Commodity Derivatives
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")
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")
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")
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.
 "Key support for MCX Gold stands at Rs 55,900; Silver Rs 64,400")
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.
 "Bias for MCX Crude Oil turns marginally positive, can rally up to Rs 7,600")
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")
MCX Gold likely to re-test Rs 58,000; Silver may drop to Rs 63,500
The MCX Gold futures are likely to find considerable support around Rs 56,235 level; the bias may turn cautious only on sustained trade below the same.
Range-bound MCX Crude Oil may test Rs 6,100; Natural Gas in oversold zone
Natural Gas futures have tumbled over 74 per cent their record highs. The commodity is now seen trading below major monthly moving averages after two years.
MCX Gold likely to consolidate; Silver may re-test Rs 70,000
The MCX Gold futures are likely to consolidate in a trading band of Rs 56,100 to Rs 57,300 in the coming trading sessions.
MCX Crude oil may find support at Rs 6,400; Natural Gas could test Rs 227
On the upside, the Rs 6,700-odd level remains a major hurdle for Crude Oil futures; whereas, interim support for Natural Gas is placed at Rs 240.
 "MCX Crude oil may find support at Rs 6,400; Natural Gas could test Rs 227")
Gold tests major hurdle at Rs 56,850; Silver likely to play catch-up
The overall bias for Gold prices likely to remain bullish as long as Gold sustains above the Rs 55,700 - Rs 55,400 support zone. This week, Silver prices may look to retest the Rs 70,000-mark.
Uptrend in Crude oil capped at Rs 6,760; Pivot for Natural Gas at Rs 285
In case Rs 285 holds, Natural Gas futures can potentially rally to Rs 344.
