BULLION - Bullion counter may trade sideways path as gold held steady on Friday as risk appetite faded after the European Central Bank cut its growth forecasts and launched an emergency round of policy stimulus, while a strong dollar capped gains ahead of U.S. nonfarm payrolls data. Gold can take support near 31800 while it can face resistance near 32200. Silver can take support near 37900 while facing resistance near 38300. The ECB changed track on its tightening plan on Thursday, pushing out the timing of its first post-crisis rate hike until 2020 at the earliest and offering banks a new round of cheap loans to help revive the euro zone economy. U.S. President Donald Trump is open to additional talks with Pyongyang over denuclearization, his national security adviser said on Thursday, despite reports that North Korea is reactivating parts of its missile program. China�s gold reserves rose slightly to $79.498 billion in February from $79.319 billion at the end of January, as the central bank increased the total amount of gold reserves to 60.260 million fine troy ounces from 59.940 million troy ounces.
ENERGY- Crude oil may open on negative note as oil prices fell on Friday after the European Central Bank (ECB) warned economic weakness would continue and as U.S. crude output and exports chase new records, undermining efforts by producer club OPEC to tighten global markets. Crude oil can test 3920 while facing resistance near 4000. Financial markets, including crude oil futures, took a hit after ECB President Mario Draghi said on Thursday the economy was in �a period of continued weakness and pervasive uncertainty�. Europe�s economic weakness comes as growth in Asia is also slowing down. On the supply side, prices have been receiving support this year from output cuts led by the Organization of the Petroleum Exporting Countries (OPEC). Together with some non-affiliated producers like Russia, the producer group has pledged to withhold around 1.2 million barrels per day (bpd) of supply to tighten markets and prop up prices. Natural gas may take support near 197 while taking facing resistance near 204 in MCX.
BASE METAL - Base metals prices may trade with sideways bias. China�s decision to increase its budget deficit ratio to 2.8 percent this year from 2.6 percent in 2018 is appropriate for the economy, and leaves room for policymakers to manoeuvre. Copper may take support near 450 while facing resistance near 458 in MCX .London copper prices were little changed on Friday with the market set for a weekly decline, as rising inventories and a drop in the premium for directly available metal signalled easing supply squeeze. Inventories in LME-registered warehouses rose to 120,075 tonnes from 116,872 tonnes on Wednesday, the lowest since 2008. Optimism over the ability of a potential U.S.-China trade deal and Chinese economic stimulus to push prices higher is fading. Zinc can test 191 while facing resistance near 195. Lead can dip further towards 145. Nickel can also test 915 while facing resistance near 930. Aluminum prices may trade in range of 143-145. Rusal, the world�s largest aluminium producer outside China, said on Thursday its business was back to normal after U.S. sanctions were lifted in January, and reiterated a positive outlook for the global aluminium market.
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