- Bullion counter may witness some profit booking at higher levels as investors will eye
the outcome of FOMC meeting minutes later today. Gold on Wednesday traded near a two-week
high hit in the previous session
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News Highlights
BULLION - Bullion counter may witness some profit booking at higher levels as investors will eye
the outcome of FOMC meeting minutes later today. Gold on Wednesday traded near a two-week
high hit in the previous session, as investors worried about the trade tensions between the United
States and Europe, and as the International Monetary Fund cut its global growth outlook. The
International Monetary Fund on Tuesday cut its global economic growth forecasts for 2019 and
warned growth could slow further due to trade tensions and a potentially disorderly British exit
from the European Union. European Union leaders will grant British Prime Minister Theresa May
a second delay to Brexit but they could demand she accepts a much longer extension as France
pushed for conditions to limit Britain’s ability to undermine the bloc. Venezuela removed eight
tonnes of gold from the central bank’s vaults last week, and the cash-strapped socialist state is
expected to sell the bullion abroad as it seeks to raise hard currency in the face of U.S. sanctions,
a lawmaker and one government source said.
ENERGY- Crude oil may remain with upside bias as oil prices edged back towards five-month
highs on Wednesday, supported by ongoing supply cuts by producer club OPEC and U.S. sanctions
against oil exporters Iran and Venezuela. Oil markets have been tightened this year by U.S.
sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the producer club of the
Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated producers, a
group known as OPEC+. Venezuelan oil output is estimated to have fallen from 1.19 million bpd in
October to 890,000 bpd in March, while output from Iran has fallen from 3.33 million bpd to 2.71
million bpd due to sanctions. Declines from these two exempt countries account for almost 47
percent of the reduction seen from OPEC. Oil production in the United States has risen by more
than 2 million barrels per day since early 2018, to a record 12.2 million bpd. U.S. dry natural gas
production will rise to an all-time high of 91.00 billion cubic feet per day (bcfd) in 2019 from a
record high of 83.39 bcfd in 2018, according to the Energy Information Administration's Short
Term Energy Outlook (STEO) on Tuesday.
BASE METAL - Base metals prices may trade with negative bias .Copper fell on Wednesday after
the International Monetary Fund cut its global growth forecast and the United States threatened
to slap tariffs on hundreds of European goods. The International Monetary Fund (IMF) cut its
forecast for world economic growth this year to 3.3 percent from 3.5 percent previously, citing
the U.S.-China trade war and a potentially disorderly British exit from the European Union. An
indigenous community in Peru voted to suspend its two-month road blockade of MMG Ltd’s Las
Bambas copper mine for two days until the government visits the region on Thursday.
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Pick for the DAY
MCX SILVER MAY on TUESDAY as seen in the Daily chart opened at 38050.00 levels and
made day low of 37808.00 Levels. During this period SILVER MAY High is 38150.00 levels
and finally closed at 37838.00 levels. Now, there are chances of down movement technically
& fundamentally.
DAILY RECOMMENDATION: SELL MCX SILVER MAY BELOW 37668 LEVELS FOR
TARGET OF 37468/37268 WITH SL 37968 OF LEVELS.
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