Daily Intraday Technical Levels for MCX by Finvasia

US gold futures rebounded to trade comfortably above USD1300 per ounce as fears of military action between Russia and Ukraine burnished the yellow metal’s appeal as safe haven investment. We maintain our neutral view in gold futures till the time it doesn’t break its range. US silver futures also recovered after testing its key level of $19.80 per ounce. We advised investors to buy silver futures on every dips. Crude futures continued to trade weak as excess crude supplies in the US weighed on oil prices. We hold our sell on rally view in crude futures till the time it trades below $100 per barrel. Base metals saw mixed trading session on Wednesday with copper and zinc underperforming the other base metals. We continued to hold our neutral to mildly bullish view in base metals and any correction in prices is good opportunity to go long. Investors are advised to remain cautious in natural gas ahead of weekly supplies data due to release today at 8 pm IST.

Source: FINVASIA Research

Precious metals continued to trade firm as safe buying interest surged amid rising tensions in Iraq and Ukraine. Gold prices also witnessed technical buying after it breached key resistances of 50-day and 100-day moving averages. We expect gold futures to trade with positive bias with $1330 per ounce key resistance level to watch. We continued to hold our buy on dips view in silver futures. Geopolitical concerns have significantly escalated after reports suggested that US President Barak Obama was considering air strikes in Iraq. Precious metals and crude oil are likely to benefits from developments in Iraq. In crude oil, we advised investor to go long on ever dips after it failed to breach key support levels. We continued to hold our neutral to mildly bullish view in base metals on back of robust Chinese economic data. Natural gas is expected to witness selling pressure on every rally.

Source: FINVASIA Research

Gold futures inched higher in previous trading session on fears that stand-off between Russia and western countries might hurt the global economy, spurring safe haven buying interest. However, broader trend remain range bound in yellow metal, with $1280 acting as stiff support and finding strong resistance at $1330 per ounce. Base metals are expected to trade with neutral to mildly bullish stance on back of robust demand. We suggest investors to remain cautious in crude oil ahead of weekly US supplies data due to release later in the day. Energy Information Administration (EIA) is scheduled to report weekly supplies data today at 8.00 pm IST, with investors expecting a drawdown of 2.1 million barrels. Natural gas is expected to trade in a range with mildly negative stance on back of rising supplies.

Source: FINVASIA Research

Gold futures moved lower in previous trading session as easing tensions in Ukraine and strengthening equities dented metal’s appeal as safe haven investment. We continued to hold our neutral view in yellow metal till the time it holds $1280 as support and $1330 as resistance. Silver futures continued to trade weak after it broke below key technical level. Till the time, white metal trade below $19.80 per ounce, we expect metal prices to witness more selling pressure. Crude futures saw sharp selling pressure as easing tensions in Ukraine coupled with surge in oil supply from Libya weighed on oil prices. We expect oil prices to witness selling pressure on every rally. US crude is trading near key support level of $93 per barrel and we might see some buying coming near this level. We hold our neutral to sell on rally view in base metals on back of technical weakness. Till the time MCX copper trades below Rs 420, we might see further weakness in base metals. Natural gas is expected to witness selling pressure on every rally on back of ample supply.

Source: FINVASIA Research

Precious metals continued to trade near two month low, supported by geopolitical concerns that helped offset the selling pressure on back of strengthening glo0bal equity markets and upbeat US economic data. Investors also looked ahead to US unemployment data and GDP numbers due to release later in the day to get more clarity over the central bank’s monetary stimulus program. We maintain our neutral view in gold futures and sell on rally view in crude oil. Crude futures saw some selling in previous session after weekly US supplies report showed a build in inventories at Cushing, Oklahoma, the delivery hub for US crude oil. However, US crude future continued to trade firm above its key technical level of $93 per barrel. We maintain our neutral view in crude futures till it gives technical break out on either side. Base metals are expected to trade with positive bias on back of strengthening economic activity in world’s biggest economy, US. We advised investors to remain cautious in natural gas ahead of weekly Supplies data. Energy Information Administration (EIA) is due to report weekly natural gas inventories report today at 8 pm, which could show a build of 78B in report.

