Gold April Fut is expected to trade in the range of 65350 to 65900 for the day - HDFC Securities
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GLOBAL MARKET ROUND UP
Gold was steady ahead of rate decisions in the coming week from countries representing almost half the global economy, including the US and the UK
The Bank of Japan, in a widely expected move, ended eight years of negative interest rates and ushered in the nation's first policy tightening since 2007
Crude oil held a gain with the impact of Ukrainian drone attacks on Russian refineries and OPEC+ supply cuts in focus. About 600,000 barrels of Russia’s daily refining capacity have been knocked out by the strikes, according to Gunvor Group Ltd., while JP Morgan Chase and Co. put the figure at about 900,000 barrels.
Copper hit a fresh 11-month high as investors bet the supply outlook will tighten for the metal that’s critical to the global green transition.
On the macro front Fresh data from China on Monday showed industrial output rose 7% in the first two months from a year earlier, while growth in fixed-asset investment also accelerated faster than economists estimated. Still, investment in property development fell 9% to remain a major drag on the economy.
BULLION
Gold
Trading Strategy:
Gold April Fut is expected to trade in the range of 65350 to 65900 for the day. Buy Gold Apr Fut at 65550-65580 TGT 65780/65900 SL 65350.
Silver
Trading Strategy
Silver May Fut has immediate support at 75080 and resistance at 76050; the price is expected to trade in this range for the day.
MCX Crude Oil
Trading Strategy:
Crude oil hit a fresh swing high in the previous session. We anticipate bullish momentum will continue in crude oil, and the price can rally towards 6880. Buy Crude Apr Fut Oil 6750- 6760 TGT 6880 SL 6719.
Natural Gas
Trading Strategy:
Natural gas Mar fut has a strong supply zone at 147; until price trades below this level, buying should be avoided.
Copper
Trading Strategy:
Copper Mar Fut is expected to consolidate in the upper-end range with a moderately bullish bias. Buy Copper Mar Fut at 762.8 TGT 769 SL 759.
Zinc
Trading Strategy:
Zinc Mar Fut is expected to trade in the range of 217–224 with a bearish bias. Sell Zinc Mar Fut at 222.0 TGT, 217.80 SL 224.80.
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