Updates on Bullion, Base Metals and Energy Levels 7th March 18


Gold futures traded with positive bias from last couple of days as participants enlarged their holdings on the back of a firm trend in the overseas market and the dollar weakened after US President Donald Trump stated that he would push ahead with punitive tariffs on steel and aluminium imports, rejuvenation fears of a potential trade war. We expect gold prices to trade higher in coming days as trade war concerns between US and other countries will limit risk appetite and boost safe haven to yellow metals. 

Crude oil prices traded lower weighed by the release of downbeat U.S. supply data from API and by the threat of potential trade wars. Further, soaring US crude oil production and rising inventories also weighed on crude oil prices, even though efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold output in order to prop up prices.

Technical Level


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Support at 30350 and Resistance at 30700

We expect a bit correction before ADP non-farm employment data. Above 30700 will take it to 30850—31000 else could it can touch its support level of 30350.

Fresh selling can be initiated below 30350


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Support at 38800 and Resistance at 39500

Break and sustain above 39500 will take it to 40000---40200 else it could touch its support level of 38800.

Fresh selling can be initiated below 38800


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Support at 4040 and resistance at 4110

Sustainable move along with good volume below 4040 will take it to 3960—3940 mark else could touch its support level of 4110 mark.

Fresh buying can be initiated above 4110

Trade with levels only.

Natural Gas

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Support at 176.00 and Resistance at 181.00, 

Break and sustain above 181.00 will take it to 185—188+++ mark else could touch its support level of 176.00 

Fresh selling can be initiated below 176.00


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Support at 452 and resistance at 458

Sustain below 452 will take it to 446—443 mark else could touch its resistance level of 458 again

Fresh buying can be initiated above 458

Economic Data

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06:45 P.M ADP Non-Farm Employment Change: 234, Expected 199K, Actual??

Increase in ADP Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.

09.00 P.M Crude Oil Inventories: Previous 3.0M, Expected 2.6M, Actual??

Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.


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

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