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BULLION

Bullion prices traded firm with spot gold prices at COMEX were trading near $1806 per ounce while spot silver prices at COMEX were trading 0.41% up near $22.50 per ounce in the morning trade. Bullion have witnessed zigzag move on Thursday following stronger dollar and strong US Jobless claims data. The traders and investors are bracing for another volatile session awaiting key US employment data due today. The softer dollar has supported prices to cap downside on Friday.

MCX Gold April resistance for the day at Rs. 48300 per 10 grams with support at Rs. 47700 per 10 grams. MCX Silver March resistance for the day at Rs. 61500 with support at Rs. 60200.

COMEX Gold

COMEX Silver

ENERGY

Crude oil prices traded higher on Friday with NYMEX WTI crude oil prices were trading 0.74% up near $90.94 per barrel. Crude Oil prices crossed $90 levels on news of supply disruptions in African states Libya and Nigeria. An oil production and storage vessel exploded off the coast of Nigeria early on Wednesday while in Libya, six ports halted exports due to bad weather. A winter storm in central and northeast US has also resulted into higher demand. We expect crude oil prices to trade to up for the day

Buying is advisable in MCX Crude Oil February around Rs. 6760/6740, support lies at Rs. 6690 per barrel with resistance at Rs. 6870 per barrel. MCX Natural gas February may trade up with support at Rs. 360 and resistance at Rs. 398.

MCX Crude Oil 

MCX Natural Gas

BASE METALS

Base metals prices traded higher on Friday with most of the metals in the complex kept firm trading in the morning trade. Base metals traded up on higher demand and weaker dollar still capped upside awaiting US employment data. Base metals traded up as rising energy costs is boosting risk premium over lower supplies. Aluminum prices extended gains on tight supplies and higher demand. Base metals may trade sideways to up for the day.

MCX Copper February support lies at Rs. 751 and resistance at Rs. 762. MCX Zinc Feb support lies at Rs. 295, resistance at Rs. 301. MCX Aluminium February support lies at Rs. 240 with resistance at Rs. 248. MCX Nickel Feb support lies at Rs. 1720, resistance at Rs. 1750

LME Copper

LME Nickel

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