Gold futures gain in Asia.
Gold prices gained in Asia on Wednesday with investors noting political risk. Gold Futures futures for April delivery on the Comex division of the New York Mercantile Exchange inched up 0.03% to $1,211.75 a troy ounce. Also on the Comex, silver futures for March delivery slipped 0.15% to $17.517 a troy ounce. Overnight, gold made strong gains on Tuesday on political risk as U.S. trade policies came into focus anew and investors were cautious ahead of the latest Fed views on rates due this week.
Gold prices were sharply higher in North American morning trade on Tuesday, extending overnight gains as the dollar sank amid uncertainty over President Donald Trump's policies as the president dismissed acting U.S. Attorney General Sally Yates late Monday after she ordered Justice Department lawyers not to enforce the travel restrictions.
Copper futures gain on weaker greenback.
Copper futures rose during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal despite thin trade due to China’s week-long Lunar New Year holiday, due to weakness in the US dollar. The China’s Shanghai Futures Exchange is closed for the Lunar New Year holiday through to February 2 and will reopen on February 3. The dollar slipped after US President Donald Trump's hardening defence over his immigration policies.
Trump's move to ban entry of refugees and people from 7 Muslim majority countries mounted criticism and protests in major American cities. At the MCX, copper futures for February 2017 contract is trading at Rs 400.60 per kg, up by 0.65 per cent, after opening at Rs 400, against a previous close of Rs 398. It touched the intra-day high of Rs 400.90.
Crude weaker in Asia after API figures, China PMI solid.
Crude fell in Asia on Wednesday after bearish figures on U.S. inventories from an industry group offset by upbeat manufacturing figures from China, the world's second largest oil importer. The American Petroleum Institute (API) said late Tuesday that crude inventories jumped 5.8 million barrels at the end of last week, while distillate stocks rose 2.3 million barrels and gasoline supplies by 2.9 million barrels and stocks at Cushing, Oklahoma, fell by 900,000 barrels. The estimates will be followed on Wednesday by official figures from the U.S. Department of Energy. Analysts forecast a 3.063 million barrels crude build for the Department of Energy data. Investors were also keeping an eye on central bank policy reviews in the U.S. on Wednesday and the U.K. slated this week that could set the tone on demand prospects. The Bank of Japan on Tuesday raised its growth forecast to 1.4% in the year ending March 31, from 1%, while holding policy steady.
A deal by OPEC and non-OPEC member countries such as Russia to reduce output has supported prices globally above $50 a barrel. As well, the International Energy Agency (IEA) has forecast continued demand growth by leading importers in emerging economies in Asia such as China and India.
PRECIOUS LEVEL
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CS GOLD (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 29300
RESIST 1: 29100
SUP 1: 28500
SUP 2: 28400
RESIST 2: 29300
RESIST 1: 29100
SUP 1: 28500
SUP 2: 28400
CS SILVER (MARCH) OVERVIEW:
TREND : BULLISH
RESIST 2: 42600
RESIST 1: 42200
SUP1: 41500
SUP2: 41100
RESIST 2: 42600
RESIST 1: 42200
SUP1: 41500
SUP2: 41100
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2:415
RESIST 1:410
SUP1:400
SUP2:396
RESIST 2:415
RESIST 1:410
SUP1:400
SUP2:396
CS NICKEL (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 710
RESIST 1: 695
SUP1:670
SUP2:655
RESIST 2: 710
RESIST 1: 695
SUP1:670
SUP2:655
CS ZINC (FEB)OVERVIEW:
TREND : BULLISH
RESIST 2:198.00
RESIST 1:196.00
SUP1:190.00
SUP2:188.00
RESIST 2:198.00
RESIST 1:196.00
SUP1:190.00
SUP2:188.00
CS LEAD (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 163.50
RESIST 1: 162.50
SUP1: 157.00
SUP2: 156.00
RESIST 2: 163.50
RESIST 1: 162.50
SUP1: 157.00
SUP2: 156.00
CS ALUMINIUM (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 125.50
RESIST 1: 124.50
SUP1: 122.50
SUP2: 121.50
RESIST 2: 125.50
RESIST 1: 124.50
SUP1: 122.50
SUP2: 121.50
ENERGY LEVELS
CS CRUDE OIL (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2:3650
RESIST 1:3620
SUP1:3540
SUP2:3500
RESIST 2:3650
RESIST 1:3620
SUP1:3540
SUP2:3500
CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:225.00
RESIST 1:220.00
SUP1:210.00
SUP2:207.00
RESIST 2:225.00
RESIST 1:220.00
SUP1:210.00
SUP2:207.00
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