Gold futures edged higher today with the stage set this week for the latest Federal Reserve review on rates and on the same day the Bank of Japan expected to detail results of a review on its easing policies. Yellow metal prices further improved as the dollar weakened against a basket of major currencies.
Copper futures ended marginally higher on Friday after a slew of positive Chinese data fuelled speculation that demand will strengthen in the world's top metal Consumer China. Encouraging signals from China's housing market and indications of a revival in its factory sector over the summer have encouraged views that demand is quietly cranking up for the third quarter. However, some gains were capped by dollar’s strength against a basket of major currencies after US inflation data boosted bets on a faster pace of Federal Reserve interest rate increases.
Crude oil futures turned sharply lower on Friday, hitting their lowest levels in more than a month on ongoing supply concerns. Further evidence that US supplies are on the rise contributed to lower oil prices. Oil Services firm Baker Hughes said US companies added two oil rigs in the week to Sept. 16, bringing the total rig count up to 416, the most since February. Crude prices were also under pressure with data showing that Iran’s August crude oil exports jumped 15% from July to a five-year high of more than 2 million barrels per day, re-approaching Tehran's pre-sanctions shipment levels.
Soybean futures traded higher on NCDEX, triggered by estimates of less production from the major producing belts due to lower area and poor yields. However, higher edible oil imports and lower export demand for soymeal, capped some gains.
Technical Levels
Gold
Gold has support at 30800 and resistance at 31000.
Either side break or close with volume will decide further. Till then traders can trade in a range and wait for confirmation.
Upper Side Hurdle at 31000 --- 31150 --- 31380 --- 31550.
Silver
Support at 45300---44700 and Resistance at 46100
Close above 46100 will take to 46400---46550 and then to 46900 else it could test its support level of 45300 and then to 45000---44700 again.
Further downside panic will see only close below 44700
Trade with levels only
Crude oil
Support at 2880. Three consecutive closes + weekly close below 2880 will see downside panic till 2600---2450 mark in days to come else it can touch 2970---3025 again
Further upside rally will see only above 3025.
Trade with levels only
Copper
Support at 321 and Resistance at 327
Close below 321 will take to 319 and then to 316---312. Further downside panic will see only close above 312 else it could test its resistance level of 327 again
Further upside rally will see only close above 327 mark.
Trade with levels only
Soyabean
Support at 3240 and Resistance at 3300
Close above 3300 will take to 3330---3380 mark else it could test its support level of 3240 again.
Close below 3240 will take to 3180---3150 mark.
Trade with levels only
