Is the Ukraine war all about control of rare earth materials?

·       Both the US and Russia may control around 50% of Ukraine’ untapped reserve of rare earth materials, but still China is far ahead in this global race

·       On early Wednesday, Wall Street Futures were green on Chinese bank/fiscal stimulus, hopes of an imminent Ukraine war ceasefire and a blockbuster report card of AI Chip bellwether NVIDIA

On Tuesday, Wall Street closed mixed with the S&P 500 lost by 0.5%, as concerns over economic growth and global trade tensions weighed on sentiment. The Nasdaq 100 dropped 1.2%, turning negative for the year, while the Dow Jones outperformed, rising 159 points. Tech stocks led the downturn, led by NVIDIA as Trump admin may restrict high-end AI chip exports to China. The market uncertainty deepened after President Trump revived tariff threats on Mexico and Canada, while also signaling potential new restrictions on China's semiconductor industry. Overall, Wall Street got some boost on hopes of an imminent Ukraine war ceasefire, while Oil and gold slid.

Ukraine’s President may visit the White House on 28th February (Friday) to finalize the natural resource or rare earth materials deal with Trump in exchange for US military and financial aid worth more than $350 billion. The United States (under the Trump Presidency) and Ukraine are finalizing a significant economic agreement granting the U.S. access to Ukraine's rare earth minerals. This deal, expected to be signed on Friday during Ukrainian President Zelenskyy's visit to Washington, aims to bolster Ukraine's defense against any future Russian aggression and address U.S. strategic resource needs.

Resource Sharing:

The U.S. and Ukraine will establish joint ownership of a fund dedicated to developing Ukraine's mineral resources. Ukraine will contribute 50% of future proceeds from state-owned resources, including minerals, oil, and gas.

Financial Scope:

President Trump described the deal as potentially worth up to a trillion dollars, emphasizing its significance for both nations.

Security Guarantees:

Notably, the current framework does not include explicit security guarantees for Ukraine. This omission is expected to be a focal point during the upcoming discussions between President Trump and Zelenskyy.

Background and Negotiation Dynamics:

The path to this agreement has been marked by intense negotiations. Initially, the U.S. proposed receiving all proceeds from Ukraine's rare earth minerals, estimated at $500 billion, as compensation for wartime assistance. Ukraine resisted this demand, leading to a revised deal where the U.S. would receive 50% of the revenue. Despite public disagreements and sharp rhetoric between the two leaders, progress was achieved through diplomatic efforts, including a visit to Ukraine by retired Lt. Gen. Keith Kellogg, President Trump's special envoy to Ukraine and Russia.

Industry Perspectives:

While the Ukraine mineral agreement holds promise, industry experts advise caution. Amanda Lacaze, managing director of Lynas Rare Earths, highlighted the complexities of developing a rare earth industry in Ukraine, emphasizing the need for significant investment and a stable political environment.

Ukraine and the United States have reached an agreement regarding access to Ukraine's mineral resources, including rare earth minerals, as part of a broader economic deal. The agreement involves joint development of Ukraine's mineral resources, which include oil, gas, and rare earth elements like lithium and titanium. Ukraine is expected to contribute a portion of its revenues from natural resources to a fund, which will be used for reconstruction efforts. It excludes mineral resources that already contribute to Ukrainian government coffers, meaning it would not cover the existing activities of Naftogaz or Ukrnafta, Ukraine’s largest gas and oil producers.

The exact percentage of contribution has not been disclosed, but earlier reports suggested Ukraine would contribute 50% of future proceeds. The U.S. has dropped its initial demand for a $500 billion share of potential earnings from Ukraine's mineral resources.

But despite Ukraine's desire for explicit security guarantees, the current draft does not include such assurances. The agreement is seen as part of a larger effort to strengthen economic ties between the U.S. and Ukraine, amidst ongoing conflict with Russia. Critics have raised concerns about the deal's implications for Ukraine's sovereignty and the lack of security guarantees. The deal could provide significant financial and military aid to Ukraine, which is crucial for its ongoing conflict with Russia.

The deal outlines that Ukraine will contribute 50 percent of future proceeds from state-owned resources—such as rare earth minerals, oil, and gas—into this fund, which will be co-owned by both nations. These funds are intended to support Ukrainian economic development projects, with Ukrainian officials describing the terms as more favorable for investment compared to earlier drafts.

