Gold trades flat, crude oil falls; base metals in mixed trend

Spot Gold prices traded on a flat note today, mainly on the back of strength in the US dollar. But sharp decline was cushioned due to choppy sentiments in the global financial markets.
Prices touched an intra-day low of $1482.80/oz and are hovering around $1483.25/oz till 4.00 pm 1ST. on the MCX, Gold June contract traded higher mainly on account of Rupee depreciation and was trading at 21,595/10 gms.
Base metals delivered mixed performance on the LME with copper and nickel trading in the green while zinc, lead and aluminum trading in the red. Factors that influenced metal prices are — a stronger dollar, China’s move to raise its reserve ratio in order to control its inflation and weak global market sentiments.
Depreciation in the Indian Rupee supported metal prices on the domestic bourses today. Nymex crude oil traded lower by more than 1 percent today, mainly on account of rears that higher prices were hurting demand. Saudi Arabia has cut down its output by 800,000 b/d in March on oversupply.
Additionally, poor global market sentiments coupled with strength in dollar also exerted pressure. Prices touched an intraday day low or $ 108.46/bbl and were hovering at S 108.48/bbl. On the MCX crude oil prices touched an intra-day low or 4802 bbl and were trading at Rs 4805/bbl till 4.00 pm 1sT.
Outlook
We expect base metals to trade lower today, mainly on the back or china's move to curb inflation. Mixed global market sentiments and dollar strength will additionally add downside pressure.
Crude oil prices are expected to trade lower today, mainly due to china's move to control inflation, choppy sentiments in the global markets and dollar strength.
We expect gold to trade higher mainly on the back of choppy sentiments in the global financial markets which would fuel safe haven demand for the yellow metal today. But sharp gains will be capped on account of strength in dollar.
Courtesy: Angel Commodities

(Source: http://www.commodityonline.com/futures-trading/technical/Gold-trades-flat-crude-oil-falls-base-metals-in-mixed-trend-23263.html)