Gold futures showed a bearish trade on MCX as investors await the Federal Reserve's latest decision on interest rates at next week's FOMC meeting. Gold is very much sensitive to moves in U.S. rates.
Crude oil futures declined sharply on Tuesday, after the International Energy Agency (IEA) said that a sharp slowdown in global oil demand growth, coupled with ballooning inventories and rising supply, means the crude market will be oversupplied at least through the first six months of 2017. The IEA sharply cut its forecast for global oil demand for this year by about 100,000 barrels a day for to 1.3 million barrels a day. Traders failed to get any support with upbeat Chinese data on industrial output growth for August and market remained in profit-taking mode through the day.
Copper futures were trading higher on MCX due to improved demand in the spot market. Further speculators created fresh positions driven by firming trend in the overseas markets after Chinese economic data beat forecasts and as a dovish tone from a Federal Reserve official curbed speculation that a U.S. interest rate rise is imminent. China’s industrial output grew the fastest in five months in August as demand for products from coal to cars rebounded thanks to higher government spending and a year-long credit and property boom.
Soyabean futures edged lower on NCDEX due to rising expectation of big crop size amid favourable weather condition at the major producing belts. Further, higher edible oil imports and lower export demand for soymeal too fuelled the downtrend.
Technical Levels
Gold
Support at 30900 and Resistance at 31200
Break and sustain above 31200 will take to 31380---31550. Further upside rally will see only close above 31550 mark else it could test its support levels only 30900
Close below 30900 will take to 30700---30550
Trade with levels only
Silver
Support at 45150 and Resistance at 45850
Close above 46850 will take to 46400---46550 and then to 46900 else it could test its support level of 45150 again.
Further downside panic will see only close below 45150. Close below 45150 will take to 44700 and then to 44200---43800 mark.
Trade with levels only
Crude oil
Support at 3000 and Resistance at 3070
Close below 3000 will take to 2940---2900 else it could test its resistance level of 3070 again.
Fresh buying can initiate only close above 3070 mark
Trade with levels only
Copper
Support at 315 and Resistance at 319
Close above 319 will take to 323---327. Further upside rally will see only close above 327 else it could test its support level of 315 again.
Further downside panic will see only close below 315 mark. Close below 315 will take to 312---309 and then to 305 mark.
Trade with levels only
Soyabean
Support at 3150 and Resistance at 3250
Close below 3150 will take to 3080---3030 mark else it could test its resistance level of 3250 again.
Further upside rally will see only close above 3250
Trade with levels only
