Gold dips in Asia as Trump, XI talk to defuse tensions.
Gold prices dipped in Asia on Friday as President Donald Trump told his Chinese counterpart Xi Jinping that the U.S. would stick with the “One China” policy, easing tension between the world’s two largest economies. Gold for April delivery on the Comex division of the New York Mercantile Exchange dropped 0.893% to $1,225.35 a troy ounce. Also on the Comex, silver futures for March delivery dropped 0.87% to $17.587 a troy ounce. Overnight, gold prices were slightly higher in North American morning trade on Thursday, hovering below the prior session’s three-month high amid ongoing worries over political risks in Europe and economic uncertainty in the U.S.
Uncertainty about European politics has boosted gold in recent sessions. Polls this week have shown German Chancellor Angela Merkel falling behind a candidate from the country’s Social Democrats in this year’s elections scheduled to take place in September. Adding to the mood of uncertainty, elections will also be held in the Netherlands in March and possibly Italy.
Zinc futures gain on upsurge in demand.
Zinc futures rose during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the industrial metal on increase in demand at the domestic spot market. Further, traders keenly eyed the Chinese trade data due to be released on Friday for signals of the strength of the world’s no.2 economy. Shipments are typically weaker between Christmas and the Lunar New Year. In news, Japan’s core machinery orders rebounded more than expected in December from the prior month’s fall and are seen rising again this quarter – an encouraging sign of a pick-up in capital expenditure.
At the MCX, zinc futures for February 2017 contract is trading at Rs 191.15 per kg, up by 0.16 per cent, after opening at Rs 190.25, against a previous close of Rs 190.85. It touched the intra-day high of Rs 191.55 (at 15:50 hours).
Crude prices gain in Asia on solid China import figures.
Crude prices gain in Asia on solid China import figures.
Crude prices gained in Asia on Friday with trade data from China supporting sentiment on the demand side. China’s January crude oil imports for the world’s second largest buyer rose 27.5% from a year earlier to 34.03 million metric tons, or 8.01 million barrels per day, the third highest on record, data released Friday showed. The overall dollar denominated trade surplus came in at $51.35 billion, well above the $47.9 billion expected. Exports rose 7.9%, well above the 3.3% expected and imports jumped 16.7%, more than the 10% increase seen. Earlier China’s customs said yuan-denominated exports rose 15.9% year-on-year and imports jumped 25.2% from a year earlier. On the New York Mercantile Exchange crude for March delivery rose 0.19% to $53.10 a barrel, while on London’s Intercontinental Exchange, Brent gained 0.13% to $55.70 a barrel.
On Friday, the Paris-based International Energy Agency releases its latest monthly supply and demand snapshots and to U.S. drilling rig figures.
PRECIOUS LEVEL
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CS GOLD (APRIL) OVERVIEW:
TREND : BEARISH
RESIST 2: 29300
RESIST 1: 29100
SUP 1: 28700
SUP 2: 28550
CS SILVER (MARCH) OVERVIEW:
TREND : BEARISH
RESIST 2: 42800
RESIST 1:42600
SUP1: 41600
SUP2: 41400
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2:403
RESIST 1:400
SUP1:392
SUP2:388
CS NICKEL (FEB) OVERVIEW:
TREND : BULLISH
RESIST 2: 710
RESIST 1: 700
SUP1:685
SUP2:675
CS ZINC (FEB)OVERVIEW:
TREND : BULLISH
RESIST 2:195.00
RESIST 1:193.00
SUP1:189.00
SUP2:187.00
CS LEAD (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 162.00
RESIST 1: 160.00
SUP1: 155.00
SUP2: 153.00
CS ALUMINIUM (FEB) OVERVIEW:
TREND : SIDEWAYS
RESIST 2: 125.00
RESIST 1: 124.00
SUP1: 122.00
SUP2: 121.00
ENERGY LEVELS
CS CRUDE OIL (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:3600
RESIST 1:3570
SUP1:3500
SUP2:3470
CS NATURAL GAS (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:211.00
RESIST 1:208.00
SUP1:200.00
SUP2:197.00
