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12/4/2018

Updates on Bullion, Base Metals and Energy Levels 12th Apr 18

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Base metal complex witnessed a heavy selling pressure from its recent high caused by United States & China trade tensions after the Chinese government reiterated in a joint People’s Bank of China/International Monetary Fund conference that the country will retaliate “unquestionably” in response to the new trade measures implemented by the US government. However, Industry sources said that the drop-in prices were fueled by talk that China's State Reserve Bureau had been selling zinc stocks. It's supposed to be 50,000 tonnes. 


Escalating geopolitical risks in the Middle East are proving to be a boon for oil prices, with speculation over supply disruptions in the energy-rich region countering concerns over rising U.S. crude stockpiles. tensions in the Middle East flared as Saudi Arabia said it intercepted a ballistic missile over Riyadh and shot down two drones in another part of the country in the latest attacks by Yemeni rebels. Trump had confirmed the U.S. would strike Syrian President Bashar al-Assad, whose forces are backed by Russia and Iran, over a suspected chemical weapons attack.




Technical Level for the day



Gold


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Support at 31050 and Resistance at 31400


Trading in a range. Either side break and close will set the further trend in it. 


Trade with levels only




Silver


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Support at 38700 and Resistance at 39150.


Break and sustain above 39150 will take it to 39500---39800 mark else could touch its support level of 38700 mark.


Trade with levels only




Crude


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Support at 4330 and resistance at 4400


Above 4400 will take it to 4460—4520++ mark else could touch its support level of 4330.


Fresh selling only can be seen on close below 4230 mark.


Trade with levels only




Natural Gas



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Support at 172 and Resistance at 176.


Break and sustain below 172 will take it to 168—165 mark else could touch its resistance level of 176 again


Fresh buying can be initiated on close above 176 mark


Trade with levels only




Copper


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Support at 440 and resistance at 445---448


Break and sustain above 440 will take it to 434—428 mark else could touch its resistance level of 448 mark.


Fresh buying only can be seen on close above 448.


Trade with levels only




Economic Data


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6:00 PM U.S Unemployment Claims Expected (231K), Previous (242K), Actual (??)


Impact: Actual' less than 'Forecast' is good for US currency


08:00 PM US Natural Gas Storage Expected (-11B), Previous (- 29B), Actual (??)


Impact: Actual' greater than 'Forecast' is negative for Natural gas.



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

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