Gold (Apr) can face resistance near 33500 while taking support near 33180. Silver can face resistance near 40440 taking support near 39900. On the international market, Gold on Thursday held near one-week lows touched in the previous session amid a stronger dollar, but worries over slowing global economic growth and the spectre of another U.S. government shutdown kept the safe-haven metal above the key $1,300-level. Spot gold was steady at $1,306.81 per ounce at 0050 GMT. Prices fell 0.7 percent in the previous session in their biggest one-day drop since Jan. 18, at one point touching their lowest since Jan. 29 at $1,305.30. U.S. gold futures were down 0.3 percent at $1,310.70. The dollar index, a gauge of its value versus six major peers, was hovering close to its two-week high in early Asian trade.
Copper may face resistance near 455 while taking support near 445 in MCX. Copper’s three-month price on the London Metal Exchange continued on an upward trend at the close of trading on Wednesday February 6, maintaining its strong advance toward a price of $6,300 per tonne amid low liquidity because of a national holiday in China. Zinc can move sideways path in range of 191- 196. Zinc has been on the climb this year, defying broader macroeconomic gloom and a previous consensus that its bull run was well and truly over. The market participants expect another year of refined metal shortfall, with stocks declining to “exceedingly low levels” and raising the potential for a price recovery back to last year’s highs. Lead may trade in the range of 147-150 levels. Lead prices may get a boost as environmental crackdowns on smelters in China curb output in the world’s biggest market for the battery metal as inventories tumble. Lead inventories in warehouses registered with the have slid by a third over the past month to the lowest levels since April 2009, while metal stored in Chinese non-exchange depots have tumbled by 70 percent.
Crude oil is expected to trade sideways to down in the range of 3780-3925. U.S. oil prices dipped on Thursday after U.S. crude inventories rose and as production levels in the country stayed at record levels, but OPEC-led supply cuts and the crisis in Venezuela supported markets. U.S. West Texas Intermediate (WTI) crude futures were at $53.82 per barrel at 0036 GMT, down 19 cents, or 0.35 percent, from their last settlement. International Brent crude oil futures had yet to trade. U.S. crude oil inventories climbed by 1.3 million barrels in the week that ended Feb. 1, to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday. Meanwhile, average weekly U.S. crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018. Countering the rising U.S. crude output and inventories are voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market and propping up prices.
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