Gold rebounds following U.S. losses

                           Gold futures are trading to the upside during Wednesday’s Asian session, rebounding back above the all-important USD1,600 per ounce level after falling in Tuesday’s U.S. session. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery rose 0.24% to USD1,601.15 per troy ounce in Asian trading Wednesday after settling down 0.54% at USD1,597.75 a troy ounce in U.S. trading on Tuesday. 

Gold futures were likely to test support USD1,590.85 a troy ounce, Monday's low, and resistance at USD1,614.40, Monday's high. 

Soaring U.S. equities, due in part to some solid data points there, sent traders scurrying to riskier assets and away from safe-haven fare such as gold. 

In U.S. economic news, the Conference Board said its March reading of consumer confidence fell to 59.7 from a revised 68 in February. Economists expected a March reading of 68.7. 

The Commerce Department said durable goods orders rose 5.7% in February after falling 3.8% in January. Economists expected a February increase of 4.9%. Core orders fell 0.5%. Economists expected a core increase of 0.5%. The Commerce Department also said new home sales fell 4.6% last month to seasonally-adjusted rate of 411,000, but rose 12.3% on a year-over-year basis. 

The S&P/Case Shiller composite index of home prices in 20 metro areas rose 0.9% in December on a seasonally-adjusted basis. On a non-adjusted basis, the index rose 0.2%. Economists expected a seasonally-adjusted increase of 0.5%. 

Elsewhere, it was reported that Russia’s central bank boosted its gold holdings for a fourth consecutive month in February. Turkey’s central bank has also been seen as a recent buyer of bullion. 

Meanwhile, Comex silver for May delivery added 0.25% to USD28.75 per ounce while copper for May delivery rose 0.12% to USD3.458 per ounce. 
Courtesy : Investing.Com

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Silver drops for second day in India

                   Indian silver prices dropped for the second staright day Tuesday following global trends.

Analysts also attributed the losses to speculators trimming their positions

On the Multi Commodity Exchange (MCX) Silverfor delivery in May traded by Rs 181, or 0.33 per cent, to Rs 54,031 per kg in business turnover of 1,586 lots.

Similarly, the white metal for delivery in July declined by Rs 177, or 0.32 per cent, to Rs 55,203 per kg in business volume of 111 lots.

In the international market, silver traded lower at $ 28.81 an ounce in Singapore.

Market analysts said a subdued trend in precious metals in the global markets as Cyprus's bailout plan hurting demand for the safe haven, led to fall in silver prices at futures trade here.

Courtesy : Bullionstreet

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Oil succumbs to profit-taking in Asian trade

                           Oil futures are trading to the downside during Wednesday’s Asian session on what looks like some profit-taking after crude jumped on Tuesday in the U.S. on the back of some decent data points. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery fell 0.22% to USD96.12 per barrel in Asian trading Wednesday after settling up 1.02% at USD95.78 a barrel on Tuesday in the U.S. 

In U.S. economic news, the Conference Board said its March reading of consumer confidence fell to 59.7 from a revised 68 in February. Economists expected a March reading of 68.7. 

The Commerce Department said durable goods orders rose 5.7% in February after falling 3.8% in January. Economists expected a February increase of 4.9%. Core orders fell 0.5%. Economists expected a core increase of 0.5%. The Commerce Department also said new home sales fell 4.6% last month to seasonally-adjusted rate of 411,000, but rose 12.3% on a year-over-year basis. 

The S&P/Case Shiller composite index of home prices in 20 metro areas rose 0.9% in December on a seasonally-adjusted basis. On a non-adjusted basis, the index rose 0.2%. Economists expected a seasonally-adjusted increase of 0.5%. 

Those data points helped lift U.S. stocks to within spitting distance of a new record. Exxon Mobil and Chevron, the two largest U.S. oil companies, both finished higher on the day. 

Elsewhere, Iraq said it will start selling 4 million barrels of oil per month to Egypt starting in April 2014. Iraq is believed to be home to over 143.1 billion barrels of reserves, one of the largest totals among the members of the Organization of Petroleum Exporting Countries. 

Meanwhile, Brent futures for May delivery fell 0.12% to USD109.34 per barrel on the ICE Futures Exchange.
Courtesy : Investing.com

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CPM Group sees 3% fall in Gold investment demand this year

               Commodities research and consultant CPM Group sees drop in net buying by gold investors for a second straight year.

