Gold futures remain up on global cues@Lead & Natural Gas
Gold prices moved up in futures trade today as speculators enlarged their positions, driven by a firm trend overseas. Analysts said participants expanded their positions on the back of a firm trend overseas as the dollar weakened after US President Donald Trump said he would push ahead with punitive tariffs on steel and aluminium imports, rekindling fears of a potential trade war.
Lead futures were trading lower during the afternoon trade in the domestic market on Wednesday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets.
At the MCX, lead futures for April 2018 contract is trading at Rs 158.55 per kg, down by 0.06 per cent, after opening at Rs 159.05, against a previous close of Rs 158.65. It touched the intra-day low of Rs 158.25.
Natural prices traded sideways from last 10 days after it finally managed to hit new one month high of 179.80 after closing above the resistance levels of 178.
Prices are poised to touched the 20-days EMA of 182.50 levels in a few days, and it can test 186 levels. Dip in prices can be used as a buying opportunity.
Prices are poised to touched the 20-days EMA of 182.50 levels in a few days, and it can test 186 levels. Dip in prices can be used as a buying opportunity.
No comments