The agreement does not include explicit security guarantees for Ukraine, a sticking point in earlier negotiations. However, Ukrainian leaders hope it will pave the way for continued U.S. military support, which remains critical as the war with Russia approaches its third anniversary. Plans are reportedly underway for Ukrainian President Zelensky to visit Washington, possibly as early as Friday, February 28, 2025, to meet with U.S. President Trump and potentially finalize the deal. Trump has expressed optimism, calling it a "very big deal" that could be worth a trillion dollars, though he has not clarified specific valuation details. The breakthrough follows intense negotiations, including a recent visit to Ukraine by Trump’s special envoy, Keith Kellogg, and earlier talks led by U.S. Treasury Secretary Scott Bessent. Zelensky had previously resisted drafts that lacked security assurances and imposed heavy financial burdens, famously stating he wouldn’t sign an agreement “that will be paid off by ten generations of Ukrainians.”

The current framework reflects a compromise, dropping some of the Trump administration’s tougher demands while still securing U.S. access to Ukraine’s valuable resources, which include rare earth elements, lithium, titanium, and uranium-key materials for chip technology, defense, and energy sectors. Despite the progress, some technical details remain unresolved, and the deal’s success hinges on further discussions, particularly around military aid and long-term security commitments. Ukrainian officials view this as a strategic move to strengthen ties with the Trump administration, reducing U.S. reliance on China for critical minerals while bolstering Ukraine’s economy and defense capabilities.

The Ukrainian officials argued that they had negotiated far more favorable terms and depicted the deal as a way of broadening the relationship with the US to shore up Ukraine’s prospects after three years of war. Ukraine’s Deputy PM said:  “The minerals agreement is only part of the picture. We have heard multiple times from the US administration that it’s part of a bigger picture”.

As per FT, Ukrainian officials said the deal had been approved by the justice, economy, and foreign ministers, and held out the prospect of Zelenskyy traveling to the White House in the coming weeks for a signing ceremony with Trump. “This will be a chance for the president to discuss what the bigger picture is. And then after it, we will be able to think of the next steps,” said one official.

But the Trump admin may not be so friendly with Ukraine under ‘autocrat’ President Zelenskyy as we have seen an unprecedented event the day before yesterday, when the US vetoed along with Russia and North Korea a UN proposal on Ukraine, blaming Russia for the aggression and 3-years of horrific war.

Russian President Putin maybe now be the ‘best friend’ of US President Trump (among big global leaders), undermining China (?)

Russia is now already controlling around 50% of Ukraine’s land containing rare earth materials. These resources are primarily located in the eastern and southern regions of Ukraine, areas that have been heavily contested or occupied by Russian forces during the ongoing conflict. These resources are primarily located in the eastern and southern regions of Ukraine, areas that have been heavily contested or occupied by Russian forces during the ongoing conflict. Notably, regions such as Donetsk, Dnipropetrovsk, and Luhansk, which are rich in mineral wealth, have seen significant Russian advances.

Ukraine possesses substantial reserves of critical minerals, including lithium, graphite, titanium, and various rare earth elements essential for modern technologies/world. The country's total mineral wealth is estimated to be around $26 trillion, with a significant portion now under Russian control. In response to the shifting control of these valuable resources, U.S. President Trump has proposed a deal wherein Ukraine would exchange access to its critical minerals for U.S. military support. Ukrainian President Zelensky has shown openness to such investment from allies, aiming to bolster Ukraine's defense capabilities against Russian aggression. The control over these mineral-rich regions not only has significant economic implications but also affects the geopolitical landscape, influencing international negotiations and alliances related to the ongoing Ukraine conflict.

Ukraine's rare earth deposits are substantial, but the ongoing conflict has limited access to these resources, with Russia benefiting from the seized territories. Russia controls around half of Ukraine's rare earth deposits due to its occupation of eastern and southern regions of Ukraine. Rare earth elements are crucial for modern technology and defense, making them a strategic resource in global geopolitics. Ukraine has significant reserves of critical materials, including graphite, lithium, and titanium, but much of this wealth is now inaccessible due to the ongoing conflict.

Despite Ukraine's potential, the current geopolitical situation complicates any efforts to fully exploit these resources, with both the US and Russia showing interest in accessing them for strategic and economic gains. Ukraine is known to possess substantial reserves of rare earth elements—critical for advanced technologies like electronics, renewable energy systems, and defense applications. However, a large share of these deposits, particularly in eastern regions like Donetsk and Luhansk (collectively known as the Donbas), as well as parts of Zaporizhzhia, have fallen under Russian control due to the ongoing invasion that began in 2022.

