BULLION:
Gold prices edged up in Asia with all eyes on the upcoming Federal Reserve policy review expected to hold steady, but offer fresh commentary on the likely path for the remainder of the year. On the Comex division of the New York Mercantile Exchange, gold for April delivery rose 0.31% to $1,234.80 a troy ounce. Overnight, gold fell sharply on Tuesday, extending sharp losses from the previous session, as the Bank of Japan left interest rates unchanged.
Gold prices edged up in Asia with all eyes on the upcoming Federal Reserve policy review expected to hold steady, but offer fresh commentary on the likely path for the remainder of the year. On the Comex division of the New York Mercantile Exchange, gold for April delivery rose 0.31% to $1,234.80 a troy ounce. Overnight, gold fell sharply on Tuesday, extending sharp losses from the previous session, as the Bank of Japan left interest rates unchanged.
BASE METAL:
LME copper will face downside
pressure and will range USD 4,900-4,955/mt during Asian trading hours
Wednesday.US annualized February CPI should continue to improve as declines in
annualized imported goods price index in February narrowed for the 6th straight
month. Stabilization in crude oil prices in February also bodes well for
February CPI. US industrial output in February, however, is not promising,
since manufacturing indexes released by Federal Reserves in the US were downbeat.
ENERGY:
Crude oil prices gained strongly on Wednesday in Asia after industry data on U.S. crude and refined product stockpiles showed a sharp drop in gasoline supplies. Iran, meanwhile, increased production by more than 40,000 bpd in February to 3.39 million bpd, slightly above monthly estimates from secondary sources. Separately, three OPEC sources said an emergency meeting aimed at stabilizing prices will likely be held in Doha in mid-April. Previously, the meeting was scheduled for March 20 in Russia.
Crude oil prices gained strongly on Wednesday in Asia after industry data on U.S. crude and refined product stockpiles showed a sharp drop in gasoline supplies. Iran, meanwhile, increased production by more than 40,000 bpd in February to 3.39 million bpd, slightly above monthly estimates from secondary sources. Separately, three OPEC sources said an emergency meeting aimed at stabilizing prices will likely be held in Doha in mid-April. Previously, the meeting was scheduled for March 20 in Russia.
BULLION & ENERGY
| CS GOLD (APRIL) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2: 29580
RESIST 1: 29330
SUP 1: 28800
SUP 2: 28440
STRATEGY: BUY ON DIPS | |
| CS SILVER (MAY) OVERVIEW: | ||
 |
TREND : BEARISH
RESIST 2: 37830
RESIST 1: 37560
SUP1: 36600
SUP2: 36400
STRATEGY : SELL ON RISE | |
| CS CRUDE OIL (MARCH) OVERVIEW: | ||
 |
TREND :BEARISH
RESIST 2:2580
RESIST 1:2550
SUP1:2425
SUP2:2390
STRATEGY: SELL ON RISE | |
| CS NATURAL GAS (MARCH) OVERVIEW: | ||
 |
| |
BASE METAL
| CS COPPER (APRIL) OVERVIEW: | |
 |
TREND
:SIDEWAYS
RESIST
2:339
RESIST
1:336
SUP1:331
SUP2:329
STRATEGY:
SELL ON RISE
|
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