Gold MCX Trading Levels 29220-29520

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Gold MCX Trading Levels 29220-29520

Gold Silver Reports — Gold prices continue to trade higher as the dollar sank back to a near 8-month low, weighed down by expectations that the Federal Reserve will keep U.S. interest rates lower for longer.

The price rally in gold has triggered robust investment demand in China for gold bars, coins and exchange-traded funds, and could buoy imports into the country at a time when jewellery demand is weak.

Base metals are trading higher as prices find support by a weak dollar and hope that production cuts were starting to curb surpluses.

Oil prices trade higher and reached its 2016 high of $43 as sentiments gain support by hopes of production freeze in the upcoming oil producer’s meeting on 17th April with the view to tackle a supply glut, also a weaker dollar and further signs of strong demand in China too underpins prices.

MCX Gold (June) rallied towards a three weeks high, closing the previous session at Rs.29330. Bias for the same remains bullish as long as Rs.29150 is held on the lower side. Buying on dip near intraday support at Rs.29220-29520.

Gold Spot is trading close to a crucial breakout zone of $1258-1263 (cmp $1257.50). Supports for the session are placed at $1252 – 1247 whereas resistance is at $1263 – 1283. Bias remains bullish as long as $1246 is held.

MCX Silver continued to outperform Gold, closing the previous session higher by around 3% at Rs.37765. Strong supports are now placed at Rs.37800 – 37500 – 37200 whereas resistance is at Rs.38300 – 38600 level. Buying on dips near immediate support is advised. Rise above Rs.38380 could target Rs.38900 level.

MCX Copper is showing signs of reversal and bias for the session looks bullish as long as Rs.307 is held on the lower side. Key supports are placed at Rs.307 – 309 whereas Rs.321 may act as strong resistances. Buying on dips is advised.

MCX Nickel looks to trade in a sideways range for the session having supports at Rs.564 and resistance at Rs.582. Price break on either side of this range will give further direction.

MCX Crude Oil – Short term bias for MCX Crude Oil remains bullish and dip buying is still advised targeting Rs.2725 – 2760 levels. Critical supports are placed at Rs.2650 – 2600 levels.

MCX Natural Gas has remains weak as long as Rs.132 is capping the upside. Selling on rise near intraday resistance at Rs.129.80-131 is advised. Downside move towards Rs.127.50 looks likely.

MCX Lead – Short term bias for MCX lead remains weak and selling on rise is advised for the session. Resistance is at Rs.113.70 – 114.40 whereas supports are placed at Rs.111.60 – 110 levels.

MCX Zinc has strong support on the lower side at Rs.117.50 – 116.30 whereas Rs.119.30- 119.80 zone may act as stiff resistance. As long as above Rs.117.50, dip buying is advised.

MCX Aluminum looks to trade in a narrow range having supports at Rs.98.00 whereas resistance is at 103 – 105. Buying on dips is advised.