By Mr. Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities.Gold prices traded up on Tuesday, with spot gold prices at Comex were trading higher by 0.74% at $2006.0 per ounce. Gold June future contract at MCX were trading up by 0.80% at Rs 60580 per 10 grams by noon session.
Gold prices hovered around psychological level $2000 per ounce on Tuesday as traders await more US macro data for clues on Federal reserve policy path. US CPI inflation and FOMC March's meeting minutes will be release on tomorrow which could provide more hint on interest rate path and direction for yellow metal. Recently gold prices got support from strong investment demand, exchange traded funds added 3,488 troy ounces of gold to their holdings in the last trading session. We expect gold prices should consolidate in range for the day with positive bias. Comex spot gold likely to fluctuate within range of $1987 to $2010 per ounce in short term. Comex spot gold having supports at $ 1987/$1980 per ounce and resistances at $2010/$2019 per ounce for day. MCX Gold June future having support at Rs 60080 per 10 gram and resistance at Rs 60870 per 10 grams.
Crude Oil prices edged higher on Tuesday with benchmark NYMEX WTI crude oil were trading up by 0.80% at $80.40 per barrel. Crude oil recent rally supported by the prospect of tighter supplies from OPEC and its alliance producers from May, however further upside capped by concerns about the global economic outlook. Meanwhile traders are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market.
We expect Crude oil price should consolidate in upper range with traders will closely watch EIA short term energy outlook report which is due later on day. NYMEX WTI Crude oil prices face resistances at $82.80/$84.0 per barrel and support at $78.80 per barrel for the day. MCX Crude Oil April future having supports at Rs 6480 and resistance at Rs 6705 for the day.