For instance, a 2022 evaluation by SecDev, a geopolitical risk consultancy, noted that Russia had taken over approximately half of Ukraine’s rare earth deposits, alongside other critical minerals like manganese and tantalum. Additionally, more than 50% of Ukraine’s rare earth resources are reported to be in areas illegally annexed or partially occupied by Russia, such as the Donbas region, where significant deposits of lithium and other minerals are located. This aligns with the broader picture that roughly 20% of Ukraine’s total land area, including resource-rich eastern territories, is now under Russian occupation.

While exact figures can vary depending on the specific mineral and the extent of control at any given moment, the consensus is that Russia’s occupation has given it de facto authority over a substantial portion—close to or exceeding 50%—of Ukraine’s rare earth reserves. This situation complicates Ukraine’s ability to leverage these resources and has fueled discussions about their strategic importance in negotiations with international partners, including the United States. Meanwhile, Russia’s own vast rare earth reserves, combined with those it now controls in Ukraine, strengthen its position in the global market for these critical materials.

After Ukraine, together China and Russia may control almost 75% of known global rare earth materials. China is at the forefront of mining and processing technology of these rare earth materials. China continues to dominate the global rare earth elements (REE) industry, accounting for approximately 70% of worldwide production. In addition to its mining capabilities, China processes nearly 90% of the world's rare earth elements, highlighting its significant control over the supply chain. This dominance extends beyond mining, with China controlling a significant portion of the global supply chain for rare earth elements and products like permanent magnets.

Russia, on the other hand, possesses substantial rare earth reserves, estimated at over 20 million tonnes, which is comparable to countries like Vietnam and Brazil. Despite these considerable reserves, Russia's current production and processing capacities remain limited. Recent developments indicate that both Russia and the U.S. are seeking to enhance their role in the global rare earth market, which is vital considering the diminishing role of fossil fuels such as crude oil, natural gas, and coal.

The US, Russia, and Saudi Arabia are now the three largest producers of crude oil, controlling over one-third of global production. Oil was the main reason behind the US-led Gulf War and the deluge of never-ending Middle East conflicts. The US/NATO wants to control oil in the Middle East.

Now the world is entering into the EV or a Greener energy age from fossil fuel and thus every major economy or global superpower such as the US, Russia, EU, and China wants to control & produce maximum rare earth materials as possible. Thus US US-led NATO and also Russia wanted to control such natural resources Himalayan country Afghanistan through proxy war; but China is now virtually controlling the same worth more than $2 trillion through good diplomatic, infra and financial support to the current Afghanistan ruler Taliban regime.

In fact, for this rare earth materials reserve, China wants to control LAC/LOC border regions from Kashmir to Arunachal Pradesh of India and also POK. India is also now active in the Himalayan Kashmir and Ladakh region and brought various rules & regulations so that any Indian or even global company can mine and produce rare earth materials, the fuel of the future.

Russian President Putin has proposed joint ventures (JV) with the United States (under Trump) to develop Russia's rare earth deposits and supply aluminum to the U.S. market. The Kremlin has emphasized Russia's willingness to collaborate, noting the country's abundant rare earth resources and the potential for mutually beneficial cooperation. In summary, while China maintains a dominant position in both the production and processing of rare earth elements, Russia is actively exploring opportunities to expand its influence in this critical sector.

However, as of now, the combined control of China and Russia does not constitute 75% of the known global rare earth materials. There is no specific information that Russia has a significant share in the global production or processing of rare earth materials. Russia's involvement in the rare earth sector is not highlighted as substantial compared to China's. Other countries, including the United States, Australia, and Europe, are working to diversify their rare earth supply chains to reduce dependence on China. However, China remains the leading player in the industry.

China holds the largest share of global rare earth reserves, estimated at around 44 million metric tons of rare earth oxide (REO) equivalent, which accounts for roughly 36-40% of the world’s total known reserves (approximately 110-120 million metric tons). Russia, on the other hand, has reserves estimated at 12-21 million metric tons, depending on the source, equating to roughly 10-18% of the global total. Together, their combined reserves could range from about 46% to 58% of the world’s known rare earth materials, which is substantial.

