Precious metal: Gold prices rose on Friday due to disappointing US and Chinese manufacturing data, but over all improvement in Global economic condition and continued stimulus tapering by Federal reserve could dent safe heaven appeal. On the domestic market, traders expected jewellers across Asia to buy on dips, while India's plan to keep tax on Gold importers at current levels could underpin sentiment in the physical market as it will lead to more smuggling. Over all, MCX Gold April future is in consolidation and sustaining on higher levels. For the coming week 29600/29200 will act as a major support whereas 30500/30950 will act as a major resistance level in MCX Gold April future. For the next week in MCX Gold, trader can use buy on lower level strategy, if MCX Gold April future sustain above the levels of 29980 then it could test the levels 30200 / 30500.
Technically, MCX Silver March futures is consolidate and sustaining around higher levels. For the coming week 50500/52165 will act as major resistance levels where as 46800/45950 will act as major support in MCX Silver March futures. For the next week in MCX Silver futures, traders can use buy on lower level strategy, if MCX Silver March futures sustains above 48100 then it could test the levels of 49150/ 50400.
Crude oil prices rose during the trading hours on Friday as release of Globally positive US data on Thursday lent support to the dollar. Oil futures were likely to find support at USD100.31 a barrel, the low from February 18 and resistance at USD103.28 a barrel, the high from February 19. According to the U.S Energy Information Administration, the supplies rose by one million barrels in the week that ended Feb14 as refiners close down units for seasonal maintenance. We are expecting Crude oil prices to keep in range after a positive US data and lower demand from China. For the coming week 6345/6100 will act as major supports levels whereas 6700/7000 will act as major resistance in MCX Crude oil March futures. For the next week, trader can go for buy on lower level strategy, if MCX Crude March future sustain above 6437 levels then it could test the levels 6535/6700.
"Positive US manufacturing data is supporting the base metal prices,Ē Base metals traded mixed on Friday as robust