The bullion futures started today on a positive note after suffering near $7 loss in yesterday’s floor trading session. Losses in the major Asian indices are providing support the gold today.

Japan’s Nikkei 225 was down 0.8%, Hong Kong’s Hang Seng Index 2.08% lower and South Korea’s Kospi Composite down 1.0%. Australia’s S&P/ASX 200 and New Zealand’s NZX-50 were flat, while Taiwan’s main index slipped 0.3%.Stocks were taking their cue from a decline on Wall Street after some disappointing retail sales data.

MCX June gold futures are trading up Rs 18 at Rs 14346 per 10 grams. The counter may have a good resistance at 14400 and a break of 14325 may take it to 14260 levels.

COMEX benchmark Gold contract is trading up $ 1.5 at $ 893.5 per ounce. It may face the upside cap at $ 895 with the support at 889 and 886 levels. In currency trade, the euro was lower at $1.3233, from $1.3274 late in New York, and at Y130.38, from Y131.20. The U.S. dollar was at Y98.49, from Y98.83.

Today is a very important day on the economic front with CPI, Industrial production, manufacturing index and housing data from US.

Gold Levels

Supports   14240  14165   14100   14020

Resistance 14405  14460   14550   14650
Silver  Levels

Supports   21010   20820   20600   20395

Resistance 21205   21450   21640   21850
Crude  Levels

Supports   2580    2545    2510    2450

Resistance 2590    2660    2700    2745

The yellow metal futures jumped in the mid London trades today as dollar gave up nearly 1% against the single currency.

In other related news, JPMorgan issued a report with raised gold price forecasts for 2009 and 2010, citing prospects for inflation and weakness in the dollar as supportive factors. Morgan lifted its 2009 price view for gold to $960 an ounce from $831 previously, and its 2010 forecast for the precious metal to $950 an ounce from $825.

MCX June 2009 futures contract was up nearly Rs 150 to Rs 14348 per 10 grams recently. International Comex Gold benchmark contract also jumped up nearly $13 at $ 895.8 per ounce. Huge fall in US dollar boosted the yellow metal today. Euro rose 0.9% to 1.329 versus the dollar from its Friday’s closing.

The economic calendar this week is condensed into four days because of the Easter Holiday and with ‘Red Flag’ releases scheduled from US. Activity gets underway Tuesday morning with retail sales and PPI data. Retail sales, including the core number, and PPI. Later on Tuesday, Fed Chairman Bernanke will deliver a speech in Atlanta Ga. CPI data and TIC long-term purchases will be released on Wednesday.

On Thursday, building permits and unemployment claims will be announced and Fed Chairman Bernanke rounds off the week with a speech in Washington D.C. on Friday. In the Eurozone’s light data week we have CPI(Mar) and Industrial Production on Thursday. In Japan; On Friday we have Tertiary Industry Activity. In Australia; Nab Business Confidence. Also to be released in the UK light data week is RICS House Price Balance. Other top-tier economic releases slated for this week include the Bank Of Canada (BOC) business outlook survey and Canadian CPI data.

Crude oil futures continued to shed in today’s session extending its last week’s losses. The late rally in the single currency against the greenback however helped oil recover some of the loss.

Last week IEA had cut its estimates for 2009 World Oil Demand estimate by 1M bpd to 83.4M bpd, citing global recession concerns as well as the limited scope for an OPEC cut based on the need of member states to maintain inflow of petrodollars in order to sustain their public spending budgets. U.S. crude supplies are at their highest since July 1993, the Energy Department said on April 8.

Hedge-fund managers and other large speculators increased their net-long position in New York crude-oil futures in the week ended April 7, according to U.S. Commodity Futures Trading Commission data. Speculative long positions, or bets prices will rise, outnumbered short positions by 12,493 contracts on the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 5,947 contracts, or 91 percent, from a week earlier.

NYMEX Light Sweet oil futures for the upfront month contract are trading down 96 cents at $ 51.28 per barrel. Dollar slipped against the Euro late in the session today. Euro is up 0.9% to 1.329 versus the dollar from its Friday’s closing. On domestic front, MCX April 2009 oil contract is also down nearly Rs 60 at Rs 2558 per barrel.

The economic calendar this week is condensed into four days because of the Easter Holiday and with ‘Red Flag’ releases scheduled from US. Activity gets underway Tuesday morning with retail sales and PPI data. Retail sales, including the core number, and PPI. Later on Tuesday, Fed Chairman Bernanke will deliver a speech in Atlanta Ga. CPI data and TIC long-term purchases will be released on Wednesday. On Thursday, building permits and unemployment claims will be announced and Fed Chairman Bernanke rounds off the week with a speech in Washington D.C. on Friday.

In the Eurozone’s light data week we have CPI(Mar) and Industrial Production on Thursday. In Japan; On Friday we have Tertiary Industry Activity. In Australia; Nab Business Confidence. Also to be released in the UK light data week is RICS House Price Balance. Other top-tier economic releases slated for this week include the Bank Of Canada (BOC) business outlook survey and Canadian CPI data.

Rupee recent price action seems down. As long as the rupee is below the 50.10 level, trend is expected to remain down with immediate target in focus be 49.50. For intraday a drop below 49.85 would be negative and would attract sell off to test next supports at 49.74/49.61 and 49.50. Although shorts must be cautious about the drop below the 50.10 which would attract buying to test next resistances at 50.23 and 50.40. Shorts must place their stops at or near 50.10. Expect rupee to trade sideways/down with focus being on the breach above the 50.10 or below 49.85.