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CAPITALSTARS – MCX COMMODITY MARKET NEWS & LEVELS – 4 MARCH 2020

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BULLION –

Bullion counter can witness positive gains but profit can be seen at higher levels as prices scaled higher after emergency rate cut by Fed. Gold prices rose on Wednesday, after surging more than 3% in the previous session as the U.S. Federal Reserve cut interest rates to help soften the economic blow from the coronavirus outbreak. The Fed cut interest rates on Tuesday in an emergency move to safeguard the world’s largest economy from the impact of the coronavirus epidemic. However, the decision failed to calm investor nerves; with all three major U.S. stock indexes closing nearly 3% lower overnight, while Asian shares wobbled on Wednesday. U.S. benchmark 10-year Treasury yields hovered close to record lows touched in the previous session, when they slid below 1% for the first time. G7 finance ministers and central bank governors said on Tuesday they would use all appropriate policy tools to achieve strong, sustainable growth and safeguard against risks from the virus, which has fuelled global recession fears. India’s gold imports plunged 41% in February from a year earlier as a rally in local prices to a record high squeezed retail demand, a government source said on Tuesday

ENERGY-

Crude Oil prices rose more than 1% on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak. Brent and WTI have each fallen about 27% their 2020- peak reached in January because of the declining demand from the coronavirus outbreak. A panel of the Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, recommended cutting oil output by an extra 1 million barrels per day (bpd) on Tuesday. The recommendation may mean that Russia and Saudi Arabia, the two biggest producers in the OPEC+ group, are close to a deal to support prices. That would be in addition to 2.1 million bpd in current output cuts that include a 1.7 million bpd in curbs by OPEC+ and other voluntary reductions by Saudi Arabia, the world’s biggest exporter. U.S. natural gas futures rose for a second day on Tuesday along with an early increase in oil futures after the Federal Reserve cut interest rates to shield the world’s largest economy from the impact of the coronavirus.

BASE METAL –

Base metals may remain on sideways path. Copper tripped into the red on Tuesday, retreating from its highest level in more than a week, despite news of an emergency cut in U.S. interest rates and hopes about more stimulus spending. The move by the U.S. Federal Reserve was its first
emergency rate cut since 2008 at the height of the financial crisis. Spot treatment charges for zinc concentrate in China have fallen for the first time in almost two years, data from industry pricing and information provider Asian Metal shows, indicating a slight tightening in supply.

Precious Metals

CS GOLD (APRIL) OVERVIEW:
TREND : BULLISH
RESIST 2: 43800
RESIST 1: 43600
SUP 1: 43200
SUP 2: 43000

CS SILVER (MAY) OVERVIEW:
TREND : BULLISH
RESIST 2: 47000
RESIST 1: 46700
SUP 1: 46000
SUP 2: 45800

Base Metals

CS COPPER (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 432
RESIST 1: 430
SUP 1: 427
SUP 2: 425

CS NICKEL (MAR) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 950
RESIST 1: 940
SUP 1: 930
SUP 2: 920

Energy

CS CRUDE OIL (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 3600
RESIST 1: 3550
SUP 1: 3430
SUP 2: 3400

CS NATURAL GAS (MAR) OVERVIEW:
TREND : BULLISH
RESIST 2: 137
RESIST 1: 135
SUP 1: 130
SUP 2: 128


 

MCX GOLD APL on TUESDAY as seen in the Daily chart opened at 41927 levels and made day high of 43517 levels. During this period this commodity made low is 41873 levels and finally closed at 43474 levels. Now, there are chances of up movement technically & fundamentally.

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DAILY RECOMMENDATION: BUY GOLD APL ABOVE 43400 LEVELS FOR TARGET OF 43700/44000 WITH SL 43150 OF LEVELS.

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