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* Bullion prices witnessed correction with spot gold prices at COMEX traded below $1640 while Silver prices fell by more than 3%.
* The overbought signals on charts triggered profit booking in bullion prices despite of spreading virus beyond China.
* Bullion prices are expected to trade sideways to down with gold support at $1610, resistance at $1690.
* Crude oil prices extended gains with benchmark WTI crude oil fell below $50 losing nearly 3% on Tuesday.
* The U.S. Centers for Disease Control and Prevention said a spread of Covid-19 in the U.S. was "inevitable" and warned Americans to prepare for disruptions in their daily lives.
* We expect oil prices to trade lower with resistance at $52 and support at $48. MCX Crude oil Mar contract has important support at Rs. 3560, resistance at Rs. 3680.
MCX Crude Oil
MCX Natural Gas
* Base metals complex traded mixed with Copper witnessing correction while Zinc and Lead prices traded higher.
* Base metals traded in lower trading range on weak demand outlook and sell off in equity indices. The spreading of corona virus beyond China has triggered fresh worries for demand recovery.
* We expect base metals to trade sideways to down for the day with copper support at Rs. 425, resistance at Rs. 430. MCX Nickel has important support at Rs. 905, resistance at Rs. 930.
Crude Palm Oil
* CPO prices sharply decline on Tuesday with CPO prices at Malaysia plunged by more than 4% on political uncertainty in Malaysia raining policy concerns. CPO prices at MCX also shed 1% following the cues from global peer.
* The lower demand from China and declined in exports from Malaysia continued the selling pressure in CPO prices.
* Palm oil entered a bear market as political turbulence in Malaysia. Prices declined by more than 20% from their three-year high set in January.
* We expect CPO prices to trade down on weak global cues with MCX Mar resistance at Rs. 695 while key support lies at Rs. 657.
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