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MCX Gold Updates
Gold prices, which touched an eight-week low today, may extend declines. Gold prices traded moderately lower, weighed down by a stronger US dollar index. US dollar garnered strength, as US Federal Reserve stated in its policy statement that the central bank will persist with close to zero percent interest rate policy. Gold may drop 7.6 percent to $1,523.90 an ounce if it closes below its 200-day moving average today. The measure is near $1,678. Futures for April delivery tumbled 2.6 percent to $1,649.90 at 12 p.m. on the Comex in New York.
Copper Updates
Copper declined for a second day after China, the world’s biggest consumer, signaled it would keep limits on its housing market, weakening demand for the metal used in pipes and wires. Nickel and zinc fell. Copper for three-month delivery dropped as much as 0.5 percent to $8,421.25 a metric ton on the London Metal Exchange and traded at $8,431.25 at 10:23 a.m. in Seoul. While the metal slipped 1.1 percent yesterday, the most since March 6, prices are up 11 percent this year. The May-delivery contract lost 0.4 percent at $3.8340 a pound in New York.
MCX Gold Tip: Buy above 27400 levels with a stop loss placed below 27300 levels for targets of 27600 levels.
MCX Copper Tip: Sell around 428 levels with a stop loss placed above 430 levels for targets of 421 levels.
MCX Crude March: Sell around 5,320 levels with a stop loss placed above 5,350 levels for targets of Rs 5,280 levels.
Here are Intraday Trend For Commodities-
| Commodity | Month | Trend | Support 1 | Support 2 | Resistance 1 | Resistance 2 |
| Gold | April | Consolidate | 27364 | 27222 | 27725 | 27944 |
| Silver | May | Consolidate | 57163 | 56807 | 58038 | 58556 |
| Crude Oil | March | Consolidate | 5316 | 5286 | 5369 | 5390 |
| Natural Gas | March | Consolidate | 112.9 | 110.2 | 118.2 | 120.8 |
| Copper | April | Consolidate | 426 | 424 | 431 | 434 |
| Nickel | March | Consolidate | 972 | 963 | 986 | 991 |
| Aluminum | March | Consolidate | 104.85 | 104.1 | 106.95 | 108.2 |
| Lead | March | Consolidate | 104.85 | 104.1 | 106.95 | 108.2 |
| Zinc | March | Bullish | 103.05 | 102.5 | 104.5 | 105.4 |
