Updates on Bullion, Base Metals and Energy Levels 5th March 18


Updates on Bullion, Base Metals and Energy Levels 5th March 18 

Gold futures traded higher as U.S. President Donald Trump’s announcement regarding tariffs on imported steel and aluminium sparked a sell-off in equities and the dollar. The dollar has been sliding since Trump announced the tariffs last Friday. Dollar remained subdued on fears of a global trade war, with uncertainty surrounding the outcome of elections in Italy, which could spell new concerns for the euro zone, lending further support to the yellow metal.

Crude oil futures traded higher as participants raised bets, with expectations that oil producers would discuss further how to clear the global oil excess during a meeting between OPEC and US shale companies. OPEC has been reducing output by around 1.2 million barrels per day (bpd) since January 2017, with output falling to a 10-month low in February 2018. Meanwhile, US crude inventories increased by 3 million barrels in the last week of February, putting a lid on prices.

Technical Level


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Support at 30400 and Resistance at 30550

Break and sustain above 30550 will take it to 30680—30850 else could it can touch its support level of 30400.

Fresh selling can be initiated below 30400

Trade with levels only


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Support at 38550 and Resistance at 39100

Break and sustain above 39100 will take it to 39600---40000 else could it can touch its support level of 38550 again

Fresh selling can be initiated below 38550

Trade with levels only


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Support at 3980 and resistance at 4060

Break and sustain above 4060 will take it to 4120—4180 mark else could touch its support level of 3980 mark.

Fresh selling can be initiated below 3980

Trade with levels only.

Natural Gas

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Support at 172.00 and Resistance at 179.00

Trading in range either side breakout with volumes will decide further.


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Support at 449---446 and resistance at 456

Break and sustain below 446 will take it to 438—435 mark else could touch its resistance level of 456 again

Fresh buying can be initiated above 456 mark

Trade with levels only

Economic Data

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08:30 P.M ISM Non-Manufacturing PMI: Previous 59.9, Expected 58.90, Actual??

Increase in ISM Non-Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.


Tags:Gold And Silver, Basemetal, Crude And Natural Gas, Full MCX

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