Gold:-
Gold
dropped amid a firmer dollar as markets waited to see if U.S. President
Donald Trump will face hurdles on his economic agenda. Fed’s Kaplan
said that the U.S. central bank should be moving deliberately but
patiently to remove monetary policy accommodation.U.S. Home resales fell
more than expected in February amid a persistent shortage of houses on
the market that is pushing up prices and sidelining prospective buyers.
We expect gold prices to trade sideways today, international markets are
trading lower by 0.09 percent at $1244 per ounce. Uncertainty with
regards to policies in the US and elections in the Euro are will keep
the safe haven demand intact. On the MCX, gold prices are expected to
trade sideways. A sharp downside was seen on charting, for the coming
days we are expecting the prices to approach 28900 levels where profit
booking will take place and below this handle some fresh selling can
take place for levels. Looking for downside 28250 will be immediate
resistance.
Silver:-
Silver
dropped amid growing expectations among traders that the Federal
Reserve will raise interest rates at its March policy meeting next week.
The U.S. economy is on track to grow at a 1.3 percent annualized pace
in the first quarter following the latest data on domestic vehicle sales
and factory orders. Investors are now awaiting non-farm payrolls data
for February on Friday, seen as a key barometer of the U.S. economy.
The Silver is in long- short- term bull phase .Currently Silver is
moving sideways The Silver is now trading in oversold level. The
oscillator is showing BUY signal .In last 1 month volatility is very
less and fresh buy can be considered in the Silver if it close above
42970 or buy with strict stop at 39649. The Silver is now trading in
oversold level. The oscillator is showing buy signal for short term
Silver is in hold long position. Support for the Silver is
41130.Resistance for the Silver is 42015.
Crude:-
Oil
prices dipped on Thursday stuck near four-month lows because of
investor concerns that OPEC-led supply cuts were not yet reducing record
U.S. crude inventories. OPEC's largest producer Saudi Arabia expects
crude exports to the United States in March will fall by around 300,000
barrels per day from February in line with the supply-cut agreement OPEC
struck in November a Saudi energy ministry official said. OPEC has
broadly met its commitments to reduce output but non-OPEC producers have
yet to fully deliver on pledged cuts and U.S. shale oil producers have
been pumping more oil after crude prices recovered from last year's drop
below $30. Crude stocks in the United States the world's largest oil
consumer were a record 533 million barrels last week after a
bigger-than-expected 5 million barrel jump the U.S. Energy Information
Administration said. In the week ended March 17 U.S. imports from Saudi
Arabia unexpectedly rose by more than 200,000 bpd to 1.28 million bpd,
after a sharp decline the prior week. We expect crude oil prices to
trade sideways on the back of short covering after drop in prices.
Copper:
Copper
steadied on Thursday, but was still near one-week lows on news that
operations at the world's top producing copper mine in Chile would
resume. Workers at BHP Billiton's Escondido mine agreed to go back to
work on Saturday ending a 43-day stoppage. Supply disruptions have
underpinned copper as two other large mines had shut due to labor
disputes. Brazilian group Votorantim has halted operations at its zinc
smelter Cajamarquilla in Peru while miner Milpo, declared force majeure
on Wednesday due to the floods. We expect base metal prices likely to
trade volatile on the back of mixed fundamentals.
Zinc :
HZL
has returned excess cash to shareholders for 2 years in a row now. With
good earnings outlook riding stable zinc prices and capacity ramp up,
we expect balance sheet to remain healthy. The Zinc is in long- short-
term bull phase .Currently Zinc is moving sideways The oscillator is
showing BUY signal .In last 1 month volatility is very less and fresh
Buy can be considered in the Zinc if it close above190 or buy with
strict stop at 175. The oscillator is showing BUY signal for short term
Zinc is in hold long
position. Support for the Zinc is 178.Resistance for the Zinc is 189.
Lead:-
The
Lead is in long- short-medium- short- term bull phase .Currently Lead
is showing some up move after small correction and trend is strong and
supported with good volume the open interest is not increasing with
trend. Caution note buying at higher levels seems decreasing. The
oscillator is showing buy signal for short term Lead is in hold long
position. Support for the Lead is 157. Immediate resistance for Lead is 157.
Nickel:-
The
Nickel is bearish for medium-long term .Currently Nickel is in strong
downtrend and the trend is supported with good volume the open interest
is not increasing with trend. Noting point is selling at lower levels
seems decreasing. The oscillator is showing sell signal for short term
Nickel is in sell position. Immediate support for Nickel is
640.Resistance for the Nickel is 675.
Aluminum:-
Public
sector National Aluminum Company Ltd today said it plans to augment
production of cast metal by 12 percent in the next financial year as the
aluminum market has started firming up. With the aluminum market
firming up, the Navaratna PSU foresees sunny days ahead and plans to
increase cast metal production by 12 percent in the next fiscal National
Aluminum Company Ltd (Nalco) said. The oscillator is showing BUY signal
for short term Aluminum is in hold long
position. Support for the Aluminum is 121. Immediate resistance for Aluminum is 127.
Commodity Trends:
| GOLD | 28900 | 28250 |
| SILVER | 41600 | 39800 |
| CRUDE | 3250 | 3090 |
| COPPER | 390 | 377 |
| LEAD | 157 | 146 |
| NICKEL | 675 | 640 |
| ALUMINIUM | 127 | 121 |
| ZINC | 189 | 178 |
