Precious Metal: Gold prices moved in a range initially and ended up marginally by moving 0.25%. Ongoing tensions in Ukraine and Russia has helped supporting Gold prices in international market. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 8.39 tonnes to 798.43 tonnes, the biggest fall in last four months. Gold prices are expected to move in a range of 29400 to down 27800 for the week further over lack of demand in the market. Prices can get supported by tensions in Ukraine and speech by Yellen over raising the interest rates not so early depending on the economic condition.
Over all, MCX Gold June future is in consolidation and sustaining in a range. For the coming week 28200/27850 will act as a major support whereas 29000/29380 will act as a major resistance level in MCX Gold June future. For the next week in MCX Gold, trader can use buy on lower level strategy, if MCX Gold June future sustains above the levels of 28820 then it could test the levels 29000/29200.
Technically, MCX Silver May futures is in consolidation and sustaining around lower levels. For the coming week 45000/43900 will act as major resistance levels where as 41700/40700 will act as major support in MCX Silver May futures. For the next week in MCX Silver futures, traders can use buy on lower level strategy, if MCX Silver May futures sustains above 43400 then it could test the levels of 44100/ 44800.
Energy: Crude oil prices gave up its early gains right after the inventories data, prices moved higher till $105 over tensions in Ukraine and slower demand from China. U.S. crude oil inventories jumped last week, well beyond expectations, as stocks on the Gulf Coast hit a record high, moving up by 10Mln barrels compared to market expectation of 2.3mln barrels. We expect US Crude prices to move in a range 6560 to down 6000 for the week as higher crude oil inventories and rising tensions regarding Russia and Ukraine.
For the coming week 6190/6040 will act as major supports levels whereas 6550/6340 will act as major resistance in MCX Crude oil May futures. For the next week, trader can use buy on lower level strategy, if MCX Crude May future sustain above 6350 levels then it could test the levels 6450/6550.
Base Metal: Major base metals moved higher as Chinese GDP numbers released yesterday