Gold futures declined on MCX as market participants lowered their bets, tracking a weak trend overseas. Meanwhile, market players looked ahead to a key batch of US economic data to gauge the strength of the world's largest economy and how it will impact the Federal Reserve's view on monetary policy. The US is to release reports on personal income and consumer spending for June, which include the personal consumption expenditures inflation data, the Fed's preferred metric for inflation.
Crude oil futures traded higher on MCX, supported by signs that a persistent supply glut is starting to ease amid strong demand and OPEC-led production curbs. US inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell by 2.9 million barrels last week, the fifth straight week of declines.
Copper futures ended to fresh two-year highs on Monday on account of upbeat manufacturing data in the world’s top consumer China. Reports showing that China's manufacturing purchasing managers index, a gauge of factory activity, fell to 51.4 in July, falling short of expectations for 51.6 but still signalling expansion.
Technical Level
Gold
Support at 28700 and Resistance at 28900
Break and sustain below 28700 will take it to 28620—28550 and then to 28400 mark else could touch its resistance level of 28900
Fresh buying can be initiated above 28900 mark
Silver
Support at 38550 and Resistance at 39000
Break and sustain below 38550 will take it to 38250—38050 and then to 37800 mark else could touch its resistance level of 39000.
Fresh buying can be initiated above $18.00 INR 39000
Crude
Support at 3200 and Resistance at 3235.
Break and sustain below 3200 will take it to 3170—3130 mark else could touch its resistance level of 3235
Fresh buying can be initiated above 3235
Natural Gas
Below 186... Our target was 182---179 mark. Hope you all minted money
Now what to expect???
Support 179 and Resistance 186
Break and sustain below 179 will take it to 173—167 mark else could touch its resistance level of 186 again.
Fresh buying can do on close above 186.00 mark
Copper
Support at 406---400 and resistance at 415
Buy in panic with stop loss of 400 on closing basis for the upside target of 415. Weekly close above 415 will see more upside rally in it
Fresh selling can do only close below 400.
Economic Data
07:30 P.M ISM Manufacturing PMI: Previous 57.8 Forecast 56.4 Actual –??
Impact – Increase in ISM Manufacturing PMI – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