Source: FINVASIA Research

Precious metals continued to trade weak near three month lows, hit by concerns that US Federal Reserve may hike interest rate sooner than expected coupled with strength in US dollar. Investors looked ahead to US jobless data due later in the day for more clarity over strength in the economy, but broader trend remain downward. We continued to hold sell on rally view in bullions. US crude futures slipped to sixteen month low in previous session after weekly data showed jump in distillates stocks and buildup in inventories at Cushing, Oklahoma. Weighing on the sentiments, OPEC lowered its demand growth projection for its crude in the years 2014 and 2015. US crude futures has broken its crucial support level of $92 per barrel and till the time it stays below this level, sentiments remains weak. We maintain our sell on rally view in crude futures. US energy Information Administration (EIA) is scheduled to report weekly natural gas inventories report today at 8 pm IST. Investors are advised to remain cautious as data is likely to crate volatility in natural gas prices. We have mixed view in base metals. Copper and zinc are expected to witness buying pressure on every dip, while Nickel and Lead are likely to witness selling pressure on every rally.

Source: FINVASIA Research

Precious metals continued to trade near multi month lows as recent strong economic data from US raised concerns that US Federal Reserve may signal early interest rate hike at its upcoming policy meet this week. We continued to hold our sell in rally view in precious metals till the time it trades below crucial resistance levels. US silver has key support at $18.50 per ounce and if it breaches this level, we would see more selling pressure coming in the market. Crude futures slipped nearly 1% in early Asian trading hours on Monday, weighed down by weak global demand amid ample supplies. Crude futures are likely to face technical selling after US contract gave weekly closing below $92 per barrel. We maintain our sell on rally view in crude oil. Natural gas prices broadly traded in range from last few days and till the time it doesn’t give break out on either side, we expect it to trade in range. Base metals are expected to face selling pressure on ever rally. MCX Copper has stiff support near Rs 420 and it is taken down, we may see bears coming to market.

Source: FINVASIA Research

Precious metals continued to trade in a tight range near eight month lows as investors remained cautious ahead of the release of statement from US Federal Reserve later in the day. In today’s trading session, we might see some consolidation as traders would wait for outcome of US Federal Reserve meeting before placing big bets in the markets. However, we continued to hold our sell on rally view in precious metals till the time they don’t give technical breakout on higher side. Crude futures rebounded in previous trading session on back of bargain hunting coupled with reports that organization of petroleum exporting countries (OPEC) may cut its output. Going forward, investors will take clues from weekly US inventories report due to release today at 8 pm IST to gauge the strength of demand recovery in world’s biggest economy. We expect crude futures to trade in range bound until it doesn’t give decisive breakout on either side. Natural gas futures extended its gains after updated US weather forecast called for continued warmer temperature in soother part, raising demand outlook prospect in near term. We continued to hold our neutral view in natural gas. Base metals recovered sharply on Tuesday following reports of increased stimulus from Chinese government, which might boost demand prospect in China. However, broadly the base metals are trading in range bound and they are expected to trade in range until there is clear picture on demand front.

Source: FINVASIA Research

Gold futures rebounded from nine month lows on Thursday, as sharp sell-off in Global equities markets prompted metal’s appeal as safe haven investment. Analysts are of view gold prices still look weak on back of mounting expectations that US Federal Reserve may hike interest rate sooner than expected. US gold future has strong support in the range of $1180-$1200 per ounce, till the time it holds this level we may see value buying in yellow metal. We expect precious metals to trade in range bound till the time it doesn’t give decisive breakout on either side. Crude futures recovered in previous trading session on concerns that rising tension in Middle East may disrupt of oil supply. We continued to hold our sell on rally view in crude futures. Natural gas futures surged on Thursday after updated weather forecast called for falling temperature across the US in October, raising demand prospect for natural gas for heating purpose. MCX natural settled close to crucial resistance of Rs 250 and if it breaches this level we may see further buying in natural gas. We continued to hold our sell on rally view in base metals till they trade below key technical levels.

Source: FINVASIA Research