However, control isn’t just about reserves—it’s also about production and processing. China dominates global rare earth mining, producing around 70% of the world’s rare earths in recent years (e.g., 240,000 metric tons out of 390,000 metric tons globally in 2023). Russia’s production is much smaller, contributing only about 1-2% of global output (e.g., 2,700 metric tons in 2019, with plans to increase to 7,000 tons by 2024). Combined, they account for roughly 71-72% of current global production, which may be almost 75% after Ukraine.

Where China truly excels is in processing and refining, controlling about 85-90% of the world’s capacity to turn rare earth ores into usable materials. Russia plays a minimal role in this stage globally, though it supplies some materials domestically and to allies. If we factor in China’s near-monopoly on processing, the "control" dynamic shifts heavily toward China, with Russia as a secondary player. Russia and China have not established an official joint venture (JV) specifically for the production of rare earth materials.

However, Russia has been actively seeking international partnerships to develop its rare earth resources. Notably, Russian President Vladimir Putin recently extended an offer to United States President Trump for joint exploration of Russia's rare earth metals deposits, emphasizing Russia's substantial reserves in this sector. While a Russia-China joint venture in rare earth production has not been reported, the two countries have collaborated in related areas. For instance, Russian mining giant Nornickel has engaged in discussions with China Copper to establish a copper smelting joint venture in China. This initiative aims to relocate Nornickel's copper smelting operations to China, reflecting a strategic move to strengthen economic ties between the two nations in the metals sector.

In summary, although Russia and China have not formed a joint venture specifically for rare earth materials as of now, their ongoing collaborations in related industries suggest a mutual interest in deepening economic cooperation in the broader field of critical minerals. As of now, there’s no definitive, publicly confirmed plan for a Russia-China joint venture (JV) specifically aimed at producing rare earth materials in 2025. However, the idea isn’t far-fetched given their existing cooperation, geopolitical alignments, and mutual interest in countering Western global dominance.

Russia and China have a history of collaboration in strategic sectors, including energy and defense, underpinned by their "no limits" partnership declared in early 2022. Rare piles of earth—vital for high-tech manufacturing, renewable energy, and military applications—fit neatly into this framework. Russia holds the world’s fifth-largest reserves of rare earth elements (REEs), estimated at 10 million metric tons by the U.S. Geological Survey, though its 2023 production was only 2,600 metric tons, a tiny fraction of China’s 240,000 metric tons. China, meanwhile, dominates global REE production and processing, controlling about 68% of mining and 85% of refining capacity. A JV could leverage Russia’s reserves and China’s technical expertise and market power.

There’s precedent for such cooperation. China has long imported rare earth concentrates from countries like Myanmar and Thailand to feed its refining industry, and Russia could follow suit. Reports from early 2025, including comments from Russian President Vladimir Putin on February 24, 2025, suggest Russia is open to international partnerships in rare earths. Putin specifically offered the U.S. joint exploration opportunities, but he emphasized Russia’s intent to boost its domestic industry, hinting at a broader strategy that could include China. Meanwhile, an RFE/RL investigation in February 2025 revealed that Chinese firms, including state-owned ones, already supply Russia with critical minerals for military equipment, skirting Western sanctions. This existing supply chain could evolve into a formal JV.

Russia’s ambitions add context. In 2020, it announced a $1.5 billion plan to ramp up rare earth production, targeting self-sufficiency by 2025 and exports by 2026, with projects like the Tomtor deposit in the Far East. Production was projected to hit 7,000 metric tons by 2024, though progress has been slow—2023 output remained flat at 2,600 metric tons. Partnering with China could accelerate this, especially since Russia lacks advanced processing tech, an area where China excels. Posts on X in February 2025, for instance, speculated about Russia and China teaming up to exploit Ukrainian rare earth deposits post-conflict, though this remains unverified and speculative.

China’s angle is equally compelling. Facing Western efforts to diversify REE supply—like the U.S. bolstering MP Materials or Australia’s Lynas expanding—China might see a Russian JV as a way to secure additional raw material sources and reinforce its market dominance. Beijing’s December 2023 ban on exporting REE extraction and separation tech signals a protective stance, but it doesn’t preclude joint production with a trusted ally like Russia, especially if it keeps refined materials within its sphere.

What might this look like in 2025? Given today’s date—February 25, 2025—it’s plausible that talks could be underway, though no concrete announcement has surfaced. A JV might involve Russia extracting REEs (e.g., from Tomtor or Lovozerskoye deposits) and shipping concentrates to China for processing, with profits or materials split. Alternatively, China could invest in Russian refining capacity, though this is less likely given its tech export ban. Geopolitical tensions, like U.S.-Russia friction or China’s trade spats, could fast-track such a deal as a countermeasure.

