BULLION:
Gold held mostly steady in Asia on Wednesday as investors await further data points on the U.S. economy as views on the Fed’s next steps remain mixed. On the Comex division of the New York Mercantile Exchange, gold for April delivery inched up 0.02% to $1,232.90 a troy ounce. The Federal Reserve is closely observing incoming economic data, ahead of its next interest rate decision on March 16.
Gold held mostly steady in Asia on Wednesday as investors await further data points on the U.S. economy as views on the Fed’s next steps remain mixed. On the Comex division of the New York Mercantile Exchange, gold for April delivery inched up 0.02% to $1,232.90 a troy ounce. The Federal Reserve is closely observing incoming economic data, ahead of its next interest rate decision on March 16.
BASE METAL:
LME copper will hover between USD 4,700-4,745/mt during Asian trading hours Wednesday. In China, markets wait for the return of downstream buyers and spot copper will trade at discounts of RMB 110-190/mt. Market attention will focus on US February ADP employment report and the euro zone’s January PPI, as well as changes in US crude oil stocks on Wednesday. It is expected that US February ADP employment will be revised down slightly. However, there are also bright spots in US labor market.
LME copper will hover between USD 4,700-4,745/mt during Asian trading hours Wednesday. In China, markets wait for the return of downstream buyers and spot copper will trade at discounts of RMB 110-190/mt. Market attention will focus on US February ADP employment report and the euro zone’s January PPI, as well as changes in US crude oil stocks on Wednesday. It is expected that US February ADP employment will be revised down slightly. However, there are also bright spots in US labor market.
ENERGY:
Crude oil futures fell on Wednesday in Asia after industry data showed a larger expected build in U.S. stockpiles. At the same time, oil services firm Baker Hughes said last Friday that the number of oil rigs nationwide fell by 13 to 400 for the week ending on Feb. 19, marking its 10th straight week of declines. U.S. crude futures briefly fell below $33.50 a barrel on Tuesday, as investors reacted to bearish reports that OPEC could leave its production ceiling at near-record highs for at least the next several months.
Crude oil futures fell on Wednesday in Asia after industry data showed a larger expected build in U.S. stockpiles. At the same time, oil services firm Baker Hughes said last Friday that the number of oil rigs nationwide fell by 13 to 400 for the week ending on Feb. 19, marking its 10th straight week of declines. U.S. crude futures briefly fell below $33.50 a barrel on Tuesday, as investors reacted to bearish reports that OPEC could leave its production ceiling at near-record highs for at least the next several months.
BULLION & ENERGY
| CS GOLD (APRIL) OVERVIEW: | |
 | TREND : BEARISH
RESIST 2: 29920
RESIST 1: 29650
SUP 1: 28920
SUP 2: 28600
STRATEGY: SELL ON RISE
|
| CS SILVER (MAY) OVERVIEW: | |
 | TREND : BEARISH
RESIST 2: 37000
RESIST 1: 36620
SUP1: 35800
SUP2: 35600
STRATEGY : SELL ON RISE
|
| CS CRUDE OIL (MARCH) OVERVIEW: | |
 | TREND :BULLISHRESIST 2:2400
RESIST 1:2370
SUP1:2275
SUP2:2210
STRATEGY: BUY ON DIPS
|
| CS NATURAL GAS (MARCH) OVERVIEW: | |
 | TREND : BEARISHRESIST 2:122
RESIST 1:120
SUP1:113
SUP2:111
STRATEGY: SELL ON RISE
|
BASE METAL
| CS COPPER (APRIL) OVERVIEW: | |
 | TREND :BULLISHRESIST 2:330
RESIST 1:328
SUP1:322
SUP2:319
STRATEGY: BUY ON DIPS
|
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