Commodity Round UP
Bullions
Gold futures edged lower on MCX as speculators offloaded their holdings amid a weakening trend in the overseas markets where gold dropped for a seventh straight day, heading for the longest run of declines since May as comments from leading central bankers boosted speculation that interest rates may rise in coming months.
Energy
Crude oil futures snapped their two days gaining streak on Monday, losing around two percent for the day, as a stronger US dollar dented commodity prices and also there was caution over galloping Middle East crude output after Iraqi oil minister said that the nation will continue ramping up output. Also, the Nigerian rebels pledged to end hostilities against the industry in Africa's No. 1 producer, which they repeatedly attacked earlier this year by blowing up pipelines. Meanwhile, the dollar hit a three-week high against the yen after Federal Reserve Chair Janet Yellen bolstered expectations for a rate hike. A stronger dollar makes commodities denominated in the greenback less affordable for holders of other currencies.
Base Metals
Copper futures ended lower on Monday after stockpiles tracked by exchanges in Shanghai, London and New York climbed five straight days last week to the highest since May. Copper prices weakened further on comments by top Federal Reserve officials that bolstered expectations for an interest rate hike this year. Meanwhile a holiday in London on Monday drained the market of any direction.
Technical Levels
Gold
Support at 30850---30600 and Resistance at 31300
Break and sustain below 30850 will take to 30700---30600 mark in days to come else it could test its resistance level of 31300 and then to 31450---31600 mark again
Trade with levels only
Silver
Support at 43500 and resistance at 44700
Close below 43500 will take it to 42700---42300 else could test its resistance level of 44700.
Fresh buying above 44700.
Crude Oil
Resistance at 3220 and Support at 3120
Close below 3120 will take it to 3080--3050 and then to 3000 mark in days to come else could test its resistance level of 3220.
Further upside rally will see only close below 3220 mark
Trade with levels only
Copper
Support at 306 and Resistance at 310--314.50
Looks weak below 306 we can see downside panic 303—300--298 marks in days to come else could test its resistance level of 314.50 again.
Nickel
Support at 650 and resistance at 670.
Either side break or close with volume will decide further. So trade in a range with levels only
Trade with levels only
More will update soon!!