That said, hurdles exist; Russia’s slow progress on rare earth projects suggests logistical and funding challenges, while China might prefer to keep Russia as a supplier rather than a full partner to maintain control. Sanctions on Russia could also complicate financing or equipment imports. Without official statements or leaks by mid-2025, it’s hard to say definitively.

There is no current indication that Russia plans to form a joint venture (JV) with China specifically for the production of rare earth materials. However, Russia is actively seeking to increase its rare earth production and has set ambitious goals to become a significant player in the global market, aiming to be the second-largest producer after China by 2030.

Russia has been exploring partnerships with other countries, including the United States, for rare earth projects. Recently, President Vladimir Putin offered the U.S. opportunities for joint exploration of Russia's rare earth deposits. Additionally, Russian companies like Nornickel are in talks with Chinese entities for joint ventures, but these discussions are focused on other metals such as copper and nickel.

While Russia's focus is on developing its rare earth industry and potentially partnering with countries like the U.S., there is no specific mention of a planned JV with China for rare earth production. Russia has a $1.5bn plan to dent China’s rare earth dominance. China, on the other hand, has been consolidating its rare earth industry to enhance pricing power and efficiency. So, will they? They could, and the strategic logic is sound—Russia needs China’s know-how, and China wants more feedstock. But as of right now, it’s a possibility, not a certainty. Keep an eye on Kremlin or Beijing announcements this year; if it’s happening, we’ll likely hear more by summer 2025

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Now from the Ukraine mineral deal to the Ukraine war ceasefire deal, Russian and U.S. diplomats will meet on Thursday in Istanbul to discuss embassy-related issues, Russian Foreign Minister Sergey Lavrov said on Wednesday while in Qatar:

·       Blamed restrictions imposed by the previous US administration for disrupting the work of Russia's diplomatic mission and causing systemic problems

·       Moscow responded with reciprocal measures.

·       Frozen Russian assets would not be on the agenda, as that issue belongs at the state level

·       Hopes the meeting will clarify how quickly both sides can make progress

·       EU pushes Ukraine to continue war

·       The European Union is pushing Ukraine to continue military actions

·       When there is a change in the political balance of power in Ukraine ... Europe immediately tries to undermine this trend, announcing new large military aid packages to Kiev, encouraging it to continue fighting, explicitly stating, as I think the Danish Prime Minister did, that in this situation peace is worse than war for Ukraine

·       Russia is not blocking negotiations on Ukraine peace

·       The potential EU peacekeeping troops in Ukraine aim to resupply weapons to Ukraine

On Wednesday, Ukraine’s President Zelenskyy said:

·       There is no debt to be repaid to the US in the wording of the minerals deal

·       I can't yet confirm the Washington trip on Friday, teams are working on it

·       I want to discuss with Trump the possibility of using Russia's frozen assets for mining resources development, weapons purchase, and reconstruction.

·       Minerals deal with the US is a framework agreement with a further agreement to set up a fund to follow.

·       The deal is to be signed at the ministerial level, no ratification is needed.

·       Ukraine needs to know what it can count on from the US

·       No just peace between Russia and Ukraine can be achieved without security guarantees for Kiev

·       We want to have a ceasefire, but if we don't have security nothing will work

·       The mineral deal with the United States, which he described as a framework agreement, now includes a mention of American security guarantees.

·        We need to better understand what kind of security guarantees the US would offer

Now from geopolitics to tariffs, Trump signed an executive order on Tuesday instructing the Department of Commerce to investigate whether to impose tariffs on copper and derivative products, key industrial materials, to protect national security. This sets the stage for more trade friction with Canada and Mexico, as well as Chile and Peru. Trump wrote in his Truth Handle:

Like our Steel and Aluminum Industries, our Great American Copper Industry has been decimated by global actors attacking our domestic production. To build back our Copper Industry, I have requested my Secretary of Commerce and USTR to study Copper Imports and end Unfair Trade putting Americans out of work. Tariffs will help build back our American Copper Industry and strengthen our National Defense. American Industries depend on Copper, and it should be MADE IN AMERICA - No exemptions, no exceptions! America First creates American jobs and protects our National Security. It’s time for Copper to “come home.”

