Gold:-
Gold
steadied as the dollar reversed losses and political tensions simmered,
leaving investor interest in safe havens like the precious metal
largely intact. President Donald Trump told the dollar "is getting too
strong" and that he would prefer the Federal Reserve to keep interest
rates low. Meanwhile, tensions continued over the US relationship with
Russia over Syria and in the Korean peninsula and worries about the
upcoming French presidential election. The Gold is in perfect uptrend
.Currently Gold is in strong uptrend but volume is unsatisfactory the
open interest is not increasing with trend. Cautious point is buying at
higher levels seems decreasing. The Gold is now trading in overbought
level. The oscillator is on SELL signal and Gold is coming down from
overbought level for short term Gold is in hold long position. Support
for the Gold is 28650. Immediate resistance for Gold is 29650.
Silver:-
Silver
settled flat after prices seen supported as heightened geopolitical
tensions underpinned safe haven demand for the precious metal. Chinese
President Xi Jinping called for a peaceful resolution of escalating
tensions on the Korean peninsula during a call with U.S President Donald
Trump. Silver prices edged lower as the U.S. dollar continued to remain
supported by Federal Reserve policy tightening expectations. Prices
will see support as growing geopolitical tensions continued to drive
safe-haven demand.iShares Silver Trust shrink at the fastest pace in at
least 3 years, with shareholders liquidating 346 tones of the trust's
physical silver backing.
Crude:-
Crude
oil prices dropped as prices gave back some of its gain despite bullish
data showing a surprise inventory draw.EIA said in its weekly report
that crude oil inventories fell by 2. 166 million barrels in the week
ended April 7.Prices were boosted earlier after the reports that Saudi
has told officials from the OPEC that it wants to extend an agreement to
cut output.
Copper:
Copper
futures traded 0.36 per cent lower at Rs 371.90 per kg on Wednesday as
speculators offloaded bets. Furthermore, subdued demand at domestic spot
market pushed down metal prices. At the Multi Commodity Exchange copper
for delivery in current month shed Rs 1.35, or 0.36 per cent to Rs
371.90 per kg, in a business turnover of 406 lots. Also, metal for
delivery in far-month June was trading down Rs 1.10, or 0.29 per cent,
at Rs 376.30 per kg in five lots.
Analysts attributed the fall to
offloading of positions by participants amid a weak trend at the London
Metal Exchange (LME) and muted demand at the domestic spot
markets. Meanwhile copper ended 0.3 per cent down, at 5,765 per ton at
the LME in yesterday's trade.
Zinc :
Overall
trend of the Zinc is bearish for medium-long term .Currently Zinc 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 Zinc is in sell position. Immediate support for Zinc is
163.Resistance for the Zinc is 172.
Lead:-
Overall
trend of the Lead is bearish for medium-long term .Currently Lead is in
strong downtrend and the trend is supported with good volume the open
interest is not increasing with trend. The oscillator is showing sell
signal for short term Lead is in sell position. Immediate support for
Lead is 142.Resistance for the Lead is 153
Nickel:-
Amid
a weak trend in the global markets and subdued domestic demand, nickel
fell by 0.08 per cent at Rs 637.60 per kg in futures trade on Wednesday
as speculators cut down their bets.
At the Multi Commodity
Exchange, nickel for delivery in April was trading down by 50 paise, or
0.08 per cent, at Rs 637.60 per kg, in a business turnover of 373
lots. The metal for delivery in May was also down by a similar margin to
trade at Rs 643.80 per kg in a turnover of five lots.
Aluminum:-
Overall
trend of the Aluminum is bearish for medium-long term .Currently
Aluminum is in strong downtrend with good momentum but volume is
unsatisfactory 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 Aluminum is in hold short position.
Immediate support for Aluminum is 122.Resistance for the Aluminum is
127.
Commodity Trends:
| R1 | S1 |
GOLD | 29650 | 28650 |
SILVER | 42890 | 41050 |
CRUDE | 3550 | 3260 |
COPPER | 376 | 359 |
LEAD | 153 | 142 |
NICKEL | 670 | 605 |
ALUMINIUM | 127 | 122 |
ZINC | 172 | 163 |