Daily Intraday Technical Levels for MCX by Finvasia

US gold futures are steadied above key level of $1300 per ounce, as rising geopolitical tensions supported the metal’s appeal as safe heaven investment. We expect bullions to trade with neutral stance till the time it doesn’t give decisive breakout on either side. Crude futures are expected to trade with positive stance on back of mounting fears of supply disruption. Technically, as long as crude futures trade above $101 per barrel, the sentiments remain robust. Base metals witnessed profit booking in previous trading session, but we maintain our neutral to mildly bullish stance in base metals. Natural gas is expected to witness selling pressure on every rally on back of rising inventories.

Source: FINVASIA Research

We expect precious metals to trade in range bound with positive stance amid safe haven buying on back of escalating geopolitical tensions. US gold is likely to take strong support at $1300 per ounce and we expect silver to outperform gold in near term. We continued to hold our mildly bullish view in crude oil on back of oil supply concerns and strengthening demand from world’s biggest economies. Base metals are expected to trade with neutral to positive bias with Zinc and Nickel likely to outperform. We expect natural gas to witness selling pressure on every rally, but may find some on bargain hunting after recent sharp decline.

Source: FINVASIA Research

Gold futures witnessed some selling pressure in previous trading session as strengthening equities weighed on metal’s safe haven appeal. However, the overall trend remains in consolidation phase as investors continued to monitor situations in Russian and Gaza. Further investors looked ahead key US economic data due to release later in the day to get more clues about central bank stimulus program. Crude futures continued to trade firm as falling US crude inventories and fears of supply disruption on back of escalating tensions in Gaza and Eastern Europe supported buying interest. We maintained our positive stance in crude oil with $104.50 per barrel is key level to watch. We expect base metals to trade with positive bias after China reported a robust manufacturing PMI data for the month of July. Natural gas is expected to witness selling on every rally, but investors are advised to remain cautious ahead of release of weekly US inventories report due today at 8 pm IST.

Source: FINVASIA Research

Gold futures slipped lower on Thursday to trade at five week lows as strong economic data dampened the metal’s appeal for safe-haven appeal. We expect gold future to witness selling pressure on every rally till the time it doesn’t give decisive break out on upper side. Crude prices are expected to trade with positive bias till the time it holds $101 per barrel as support. Investors continued to watch geopolitical situations to get more clues about near term trend in crude oil. We continued to hold mildly bullish stance in base metals on back of strong manufacturing reports globally. Copper has near term resistance in the range of 437-440 and if manages to surpass this level, we may see further buying coming in the metals. Natural gas prices bounced back in previous trading session after bullish US inventories report. We expect natural gas to trade in range bound near key technical levels.

Source: FINVASIA Research

Gold prices bounced back to trade above key psychological level of $1300 per ounce, as metal’s safe haven appeal burnished due to escalating tensions between Russia and Western countries, and rising violence in Gaza. Sentiments are likely to remain cautious as investors eyed the Federal Reserve’s policy meet and major US economic data release later in the week. Crude futures are expected to trade with mildly bullish stance till the time it trade above $101 per barrel. Base metals are expected to trade with positive bias on back of strengthening economic condition in China. Natural gas is expected to trade in range bound till the time it doesn’t give technical breakout.

Source: FINVASIA Research

Gold futures were trading in range bound as investors nervously awaited the outcomes of US Federal Reserve’s two day meeting to get clues when central bank will start increasing the interest rate. Traders were also reluctant to take big positions ahead of US GDP data due to release today at 6pm IST. US crude prices has corrected in last few days and is now trading near key level of $101 per barrel. However, we continued to hold mildly bullish in crude oil. Rising tension between Russia and Western countries after later imposed new set of sanctions against Russia is likely to provide support to crude oil prices. Investors also looked ahead to key US weekly inventories report to gauge the strength of demand in world’s biggest economy. Copper prices are facing difficulty in crossing key resistance levels. We expect base metals to trade with neutral stance, till the time they doesn’t give breakout on higher side. Natural gas is expected to witness selling on every rally.

Source: FINVASIA Research

Gold futures continued to trade in range bound with negative bias as optimism over US economic growth curbed the metal’s appeal as safe haven investment. Data on Wednesday showed that GDP growth in US picked up sharply in second quarter as consumer stepped spending. We expect gold futures to trade in range bound till the time it doesn’t give decisive breakout on either side. US crude futures are trading below key psychological level of $100 per barrel, weighed down by excess oil supplies and weak demand. We expect crude oil to witness selling pressure on every rally. Base metals rallied in previous session on back of robust GDP data from US. We continued to hold neutral to mildly bullish view in base metals. Copper has stiff resistance in the range of Rs 437-Rs 440 and if it manages to breach this level, we may see further buying coming in the markets. Investors are advised to remain cautious in Natural gas ahead of weekly US supplies data due to release today at 8 pm IST.

Source: FINVASIA Research

US gold futures continued to trade firm above USD1290 per ounce as surprisingly weak monthly employment data diminished fears the US central bank will hike interest rate soon. We continued to hold neutral stance in gold futures till the time it doesn't give decisive breakout on either side. However, we expect silver is most likely to outperform gold in term future. Crude futures continued to trade weak on concerns of excess supply. Oil prices also remained under technical pressure after it moved key psychological level of $100 per barrel. We continued to hold our neutral to mildly bullish view in base metals. Copper has strong resistance in the zone of Rs 437-440 and break above this level will trigger further buying interest. Natural gas is expected to witness selling pressure on every rally.

Source: FINVASIA Research

Gold futures consolidated near five weeks low as a bailout agreement to rescue Portugal’s major bank and rebound in US equity markets weakened the metal’s appeal as safe haven investment. US gold futures has key support placed at $1280 per and if it breach below this level, we may see further sell-off in bullions. We continued to hold neutral view in precious metals. Crude futures gained strength in previous trading session, as rising violence in Libya supported oil prices. However, till the time, US crude prices trade below $100 per barrel, we expect oil to witness selling pressure on every rally. We continued to hold mildly bullish stance in base metals on hopes of brighter demand from world’s second biggest economy, China. MCX Copper has stiff resistance at Rs 440 and if it manages to surpass this level, we may see further buying interest in base metals. Natural gas is expected to witness selling pressure on every rally.

Source: FINVASIA Research