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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 01 APR 2019

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Precious Metals Preview: MCX Gold Futures To Focus On INR.
COMEX Gold extended losses and tested a two week low under $1290 per ounce after a hefty correction pulled the metal well under $1300 per ounce levels. Gold slipped as the dollar and equities rose. The metal is witnessing profit booking after recent gains. Gold had gained due to a dovish US Federal Reserve and concerns about a global economic slowdown. The US dollar strengthened on hopes that US and China are making progress in trade talks. MCX Gold futures close at Rs 31662 per 10 grams, up 0.56% on the day. The local traders would be watching movement in the Indian Rupee for a further clarity on MCX Gold price action. The Indian Rupee gained on strength in local equities in last session and added 16 paise to settle at 69.14 against US dollar.

Energy Preview: WTI Crude Holds Above $60 Per Barrel Mark.
Crude oil futures edged up on supportive equities. Market also eyed OPEC-led supply cuts and US sanctions against Iran and Venezuela. WTI Crude hit around four month highs above $60 per barrel. Baker Hughes (BHI) North America Rig Count fell another 66 rigs for the week ending March 29 – testing near one year low. US rig count declined by 10 to 1016 but remains 21 rigs above the previous year. MCX Crude oil futures closed at Rs 4187 per barrel, up 1.85% on the day.

Base Metals Preview: Good Recovery In COMEX Copper.
COMEX Copper futures recovered after enduring heavy losses this week. Fears of recession pushed global bond yields spiralling lower and the risk sentiment was also dented on Brexit blues after a round of votes in the UK parliament failed to produce any new plan to manage its split from the European Union. However, losses were limited for Copper as the metal had already hit a five week low last week. The COMEX Copper futures managed to end around at $2.93 per pound, adding 2% on the day.

PRECIOUS METALS
CS GOLD (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 32000
RESIST 1: 31800
SUP 1: 31600
SUP 2: 31400

CS SILVER (MAY) OVERVIEW:
TREND : BEARISH
RESIST 2: 38200
RESIST 1: 38000
SUP 1: 37400
SUP 2: 37000

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : BULLISH
RESIST 2: 458.00
RESIST 1: 454.00
SUP 1: 444.00
SUP 2: 438.00

CS NICKEL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 923.00
RESIST 1: 913.00
SUP 1: 895.00
SUP 2: 887.00

CS ZINC (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 209.00
RESIST 1: 207.00
SUP 1: 204.00
SUP 2: 202.00

CS LEAD (MAR) OVERVIEW:
TREND : BILLISH
RESIST 2: 143.00
RESIST 1: 142.00
SUP 1: 140.00
SUP 2: 139.00

CS ALUMINIUM (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 151.00
RESIST 1: 150.00
SUP 1: 147.00
SUP 2: 146.00

ENERGY
CS CRUDE OIL (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 4270
RESIST 1:4230
SUP 1: 4140
SUP 2: 4080

CS NATURAL GAS (APR) OVERVIEW:
TREND : BEARISH
RESIST 2: 192.00
RESIST 1: 189.00
SUP 1: 185.00
SUP 2: 184.00

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