Gold prices have been in a sharp surge from the end of December when price levels were hovering near Rs
25000 per 10 grams. The prices are now in the range of Rs 29000 and 29800 that is acting as a resistance zone
for the metal in March. The breach of this region would mean that the prices would be able to surpass Rs 30k
mark. However failure to surpass this would also mean that there will be strong bouts of profit booking that
can take the yellow metal towards Rs 27700 per 10 grams. Last evening, yellow metal ended the session at Rs
29226 per 10 grams on 1 March 2016 against Rs 29513 per 10 grams on 29 February 2016. The prices of Gold
are facing resistances at Rs 29800 per 10 grams. The prices tested a low of Rs 29186 and a high of Rs 29838 per
10 grams. Open Interest was 8508 against 8993 on 29 Feb 2016. The prices are expected to face supports of Rs
29100 per 10 grams.
ENERGY:
Crude oil gained marginally for the second session of the week on Tuesday. Supports emerged on Rs 2270 per
barrel. The prices were just above Rs 2320 per barrel. Open interest gained to 20934 lots on 1 March 2016
against 19807 lots on 29 Feb 2016. Crude Oil tested a high of Rs 2366 per barrel and a low of Rs 2280 per
barrel. The prices closed at Rs 2343 per barrel on 1 March 2016 against Rs 2321 per barrel on 29 Feb 2016.
BASE METALS:
A strong resistance zone is emerging in Copper at Rs 326 per kg. The prices have been in rising wedge that is
getting narrowed as the prices are moving higher. This is a bearish indicator for Copper. Only with higher
volumes and close above Rs 326 per kg that the prices are expected to regain momentum. The metal closed at
Rs 324.25 per kg on 1 March 2016, maintaining a sideways trend. The prices tested levels of Rs 325.25 per kg as
highs and Rs 320.70 per kg as a low. Volumes gained as the trading interest shifted to April contract after the
expiry of February contract. The total volumes were 37593 lots on 1 March 2016 against 22908 lots on 29 Feb
2016. Open interest declined to 13622 on 1 March 2016 against 4877 on 29 Feb 2016.
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