Commodity Mcx Market Reviews 21 April

COMMODITY	S1	S2	S3	PIVOT	R1	R2	R3
GOLD	29178	29120	29023	29303	29412	29470	29567
SILVER	41145	40785	40370	41560	41920	42335	42695
CRUDE	3279	3257	3231	3305	3327	3353	3375
NAT GAS	201.56	199.73	196.56	204.73	206.6	209.73	211.56

Bullion metals are flattish at the open however Silver saw a selloff yesterday following downside in base metals complex in the current days. While there were no major monetary triggers present week, the spotlight would be on the first round of French races this end of the week. 

While Macron has amplified his lead over Le Pen, the most recent fear assault in Paris could prompt a vote swing in a decision which is as of now a 3 way battle. The liberal Melenchon's vote share is probably going to have expanded by 1.5 Percent to 19.5 according to most recent opinion surveys. 

Overall, view surveys appear far-right leader Marine Le Pen and centrist Emmanuel Macron would meet all requirements for the 2th about on May 7. Gold costs may keep on finding support owing to apprehension in front of the French vote. Pricewise, we believe that bullion metals may keep on remaining uneven even as the pattern stays bull. 

Mcx Crude Oil is anticipated upon to stay bad after a sharp selloff yesterday which resulted in WTI declining near $50.While OPEC members gave a lot of steady explanations yesterday to help the cost; markets clearly appear to be stressed over the oversupply. 

Iraq's remarks that it supports an deal expansion while being conceded an exception exacerbated the selling pressure. The EIA inventory data present week from US was additionally not steady as it demonstrated lesser than anticipated fall of one million barrels in stockpiles a week ago. Shockingly, gasoline shares expanded by 1.5 million barrels and US oil production crept gain for a 9th straight week which prompted the force in the value decay.

Natural gas prices may likewise observe weight after a bigger than anticipated inventory infusion of 54 bcf a week ago. We suppose that downside in oil costs may hold on today and the rig count data will give additionally triggers.