Gold futures edged higher on MCX as demand for safe-haven assets remained strong in the wake of North Korea's most powerful nuclear test to date.
Crude oil futures moved higher in holiday thinned trade as the floor trading was closed on account of Labor Day. Traders got some support with refinery activity slowly resuming on the Gulf Coast, although they were still trying to assess the long term damage of Hurricane Harvey on the U.S. petroleum industry. Investors also closely followed developments in the US-North Korea standoff.
Copper futures edged higher on MCX as speculators raised their bets, pickup in demand at the domestic markets from consuming industries. Moreover, firm global trend with confidence in global economy also added support to copper prices’ uptrend.
Technical Level
Gold
Support at 30000 and Hurdle at 30300---30450
Trend looks positive and could touch its resistance level of 30300---30450. Break and sustain above 30450 will see more upside rally in it else could touch its support level of 30000.
Fresh selling can be initiated below 30000
Silver
Support at 41000 and Resistance 41600
Break and close above 41600 will take to 42000---42250 mark else it could test its support again
Fresh selling can do only close below 41000
Crude
Our buy call of Crude oil hit it's target level of 3080
Now close above 3080 will see more upside rally till 3120---3150+++ mark
Support and revise stop loss of 3050 on closing basis.
Natural Gas
Support at 192 and resistance at 198
Trend looks positive and could touch its resistance level of 198.00, Break and sustain above 198 will take it to 202---205+++ mark else could touch its support level of 192
Fresh selling can be initiated below 192
Copper
Hurdle at 453. Close above 453 will see more upside rally till 457---460.
Support at 445.00. Fresh selling can be initiated below 445.
Economic Data
07:30 P.M Factory Orders m/m: Previous 3.0%, Expected -3.3%, Actual??
Increase in Factory Orders m/m – will have negative impact on bullion index and positive impact on dollar and base metal or vice versa.
More will update soon!!
