bias after a gauge of weak US manufacturing data was reported in the previous trade. Going forward, the market participants will be looking forward to the nonfarm payrolls data due on US calendar on Thursday. Crude is expected to trade with a negative bias while we recommend our investors to stay cautious ahead of the weekly inventory report due at 8 pm IST today. We continue holding our positive view in base metals although Rupee appreciation is likely to limit gains. Natural gas might witness some buying support on account of increased demand prospects amid cold weather forecasts in the mid west.

Source: FINVASIA Research

Precious metals are likely to trade within a range until any major breakout is seen in either direction. In international markets, USD 1330 on the upside and 1305 on the downside is likely to act as major resistance levels for gold futures. Silver might see some buying support at any significant price dips. Crude is likely to remain sluggish on account of fading supply disruption fears. Economic data from the US will be eyed carefully to fetch further direction in crude oil prices. We continue holding ours positive bias in base metals while natural gas in also likely to edge higher after the bullish supply report was released last week.

Source: FINVASIA Research

Precious metals are likely to continue trading in a range as the investors keenly eye the Fed meeting minutes for the month of June. Technically speaking, the international gold futures are likely to trade in a range between USD 1305 to USD 1335 per troy ounce. We continue holding our sell on rally vie win crude oil due to diminishing geopolitical concerns. The investors are recommended to stay cautious ahead of the weekly crude inventory report due at 8 pm IST today. Base metals are likely to trade with a positive bias. In international markets, USD 3.2 is a very important support zone for copper prices. Natural gas is expected to face selling pressure amid rising inventories and lower demand prospects.

Source: FINVASIA Research

Gold prices in international markets traded firm near USD 1330 per ounce, supported by a weakness in US dollar. However, investors are advised to remain cautious ahead of announcement of Union Budget, in which government is expected to reduce record high import duty on bullions. Market participants expect that the government may reduce import duty on gold from current level of 10% to 6%. Indian rupee is also expected to remain volatile as announcements in budget are likely to impact the investing sentiments. Crude prices continued to remain under selling pressure on expectations of better supply outlook from Libya. US crude has key support at $101 per barrel and oil prices are likely to support at this levels. We continued to hold mildly bullish view in base metals as improvement in Chinese economic condition is likely to support base metals. Investors are advised to remain cautious in natural gas ahead of weekly US inventories report sue to release today at 8 pm IST.

Source: FINVASIA Research

We continued to hold our mildly bullish view in bullions, as lingering worries over Portugal’s banking crisis and escalating tensions in Middle East supported the safe haven buying interest. Technically, as long as US gold futures trade above $1330 per ounce, the sentiments remain positive. Crude prices have witnessed sharp selling pressure last week on easing supply concerns from Libya. Technically, US crude futures are fluctuating near key level of $101 per barrel. And if it sustains below this level, we may see further selling coming in the market. We maintain our mildly bullish view in base metals on back of better global manufacturing data. Natural gas is expected to witness selling pressure on every rise.

Source: FINVASIA Research