Outlook on Bullion, Metals and Energy Levels 9th Aug 2019

Gold traded sideways on Thursday after a gap up opening on the expectation that the US and China trade talks are not going to resolve any soon which create concern about the global economy due to which traders are moving towards Gold for the investment.

Crude oil traded higher on Friday on the expectation that OPEC members will cut more the output which is supporting the price of Crude but on the other hand trade the dispute between the US and China working as resistance in the growth the demand.

Technical Levels

GOLD

Support is at 37800 and resistance is at 38000. 

Break and sustain above 38000 will take it to 38200--38400 marks or else it could touch its support level of 37700 again

Fresh selling can be done on a close below 37800 levels               

 Trade with levels only

SILVER

Support is 42700 and Resistance is 43800 Break and sustain above 43800 will take it to 44300---44500 marks or else it could touch its support level of 42700 again

 Fresh selling can be done on a close below 42700 levels 

Trade with levels only

CRUDE OIL

Support at 3690 and Resistance at 3790. 

Break and sustain above 3790 will take it to 3850—3900 marks or else it could test the support level of 3690 again. 

Fresh buying will do on a close and sustain below 3690 marks.

Trade with levels only.

NATURAL GAS

Support at 147 and Resistance at 152. 

Break and sustain above152 will take it to 157—160 marks or else it could test the support level of 147 again. 

Fresh selling will do on a close and sustain below 147 marks.

 Trade with levels only.

COPPER

Support at 440 and Resistance at 444.

Close and sustain above 444 will take it 448—450 or else it could touch its support level of 440. Fresh selling will do on a close below 440.

Trade with the levels only.

NICKEL

Support at 1090 and resistance at 1140.

Trade within the range and wait for the confirmation. The major trend is positive.

ZINC AUG

Support at 183 and Resistance at 185.

Break and sustain above 186 will take it to 188—190 marks or else it could touch its support level of 183. Fresh selling can be done on a close and sustain below 183.

Trade with the levels only.

LEAD AUG

Support at 154 and Resistance at 156 

Break and sustain above 156 will take it to 158---160 marks or else it could touch its support level of 154 again 

Fresh selling will do on a close and sustain below 154 levels.

Trade with the levels only.

India stocks lower at close of trade; Nifty 50 down 1.11%

Investing.com – India stocks were lower after the close on Thursday, as losses in the Metals, Oil & Gas and Capital Goods sectors led shares lower.

At the close in NSE, the Nifty 50 fell 1.11%, while the BSE Sensex 30 index fell 1.05%.

The best performers of the session on the Nifty 50 were Bharti Infratel Ltd (NS:BHRI), which rose 3.31% or 8.75 points to trade at 271.60 at the close. Meanwhile, Bajaj AutoLtd (NS:BAJA) added 0.11% or 3.00 points to end at 2701.35 and Asian Paints Ltd. (NS:ASPN) was up 0.27% or 3.70 points to 1388.30 in late trade.

The worst performers of the session were Eicher Motors Ltd. (NS:EICH), which fell 4.22% or 893.30 points to trade at 20211.45 at the close. Indian Oil Corporation Ltd (NS:IOC) declined 3.32% or 4.55 points to end at 132.65 and Hindustan PetroleumCorporation Ltd (NS:HPCL) was down 3.47% or 8.90 points to 248.30.

The top performers on the BSE Sensex 30 were HCL Technologies Ltd (BO:HCLT) which rose 0.50% to 950.60, Bajaj Auto Ltd (BO:BAJA) which was up 0.41% to settle at 2700.40 and Asian Paints Ltd. (BO:ASPN) which gained 0.32% to close at 1386.00.

The worst performers were Mahindra & Mahindra Ltd. (BO:MAHM) which was down 3.04% to 718.95 in late trade, Oil And Natural Gas Corporation Ltd (BO:ONGC) which lost 2.98% to settle at 143.20 and Vedanta Ltd (BO:VDAN) which was down 2.64% to 188.00 at the close.

Falling stocks outnumbered advancing ones on the India National Stock Exchange by 1096 to 468 and 72 ended unchanged; on the Bombay Stock Exchange, 1563 fell and 914 advanced, while 144 ended unchanged.

Shares in Eicher Motors Ltd. (NS:EICH) fell to 52-week lows; falling 4.22% or 893.30 to 20211.45. Shares in Vedanta Ltd (BO:VDAN) fell to 52-week lows; falling 2.64% or 5.10 to 188.00.

The India VIX, which measures the implied volatility of Nifty 50 options, was up 2.46% to 16.7900.

Gold Futures for February delivery was up 0.44% or 5.60 to $1289.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February fell 0.88% or 0.41 to hit $46.13 a barrel, while the March Brent oil contract fell 0.22% or 0.12 to trade at $54.79 a barrel.

USD/INR was up 0.17% to 70.118, while EUR/INR rose 0.46% to 79.7340.

The US Dollar Index Futures was down 0.31% at 96.125

source in- investing.com