Bullion counter may continue its upside momentum as Gold prices on Thursday held near eight-month highs hit in the previous session after the U.S. Federal Reserve signalled a potential end to its monetary tightening cycle, and the bullion was heading for its fourth straight monthly gain. Gold (Apr) can test 33200 taking support near 32750. Silver can test 40600 taking support near 40000. The Fed held U.S. interest rates steady on Wednesday but said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the economic outlook.
Base metals prices may trade with sideways to positive path. Copper may trade on stronger path as it can test 440 while taking support near 430 in MCX. Chile’s Copper Commission ‘Cochilco’ just released its 2019 copper forecast a $3.05/lbs representing 14% upside from current levels amid an expected market supply deficit. Zinc can move sideways to positive path as it can test 195. Lead can trade in range of 148-152. Nickel can move on positive path as it can test 890. Global miner Anglo American laid off 180 workers at its flagship Los Bronces mine in central Chile, part of a plan to boost productivity at the deposit that has raised the ire of some of its unionized workers. Aluminum prices can move further higher as it can test 138.
Crude oil may witness upside movement as oil prices rose for a third day on Thursday, pushed up by signs of lower imports into the United States as part of efforts by OPEC to tighten the market. The price rise came after a report from the U.S. Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States. Saudi Arabia is the defacto leader of the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-OPEC producers, including Russia, announced supply cuts late last year aimed at tightening the market and propping up prices.
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