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Morning Technical Analysis: Metals & Energy – March 11, 2025

Morning Technical Analysis: Metals & Energy – March 11, 2025

Bullion Market Overview

The bullion market remains in focus as gold and silver prices fluctuate within key technical levels.

Morning Technical Analysis: Metals & Energy – March 11, 2025


MCX Bulldex (Rs)

Support Levels: S1 ₹20,150 | S2 ₹19,840

Resistance Levels: R1 ₹20,690 | R2 ₹20,820

MCX Gold April (Rs)

Support Levels: S1 ₹85,110 | S2 ₹84,810

Resistance Levels: R1 ₹85,650 | R2 ₹85,880

Spot Gold ($)

Support Levels: S1 $2,830 | S2 $2,770

Resistance Levels: R1 $2,940 | R2 $3,000

Gold remains strong near resistance levels, with ₹85,650 on MCX and $2,940 on the spot market being crucial breakpoints. A move above these levels could indicate further bullish momentum.


MCX Silver May (Rs)

Support Levels: S1 ₹95,330 | S2 ₹94,210

Resistance Levels: R1 ₹97,570 | R2 ₹98,590

Spot Silver ($)

Support Levels: S1 $31.60 | S2 $31.00

Resistance Levels: R1 $32.80 | R2 $33.40

Silver is testing upper resistance at $32.80 and ₹97,570. A breakout above these levels could push prices higher.


Base Metals Outlook

Base metals are trading within a defined range, with copper and zinc showing resilience.


MCXMETLDEX Mar

Support Levels: S1 ₹17,950 | S2 ₹17,740

Resistance Levels: R1 ₹18,470 | R2 ₹18,790

LME Copper ($)

Support Levels: S1 $9,450 | S2 $9,380

Resistance Levels: R1 $9,590 | R2 $9,660

MCX Copper Mar (Rs)

Support Levels: S1 ₹868.10 | S2 ₹859.00

Resistance Levels: R1 ₹882.90 | R2 ₹890.80

Copper remains stable, with resistance at ₹882.90 and $9,590 being the key breakout points.


MCX Zinc Mar

Support Levels: S1 ₹268.20 | S2 ₹264.10

Resistance Levels: R1 ₹276.20 | R2 ₹280.70

Zinc prices are approaching resistance, and a breakout above ₹276.20 could trigger further gains.


MCX Lead Mar

Support Levels: S1 ₹177.60 | S2 ₹174.60

Resistance Levels: R1 ₹186.40 | R2 ₹189.80

MCX Aluminium Mar

Support Levels: S1 ₹260.40 | S2 ₹255.20

Resistance Levels: R1 ₹269.60 | R2 ₹274.10

Aluminium remains in a consolidation phase, with key resistance at ₹269.60.


Energy Market Analysis

Crude oil and natural gas are showing a bearish trend, with crude testing key support levels.


MCX Crude Mar (Trend Down)

Support Levels: S1 ₹5,670 | S2 ₹5,580

Resistance Levels: R1 ₹5,880 | R2 ₹5,970

Nymex Crude ($) (Trend Down)

Support Levels: S1 $63.10 | S2 $61.40

Resistance Levels: R1 $68.50 | R2 $70.80

Crude oil prices remain under pressure, with $63.10 acting as strong support. Any drop below this level could lead to further declines.


MCX Natural Gas Mar

Support Levels: S1 ₹380 | S2 ₹356

Resistance Levels: R1 ₹406 | R2 ₹415

Natural gas is holding above ₹380, with resistance at ₹406. A breakout above ₹415 could signal bullish momentum.


Key US Economic Data (Forecast/Previous)

3:30 PM: USD NFIB Small Business Index – Forecast: 100.9 (Previous: 102.8)

7:30 PM: USD JOLTS Job Openings

Market participants will closely watch the JOLTS Job Openings data, which could impact the US dollar and, in turn, commodity prices.


Market Outlook

Gold and Silver: Testing resistance; a breakout could signal strong upside.

Base Metals: Copper and Zinc showing resilience; Aluminium remains range-bound.

Crude Oil: Downtrend continues, with key support at $63.10.

Natural Gas: Holding above support; potential for an upward move.

Traders should watch economic data and technical breakouts for trading opportunities.

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