Daily Mcx Commodity Report

Market Wrap

• Gold slide below 1500$ mark
• Natural gas rose to a 20-month high
• Crude oil plunged below 91$
•   Silver down trend continues sliding below 26$
• Base metals tumbles on Friday

Gold, which plunged into a bear market last week, extended losses to the lowest level since May 2011 on expectations that demand for haven assets will contract as the global economy improves. Prices slumped 5 percent on April 12, taking losses to more than 20 percent since the record close in 2011, and meeting the common definition of a bear market. Bullion has plunged 11 percent in 2013, after a run of 12 annual gains, as data showed that the global economy was improving, prompting investors to sell holdings in exchange- traded products at a record pace. Crude oil fell for a third day amid concern economic growth will slow, curbing fuel consumption. Oil supply would exceed demand without production cuts by OPEC, according to Iran.

GOLD(APR) 

Trend          • Bearish

Strategy      • Sell on high

Resistance  • R2 - 28750 ;  R1 - 28490
support       • S1 – 27650 ; S2 – 26800

SILVER(MAY)
Trend          • Bearish

Strategy      • Sell on high   

Resistance  • R2 - 50750 ; R1 - 49870             
support       • S1 - 47750  ; S2 – 46200

LEAD(APR)

Trend          • Consolidate

Strategy      • Sell on high   

Resistance  • R2 - 115.5 ; R1 - 112.8          
support       • S1 - 109.3  ;S2 – 106.5

ZINC(APR)

Trend          • Consolidate

Strategy      • Sell on high   

Resistance  • R2 - 107.3 ; R1 - 104.8         
support       • S1 - 100.3  ; S2 - 97.5

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