On early Wednesday, Trump slammed the Wall Street Journal's opinion article claiming that incoming tariffs will harm auto workers in Michigan, insisting that the US auto industry will "thrive" after duties come into effect:

“I don’t understand The Wall Street Journal Editorial Board, never have. They come to my aid when I least expect it, sometimes strongly, and I greatly appreciate that — Very meaningful! But then they come out with some real CLINKERS, like today’s Editorial that my Auto Tariffs will hurt the Michigan Automobile Business. They are sooo WRONG, in fact, it is just the opposite. The tariffs will drive massive amounts of auto manufacturing to MICHIGAN, a State which I just easily one in the Presidential Election. They have already stopped numerous new auto plants from being built in other countries, a GIGANTIC WIN (already!)

FOR MICHIGAN, and the United States as a whole. Just let it all happen, and watch, it won’t be even close! AMERICAN industry will thrive, and we will MAKE AMERICA GREAT AGAIN!!!”

Trump also vowed to impose reciprocal digital tax/tariffs:

“Foreign Governments have instead tried to tax, fine, and hinder American Tech Companies. Both friend and foe have been treating American Tech Companies harshly, as if our Companies are their piggy bank. This will now end! It is my objective to level the playing field, and end these attacks. We are putting these Countries on notice to end their unfair treatment of American Companies, large and small. Our Companies are the Greatest Investors in the World, and their Investments will only go to where America is treated well. Our Ingenuity, Grit, Drive and Perseverance have built America. If these Countries want to participate in the AI Industrial Revolution, it is time to choose sides with America, not against us.”

On Tuesday, House Republicans approved a budget framework for President Trump’s sweeping domestic policy agenda, which has an almost $2 trillion cut in Federal spending, especially in the mandatory social security sector led by Medicaid and retirement pensions. Real Street and also Wall Street are nervous about ‘Dictator’ Trump’s austerity measures including the rampant firing of Federal employees.

On Tuesday, Trump also said would begin a program to sell 'Trump gold cards' for $5 million for foreigners who want to come to the US and create jobs with the sale of gold cards to start in about two weeks., which may fetch US trillions of dollars, helping to reduce public debt. Trump also signed an executive order for correct & clear pharmaceutical pricing.

Meanwhile, The US House Ways and Means Committee has reportedly had discussions about options like ratcheting up taxes on public companies’ stock buybacks or adjusting limits on deducting executive pay: "Proposals such as raising endowment taxes on universities and significant cuts to clean energy tax credits are being viewed as even more likely".

China plans to inject at least $55 billion into three of its biggest banks, people familiar said. The plan may be completed as soon as June and follow through on a broad stimulus package unveiled in 2024

Market impact:

On early Wednesday, Wall Street Futures were green on Chinese bank/fiscal stimulus, hopes of an imminent Ukraine war ceasefire and blockbuster report card of AI Chip bellwether NVIDIA; Consumer discretionary and techs were the top performing sectors while healthcare and consumer staples underperformed amid Trump’s hawkish policy on pharma pricing and subdued discretionary consumer spending (Trump chaos/recession concern).

In addition on early Wednesday, Lowe's Companies surged after reporting a 0.2% increase in same-store sales, marking its first positive growth in nearly two years. General Motors also jumped following the announcement of a 25% increase in its quarterly dividend. On the other hand, Apple slipped about after the company's shareholders rejected a proposal to scrap diversity, equity, and inclusion programs.

Weekly-Technical trading levels: DJ-30, NQ-100, and Gold 

Looking ahead, whatever the fundamental narrative, technically Dow Future (CMP: 44650) now has to sustain over 45300-45500 any further rally; otherwise sustaining below 45200, DJ-30 may again fall to 44500/44100-43700/43300 and 42800/41900 and further 41200/40600-40400/40000 in the coming days.

Similarly, NQ-100 Future (22300) has to sustain over 22400 for a further rally to 22500/22700-23000/23300 in the coming days; otherwise, sustaining below 22350-22100, NQ-100 may again fall to 21700/21300-21100/20700 and further 20500/20300-20100/19250 in the coming days.

Also, technically Gold (CMP: 2945) has to sustain over 2965-2975 for a further rally to 3000/3025-3050/3075; otherwise sustaining below 2955-2950 may again fall to 2925/2895-2875/2860 and 2840/2825-2800/2780 and 2750/2740-2725/2690 and further 2675/2655-2610/2560 in the coming days.