16/4/2018

Updates on Bullion, Base Metals and Energy Levels 16th Apr 18

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Gold prices traded moderately higher on concerns over the geopolitical tensions and an ongoing trade spat between China and the U.S. may support yellow metals but, the precious metal will remain vulnerable to any gains in the dollar in the face of expectations for higher U.S. interest rates. Market participants are keeping a close eye on geopolitical developments in the coming week amid heightened tensions between the U.S. and Russia in the wake of U.S-led missile strikes on Syria and the latest round of U.S. sanctions on Russia.


Oil prices fell sharply as traders started to see a decreased likelihood of further escalation between Western powers and Syria, following Friday night's air strikes on the conflict-stricken nation. A coalition of the USA, UK, and France led targeted strikes on bases in Syria on Friday evening. Some commentators expected more strikes may have been planned.




Technical Level for the day



Gold


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Support at 31100 and Resistance at 31250


Break and sustain above 31250 will take it to 31400—31560 mark else could touch its support level of 31100 mark.


Fresh selling can be seen below 31100


Trade with levels only



Silver


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Support at 38700 and Resistance at 39200.


Trading in a range. We will wait for confirmation in it.


Trade with levels only




Crude


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Support at 4325 and resistance at 4390.


Below 4325 will take it to 4270—4250 mark else could touch its resistance level of 4390.


Fresh buying only can be seen on close above 4390 mark.


Trade with levels only




Natural Gas


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Support at 177 and Resistance at 182.


Above 182 will take it to 186—190++ mark in coming days. 


Support and stop loss will remain below 177 mark


Trade with levels only



Copper


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Support at 439 and resistance at 446


Buy and accumulate. Break and sustain above 446 will take it to 452—457 mark. 


Fresh selling only can be seen on close below 439.


Trade with levels only




Economic Data


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7:00 PM U.S Retail Sales m/m , Expected (0.4%), Previous (-0.1%), Actual (??)


Impact: Actual' greater than 'Forecast' is good for base metals and Dollar


10:45 PM FOMC Member Bostic Speaks.



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

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