Page 2 - Commodity Derivatives
Gold prices can fall another 10% from here on; check key support levels
The MCX Gold December futures seem headed towards the 100-WMA (Weekly Moving Average) which stands at Rs 54,150 level; below which the next target shall be the 200-WMA.
 "Gold prices can fall another 10% from here on; check key support levels")
Mkt regulator Sebi puts MCX's impending transition to new CDP in abeyance
The exchange was scheduled to go live with the new tech platform on October 3
 "Mkt regulator Sebi puts MCX's impending transition to new CDP in abeyance")
Sebi asks MCX to put launch of new commodity derivative platform on hold
The Securities and Exchange Board of India (Sebi) will discuss the commodity platform in its technical advisory committee meeting to be held shortly, MCX said in a statement
 "Sebi asks MCX to put launch of new commodity derivative platform on hold")
Sebi allows FPIs direct access to exchange-traded commodity derivatives
Sebi has noted that the DMA facility will also help in implementing better hedging and arbitrage strategies
 "Sebi allows FPIs direct access to exchange-traded commodity derivatives")
Natural gas faces hurdle at Rs 195; can rally up to 33% thereafter
In case, the MCX Natural Gas futures manages to conquer the Rs 195 hurdle, a sharp rally towards Rs 260 - 300 seems likely.
 "Natural gas faces hurdle at Rs 195; can rally up to 33% thereafter")
Gold rally may take a breather, support at Rs 59,750 holds key
The MCX Gold June futures could dip to Rs 58,300 or lower, in case the support at Rs 59,750 gets violated; Pivot point for Silver is Rs 74,850.
 "Gold rally may take a breather, support at Rs 59,750 holds key")
Gold could test Rs 66,500, Silver Rs 85,000 in FY24, charts suggest
MCX Gold is likely to trade with a bullish bias this April as long as prices sustain above Rs 59,800; Pivot point for Silver is Rs 73,800.
 "Gold could test Rs 66,500, Silver Rs 85,000 in FY24, charts suggest")
Crude oil can hit $100 a barrel if production cuts continue: Analysts
Others, too, believe that $100 a barrel could become a reality
 "Crude oil can hit $100 a barrel if production cuts continue: Analysts")
Crude Oil rallies as OPEC+ cuts output; Trend reversal unlikely hint charts
On Monday, the MCX Crude Oil futures were seen trading above the 100-DMA for the first time in more than six months. Sustained trade above Rs 6,350 can help the trend turn favourable for Crude Oil.
 "Crude Oil rallies as OPEC+ cuts output; Trend reversal unlikely hint charts")
MCX Crude Oil may break Rs 5,000-mark; Natural Gas remains weak
The MCX Crude Oil futures seem on course to test the 200-WMA placed at Rs 5,000. However, given the indications from momentum oscillators, the commodity may break the support level.
 "MCX Crude Oil may break Rs 5,000-mark; Natural Gas remains weak")
Banking crisis triggers oil price fall; temporary phenomenon, say analysts
Crude Oil prices declined by 10 per cent in the last 7 days - from $80.6 per barrel (Brent oil) on March 13
 "Banking crisis triggers oil price fall; temporary phenomenon, say analysts")
MCX Crude Oil may soon breakout; Bias negative for Natural Gas below Rs 224
The anticipated trading band for the MCX Crude Oil futures has got narrower to Rs 6,180 - Rs 6,660. Broader trend for Natural Gas remains weak as the commodity trades below 200-WMA.
 "MCX Crude Oil may soon breakout; Bias negative for Natural Gas below Rs 224")
MCX Gold, Silver futures likely to exhibit range-bound trade
The MCX Gold futures may test near term-resistance around Rs 56,170 - Rs 56,250; whereas, Silver futures may test Rs 64,930 - Rs 65,300.
 "MCX Gold, Silver futures likely to exhibit range-bound trade")
MCX Crude Oil range narrows; Natural Gas up 39% from lows; what next?
The Bollinger Bands suggest a likely trading range of Rs 6,070 - Rs 6,650 for the MCX Crude Oil futures; whereas, Natural Gas futures need to sustain above Rs 231 for the pullback to continue.
 "MCX Crude Oil range narrows; Natural Gas up 39% from lows; what next?")
MCX Gold likely to test Rs 54,000-level; Silver can dip to Rs 61,200
In case of a pullback, the immediate resistances for Gold and Silver futures are placed at Rs 56,050 and Rs 64,580, respectively.
 "MCX Gold likely to test Rs 54,000-level; Silver can dip to Rs 61,200")
MCX Crude Oil remains range-bound; bias can turn positive above Rs 6,465
On the flip side, in case, Crude Oil futures break the support at the lower-end the commodity could dip below the Rs 6,000 mark.
 "MCX Crude Oil remains range-bound; bias can turn positive above Rs 6,465")
Key support for MCX Gold stands at Rs 55,900; Silver Rs 64,400
The weekly chart suggests, sustained break and trade below Rs 55,900, can trigger a fall in Gold futures towards the Rs 54,000 level.
Bias for MCX Crude Oil turns marginally positive, can rally up to Rs 7,600
Meanwhile, the MCX Natural Gas futures need to conquer the key resistances at Rs 224 and Rs 232 for a meaningful pullback rally to emerge.
Upside for Gold seen capped at Rs 56,950; Silver may test Rs 64,000
On the downside, the Rs 56,235-level is the key support for Gold futures, below which a prolonged consolidation phase seems likely.
 "Upside for Gold seen capped at Rs 56,950; Silver may test Rs 64,000")
MCX Crude Oil remains range-bound; Natural Gas can bounce back to Rs 255
The MCX Natural Gas futures need to sustain above Rs 209-level, break and sustained trade above Rs 224 can trigger a rally towards Rs 255.
 "MCX Crude Oil remains range-bound; Natural Gas can bounce back to Rs 255")
