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GOLD

Gold declined for the second consecutive week, taking cues from the recovering US Treasury bond yields and renewed US Dollar strength. This week's economic calendar will feature February PMI data on Thursday and FOMC Minutes on Wednesday. The investors will also pay close attention to comments regarding the forthcoming monitory policy revisions, in the survey reports. The rate cut possibilities have reduced of late, therefore keeping the upside restricted.

Technical Outlook

Technical Outlook Gold registered losses for the second consecutive week. The technical outlook suggests that the bearish bias remains intact. Sellers could take retain for yet another week in case $2,000 is confirmed as the near term resistance. On the MCX, sell the rallies unless we see prices closing above the 62700 mark.

SILVER

Silver ended the week on a positive note after a bearish price action during the earlier days. Strength in the base metals segment favored the price rise. The gains were however moderated through rising US treasury yields and the dollar index.

Technical Outlook

Gold registered losses for the second consecutive week. The technical outlook suggests that the bearish bias remains intact. Sellers could take retain for yet another week in case $2,000 is confirmed as the near term resistance. On the MCX, sell the rallies unless we see prices closing above the 62700 mark. Silver at the COMEX was down during the trading week to reach down to the $22 level, from where a significant bounce was observed. The market is currently restrained by the 50-week EMA, as understood from the near term charts but the weekly view is positive and therefore it should be another remunerative week for the bulls. MCX Silver has a valid support near the 70850 level and resistance close to the 72750 mark.

Crude oil

The past week in the oil market saw another bullish momentum, driven mainly by heightened tensions in the Middle East. But the IEA’s revision of its 2024 oil demand growth forecast to 1.22 million barrels per day, down from 1.24 million, adds an element of uncertainty to the market. The EIA report showed a significant increase in U.S. crude inventories – an unexpected rise of 12.0 million barrels, indicating that the upside will be in check still.

Technical Outlook

 The market witnessed persistence of the bullish stamina throughout the week. Crude oil is gradually approaching strong resistance levels which shall prompt longs to book profit in the coming days. Nonetheless any correction towards the 6350-6375 level shall be encouraging the buyers once again.

Natural gas

Natural gas prices have been under pressure on the back of adverse weather reports and news of last week's storage draw coming at 49 Bcf, smaller than already bearish expectations. But fresh forecasts for colder weather from Feb 21-25, imbues some positive tone, giving a ray of hope for the positional longs.

Technical Outlook

The market witnessed persistence of the bullish stamina throughout the week. Crude oil is gradually approaching strong resistance levels which shall prompt longs to book profit in the coming days. Nonetheless any correction towards the 6350-6375 level shall be encouraging the buyers once again. The markets did try to rally at the beginning of the week and even touched the 130 level. Under given scenario it appears that we’re going to observe the 120-125 level. But markets being heavily sold off, and surfacing near historically lower levels, selling will be a risky proposition. A short term reversal is on the cards in case prices hold above the 130 mark during the early days

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