MCX Gold June future recovered earlier loss and closed marginally up by 0.30% on Thursday - HDFC Securities
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BULLION
MCX Gold June future recovered earlier loss and closed marginally up by 0.30% on Thursday. While Silver prices surged nearly 1.40 % tacking bullish cues from international market. However further upside capped by improved risk on sentiment as traders move away from safe haven investment to riskier assets like stocks.
Trading Strategy: We expect gold prices bullish momentum will likely to continue and Comex spot gold price should retest $2005 per ounce level for the day. Comex spot gold having supports at $ 1959/1935 per ounce and resistance at $2005/$2019 per ounce for the day. MCX Gold June future should likely to trade in broader range of 59480 to 60300 with positive bias. MCX Silver May future having resistance at 72180, if price cross this resistance, then rally will likely to extend 72580 level. Area around 71020/70700 supports for the day.
ENERGY
Crude oil price bullish momentum continues on Thursday and price settled up by 1.26% as a surprise draw in U.S. crude oil stockpiles that supported prices also steady dollar improved sentiment in oil market. Crude inventories fell by 7.5 million barrels in the week to March 24 to 473.7 million barrels, compared with expectations for a 100,000-barrel rise.
Trading Strategy: MCX Crude oil April contract can rally towards 6200 level, if price cross 6200 level, then it will move towards 6305 level. Area around 6070/6023 are short term support for the day. MCX Natural gas April future bearish trend extends on Thursday, we expect Natural Gas April future price likely to find supports at 165 level while 187.0 level act as resistance for the day
BASE METALS
Copper price traded range bound on Thursday with positive bias over mixed fundamentals. However, Copper price under tone remained bullish as lifted by an improvement in demand from top consumer China after the country removed its stringent COVID-19 restrictions. Copper inventories in warehouses monitored by SHFE were down 11.6% last Friday, falling for a fourth consecutive week to 161,152 tons
Trading Strategy: MCX Copper April contract having resistance at 784.0 level once price cross this resistance than it will rally further. While area around 775 act as first support below that price can find next support at 770.0 for the day
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