Gold futures reach two-week high: - Gold futures edged up on Monday reaching two-week highs, amid modest gains from the euro against the U.S. dollar. Gold futures traded at a daily low of $1,178.60 in U.S. morning trading. Gold futures likely earned support at 1,148.20 the low from March 17 and resistance at 1,196.20 the high from March 5.
Crude oil futures soared on Monday, as the euro continued its steady rally against the dollar upon expectations of an interest rate hike by the Federal Reserve at some point this year. On the New York Mercantile Exchange, WTI crude for May delivery rose 0.82 or 1.72% to $47.37 a barrel. Last Friday, futures for April delivery surged roughly 5% as speculative oil traders used the weakening dollar to hedge their positions in crude.
MCX Copper April expiry contract recovered on the back of some bottom fishing. The prices gained for the third straight day in a row. The closure for the Copper was at Rs 386.2 per kg. However it is critical to note that Copper is in a rising wedge pattern. The prices have been in a rising wedge pattern and that means that is the bearish indicator for prices to fall further in coming days.