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BULLION

Bullion prices traded firm with spot gold prices at COMEX were trading near $1827 per ounce while spot silver prices at COMEX were trading over half a percent up near $23.29 per ounce in the morning trade. Bullion prices have held upper trading range supported by weaker dollar and decline in US bond yields. The dollar index was trading 0.12% down while 10 year US bond yields were marginal down at 1.94% for the day. The market players are awaiting for this week's US inflation data. The precious metals have capped downside despite of hawkish FED stance being an ultimate hedge against inflation which is currently at 40 years high.

MCX Gold April resistance for the day at Rs. 48700 per 10 grams with support at Rs. 48200 per 10 grams. Buying on dips is advisable in MCX Silver March around 62500/62300 with resistance for the day at Rs. 63200 with support at Rs. 61900.

COMEX Gold

COMEX Silver

ENERGY

Crude oil prices traded higher on Wednesday with NYMEX WTI crude oil prices were trading 0.46% up near $89.78 per barrel. Crude Oil prices traded up on bullish inventory data despite of Iran nuclear deal prospects. Tuesday’s U.S. crude oil supply data from the API showed a drop of 2 million barrels in inventories, against analyst expectations of a 400,000-barrel increase. Concerns over Ukraine were on hold. French President Emmanuel Macron has indicated that steps can be taken to de-escalate the crisis after meeting with Russian President Vladimir Putin and urged all sides to stay calm. We expect crude oil prices to trade to up for the day.

Buying is advisable in MCX Crude Oil February around Rs. 6700/6680, support lies at Rs. 6760 per barrel with resistance at Rs. 6870 per barrel. MCX Natural gas February may trade weak with support at Rs. 305 and resistance at Rs. 340

MCX Crude Oil 

MCX Natural Gas

BASE METALS

Base metals prices traded up for day with most of the metals in the complex kept firm trading in the morning trade. Aluminium prices traded near the highest level in more than 13 years, as a flare-up in virus infections in China squeezed output further in a market already reeling from supply shortages. A lockdown in the Baise city in Guangxi province has curtailed 2.2 million tons of alumina capacity. Base metals traded up as rising energy costs is boosting risk premium over lower supplies. Base metals may trade sideways to up for the day.

MCX Copper February support lies at Rs. 752 and resistance at Rs. 762. MCX Zinc Feb support lies at Rs. 298, resistance at Rs. 308. MCX Aluminium February support lies at Rs. 251 with resistance at Rs. 260. MCX Nickel Feb support lies at Rs. 1730, resistance at Rs. 1770

LME Copper

LME Nickel

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