Updates on Bullion, Base Metals and Energy Levels 19th March 18
Gold future price traded moderately lower as the dollar stayed firm ahead of the Fed meeting later this week. Investors are expecting the US Federal Reserve to deliver a rate hike for the first time this year.Apart from this market also having a close eye on G-20 meeting which will also be a key driver in most of the financial assets. Rising dollar pressurizing yellow metals to trade with lower bias ahead.Last week we have seen volatility in gold prices due to imposition of import tariffs by US on Steel and Aluminum along with tensions between Russia and Britain created a bit optimism in gold.
Crude oil futures prices traded lower on offloading of positions by speculators as rising drilling activity in the United States pointed to further increases in output, raising concerns about a return of oversupply. The weekly Baker Hughes drilling report stated that US drillers added four oil rigs in the week to March 16, bringing the total count to 800.
Support at 30050 and Resistance at 30300
Break and sustain below 30050 will take it to 29800--29750 else could it can touch its resistance level of 30300.
Fresh buying can be initiated above 30300
Support at 38150 and Resistance at 38500
Break and sustain below 38150 will take it to 37700—37500 else could it can touch its resistance level of 38500
Fresh buying can be initiated above 39500
Support at 4000 and resistance at 4060
Break and sustain above 4060 will take it to 4130---4150 mark else could touch its support level of 4000.
Fresh selling can be initiated below 4000.
Trade with levels only.
Support at 173.50 and Resistance at 178.00
Break and sustain below 173.50 will take it to 168—165 mark else could touch its resistance level of 178.00
Fresh buying can be initiated above 178.00
Support at 444.00 and resistance at 455.00
Sustain below 444.00 will take it to 435—433 mark else could touch its resistance level of 455.00
Fresh buying can be initiated above 455.00
All Day : G20 Meetings