Mangal Keshav has come out with its report on metal, Crude oil and Natural Gas. According to the research firm, spot Gold
prices are currently trading below their long term simple moving
averages (SMA’s), indicating that the trend remains bearish. Strong
resistances are seen at USD 1664.5-1608.6 and USD 1 649.
Gold advanced to a 1-week high while silver jumped the most since January, on speculation that central bankers in major economies will take more steps to bolster their economies, boosting safe haven demand for the metals. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,200.37 tons, as on April 9. Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,497.59 tons, as on April 5.
The dollar pulled back against the Japanese currency & other rivals while the greenback is likely to hit the psychologically important 100- yen level on the wake of Japan’s aggressive monetary-stimulus efforts. The ICE dollar index, which measures the greenback against a basket of six major rivals, fell to 82.325 from 82.752 on late Monday. Japan's central bank unveiled a USD1.4 trillion stimulus plan last week, prompting speculation that cash will spill over into other regions in search of higher bond yields and not in assets denominated in the rapidly depreciating Japanese yen.
Copper hit its highest since late March while other metals too were up after the Chinese inflation data, which underpinned a steady but modest seasonal recovery in metals demand. Copper futures for May delivery closed up by 2.1percent at USD3.4415 on the COMEX division of the NYMEX. Crude oil futures recovered from early losses to top USD94 per barrel, as Iran fed worries about global supplies, outweighing pressure from high US inventory levels ahead of weekly supply report.
Expected inventories: Crude oil +1.2mn barrels, Gasoline -1mn barrels & Distillate -1.2mn barrels. Crude oil inventories gained 5.1mn barrels, gasoline supplies rose 1.96mn barrels while distillate inventories, a category that includes heating oil and diesel, slid 1.3mn barrels, as per API report. Natural gas futures declined for the for second straight session, as investors took profits amid mild weather forecasts for the eastern half of the nation, but concerns about below-average inventory levels limited major downside.
Technical Alerts-
Gold: June futures dropped close to 29,100 levels last week, but failed to break the given level & recovered sharply towards 50-day SMA at 29792, but prices still hold crucial resistance of 30,300 & trend remains down till the given level holds. Other Resistance are seen at 30,809 (200-day SMA) & 30,295 (100-day SMA).
Spot Gold Prices are currently trading below their long term Simple Moving Averages (SMA’s), indicating that the trend remains bearish. Strong resistances are seen at USD1,664.5 (200-day SMA), USD1,608.6 (50-day SMA) & USD1,649 (100-SMA day).(moneycontrol)
Gold advanced to a 1-week high while silver jumped the most since January, on speculation that central bankers in major economies will take more steps to bolster their economies, boosting safe haven demand for the metals. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,200.37 tons, as on April 9. Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,497.59 tons, as on April 5.
The dollar pulled back against the Japanese currency & other rivals while the greenback is likely to hit the psychologically important 100- yen level on the wake of Japan’s aggressive monetary-stimulus efforts. The ICE dollar index, which measures the greenback against a basket of six major rivals, fell to 82.325 from 82.752 on late Monday. Japan's central bank unveiled a USD1.4 trillion stimulus plan last week, prompting speculation that cash will spill over into other regions in search of higher bond yields and not in assets denominated in the rapidly depreciating Japanese yen.
Copper hit its highest since late March while other metals too were up after the Chinese inflation data, which underpinned a steady but modest seasonal recovery in metals demand. Copper futures for May delivery closed up by 2.1percent at USD3.4415 on the COMEX division of the NYMEX. Crude oil futures recovered from early losses to top USD94 per barrel, as Iran fed worries about global supplies, outweighing pressure from high US inventory levels ahead of weekly supply report.
Expected inventories: Crude oil +1.2mn barrels, Gasoline -1mn barrels & Distillate -1.2mn barrels. Crude oil inventories gained 5.1mn barrels, gasoline supplies rose 1.96mn barrels while distillate inventories, a category that includes heating oil and diesel, slid 1.3mn barrels, as per API report. Natural gas futures declined for the for second straight session, as investors took profits amid mild weather forecasts for the eastern half of the nation, but concerns about below-average inventory levels limited major downside.
Technical Alerts-
Gold: June futures dropped close to 29,100 levels last week, but failed to break the given level & recovered sharply towards 50-day SMA at 29792, but prices still hold crucial resistance of 30,300 & trend remains down till the given level holds. Other Resistance are seen at 30,809 (200-day SMA) & 30,295 (100-day SMA).
Spot Gold Prices are currently trading below their long term Simple Moving Averages (SMA’s), indicating that the trend remains bearish. Strong resistances are seen at USD1,664.5 (200-day SMA), USD1,608.6 (50-day SMA) & USD1,649 (100-SMA day).(moneycontrol)
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