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CAPITALSTARS – MCX COMMODITY MARKET LEVELS – 10 APR 2019

Commodities-Market-1

Precious Metals Preview: COMEX Gold Breaches Key Technical Barrier.
COMEX Gold futures broke above 50 day Exponential Moving Average (EMA) placed around $1300 in a successful manner yesterday after failing to hold onto the same mark in previous session. The yellow metal tested near two and half month low before the current rebound and had managed to extend gains after breaching $1300 per ounce mark. The RSI 14 is placed at a neutral mark around 54 on daily charts and further upside is possible in the metal with $1300 acting as a very good support now.

Energy Preview: Crude Eases From Five Month High.
Crude eased yesterday on demand worries. Brent crude surged to a five-month high, following expectations for tighter global supply from fighting in Libya, OPEC-led cuts and US sanctions against Iran and Venezuela. The Brent futures also benefited from technical buying after a surge above the key $70 per barrel and currently trade flat $70.70 per barrel. MCX Crude ended at Rs 4453 per barrel, down 0.62% on the day.Oil eased as US stocks fell and traders eyed a slowdown in global economic growth. The International Monetary Fund on Tuesday downgraded the economic outlook for 2019 indicating a slowing global economy and urging leaders to be careful in what it called a “delicate moment.” The fund’s updated forecast calls for 3.3% growth this year — down from 3.5% in January. The IMF added that it expects the economy to expand by 3.6% in 2020. Higher trade policy uncertainty and concerns of escalation and retaliation would reduce business investment, disrupt supply chains, and slow productivity growth, says the fund.

Base Metals Preview: Copper Slides Half A Percent On MCX.
MCX Copper futures edged up yesterday before easing on a downgrade in IMF’s global economic growth projections and a drop in US equities. The IMF’s updated forecast calls for 3.3% growth this year — down from 3.5% in January. MCX Copper gained earlier amid supportive global cues as the COMEX Copper rose steadily on positive leads from equities. Asian shares went up after pausing yesterday on further optimism about Chinese measures to boost economic growth. European stocks also rose investors eyed the meeting between Chinese Premier Li Keqiang and EU institution leaders in Brussels. COMEX Copper futures are recovering from a one week low and currently trade at $2.93 per pound, down 0.07% on the day. MCX Copper futures eyed this movement and extended gains after ending above Rs 450 per kg yesterday. The local futures hit a high of Rs 455.45 per kg fell, closing at Rs 449.65 per kg, down 0.54% on the day, in turn giving up all intraday gains.

PRECIOUS METALS
CS GOLD (JUN) OVERVIEW:
TREND : BULLISH
RESIST 2: 32400
RESIST 1: 32300
SUP 1: 32100
SUP 2: 32000

CS SILVER (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 38300
RESIST 1: 38100
SUP 1: 37700
SUP 2: 37600

BASE METALS
CS COPPER (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 457.00
RESIST 1: 454.00
SUP 1: 447.00
SUP 2: 445.00

CS NICKEL (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 929.00
RESIST 1: 923.00
SUP 1: 912.00
SUP 2: 907.00

CS ZINC (APR) OVERVIEW:
TREND : BULLISH
RESIST 2: 229.00
RESIST 1: 226.00
SUP 1: 223.00
SUP 2: 221.50

CS LEAD (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 141.00
RESIST 1: 139.00
SUP 1: 136.00
SUP 2: 135.00

CS ALUMINIUM (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 149.00
RESIST 1: 148.00
SUP 1: 147.00
SUP 2: 146.00

ENERGY
CS CRUDE OIL (APR) OVERVIEW:
TREND : BULLISH
RESIST 2: 4544
RESIST 1:4500
SUP 1: 4410
SUP 2: 4380

CS NATURAL GAS (APR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 192.00
RESIST 1: 190.00
SUP 1: 186.00
SUP 2: 184.00

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