Markets are eagerly waiting for the monthly employment figures from US scheduled later today. Markets remained cautious ahead of the US Non farm payrolls amid uncertainty existing over Geek debt issues.

Spot Gold rose to its highest since mid November tracking euro, while MCX gold was seen declining. Base metals in LME were in positive territory with zinc and lead rising more than one per cent.

LME copper remained mostly steady as investors’ exercised caution ahead of employment data. Crude oil was hovering near a six week low levels in Nymex, while Brent crude oil rose above $112 a barrel as Iranian leader Khameniei warned that the Iran would retaliate over the embargo ‘at the right time.’

Events in Focus

Markets sentiments failed to get a boost up, in spite Chinese premier Wen Jiabao’s call for a bigger role in Euro zone rescue fund, as pessimism over the US Nonfarm payrolls data continue to mull over market forces. The data could show, companies added 150K employees to the payrolls but at a slower pace in contrast to the previous month. The US unemployment rate is expected to remain unchanged from last month at 8.50 per cent.

Also to watch out for would be the U.S factory orders, which is estimated to paint a downbeat picture denting revival for the manufacturing sector in the World’s largest economy.

Technical Updates

GOLD Mini
MCX March

Prices still facing the upside obstacle of Rs 28,400-420 region. So, as long as prices hold the same could scale down weakness towards
Rs 28,150/28,050 then to Rs 27,970.Even in this adverse price action scenario , a vertical rise above 28420 region may question our bearish expectation and could face resistance at Rs 28,500/620 or even more.

SILVER Mini
MCX February

Rs 57,500-56,100 regions consolidations still looks formidable, either side breakout could suggest fresh directional moves. For the day, immediate dips likely to face support and call for a turn higher. However Rs 58,200/59,800 are the upside obstacles once it clear Rs 57,500 with stiff volume.

COPPER
MCX February

As long as prices stay below Rs 413.50 expect to continue the  prevailing sell off towards Rs 409/407 or even more. Meanwhile a direct push above 416 supported with volume could negate chances of such sell off and turn higher.

NICKEL
MCX February

Ongoing selling pressure likely to held at Rs 1,018 initially, but a break out of the same is favored in the later session towards Rs 1,002/994 or even more. However a direct rise above 1046 would be a signal of reversal of the current momentum.

CRUDEOIL
NCDEX/MCX February

The customary vigor seen in the counter is likely to continue till Rs 4,775. If break above the same, with sturdy volumes could see counter revisiting Rs 4,810/30 region. The weakness could become probable ,if break below Rs 4,695 region on an unswerving basis.
 
Source: Geojit Comtrade