Gold investment demand, a major driver behind gold's bull cycle, is expected to fall around three per cent in 2013 after a five-per cent drop in 2012, CPM Group said.

The New York based consultant group also said the average price of gold is expected to fall in 2013 for the first time in 11 years, as fears of catastrophic market events fade, prompting investors to scale back bullion purchases.

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Natural Gas gains on cold weather forecasts, power plant outages

           Natural gas futures jumped up in afternoon Tuesday trading as weather models continued to predict below-normal temperatures sticking round over the heavily populated eastern half of the U.S., while power plant outages fueled demand as well 

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD3.978 per million British thermal units, up 2.33%.

The commodity hit a session low of USD3.889 and a high of USD3.994.

Updated weather forecasting models on Tuesday indicated below-normal temperatures staying in place for most of the eastern half of the U.S. over the next five to ten days, which kept prices on the upswing.

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Gold falls slightly, extends U.S. losses

             Gold futures are trading modestly lower in the early part of Tuesday’s Asian session after fears over Cyprus’ imperiled financial state ebbed Monday. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery are off 0.08% at USD1,605.15 per troy ounce in Asian trading Tuesday after settling down 0.23% at USD1,604.25 a troy ounce in U.S. trading on Monday. 

Gold futures were likely to test support USD1,590.80 a troy ounce, last Monday's low, and resistance at USD1,615.80, Thursday's high. 

Traders moved away from gold Monday after euro zone finance ministers and the International Monetary Fund approved a EUR10 billion rescue package for Cyprus provided the country close up its second-largest lender, Laiki Bank. 

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Oil down despite Saudi comments

                  
                 Oil futures are trading slightly lower during Tuesday’s Asian even after a Saudi Arabian official said the kingdom is comfortable with prices of around $100 per barrel. 

On the New York Mercantile Exchange, light, sweet crude futures for May delivery fell 0.11% to USD94.70 per barrel in Asian trading Tuesday after settling up 0.48% at USD94.16 a barrel on Monday in the U.S. 

Oil futures got a boost Monday after euro zone finance ministers and the International Monetary Fund approved a EUR10 billion rescue package for Cyprus provided the country close up its second-largest lender, Laiki Bank. 

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Gold extends losses despite euro zone concerns

                      Gold extended losses in Asian trade Tuesday despite lingering concerns over euro zone's banking systems.

Gold for immediate delivery was seen trading at $1601.32 an ounce at 12.00 noon Singapore time while US gold was seen at $1600.48 an ounce.

Analysts said gold is likely to remain steadied during the day as it's safe-havendemand ebbed after Cyprus clinched a last-ditch rescue deal.

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Natural Gas gains as cold weather keeps grip on eastern U.S.

                       Natural gas futures rose on Monday as below-normal temperatures continued to hover over the eastern U.S., while weather forecasting services predicted another delayed arrival to springtime warming trends. 

On the New York Mercantile Exchange, natural gas futures for delivery in May traded at USD3.955 per million British thermal units, up 0.08%.

The commodity hit a session low of USD3.954 and a high of USD4.014.
Updated weather forecasting models on Monday pointed to below-normal readings staying in place for most of the eastern half of the U.S. over the next ten days, which sent prices rising.

The heating season from November through March is the peak demand period for U.S. gas consumption, though shifting weather patterns have many speculating a rally will last through the end of the month. 

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MARCH-26th INTRADY LEVELS FOR MCX COMMODITY MARKET

26-MARCH-2013	RESISTANCE LEVELS	SUPPORT LEVELS

COMMODITY	RES-1	RES-2	RES-3	SUP-1	SUP-2	SUP-3
ALUMINIUM	104.40	105.20	105.65	103.15	102.70	101.90
COPPER	419.15	421.20	423.15	415.15	413.20	411.15
CRUDEOIL	5198	5240	5281	5115	5074	5032
GOLD	29731	29875	30069	29393	29199	29055
LEAD	118.55	119.35	119.95	117.10	116.45	115.65
NATURALGAS	217.80	219.90	221.50	214.10	212.60	210.40
NICKEL	926.90	933.30	938.10	915.70	910.90	904.50
SILVER	54497	54781	55223	53771	53329	53045
ZINC	105.10	105.80	106.45	103.75	103.10	102.40

For More Details Please Visit WWW.MCXFREETIPS.COM

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