Gold futures edged higher on Monday with investors set for a busy week of policy views and the volatile race for the US presidency with Donald Trump and Hillary Clinton slated for their second of three debates during the session and China markets re-opening after a week-long holiday. Yellow metal prices further improved as the dollar weakened against a basket of major currencies.
Crude oil futures suffered some profit taking on Friday, failing to sustain $50 a barrel after Baker Hughes said U.S. rig counts continued to rise. Also, the Iraqi Oil Minister Jabar al-Luaibi called on local and foreign companies operating in Iraq to continue increasing oil and natural gas output in 2017. Report from oil services firm Baker Hughes showed that drillers added three oil rigs in the week to Oct. 7, bringing the total count up to 428.
Technical Level
Gold
Support at 29300 and Resistance at 30000---30150.
Trend looks positive and could test 30000---30150. Fresh selling can initiate only close below 29300.
We will expect range bound trading for next few trading session in the range of 29300---30150.
Nimble traders can buy Gold in panic around 29500---29450 with stop loss below 29300 for the upside target of 30000---30150.
Immediate support at 30600 and resistance at 30900
Trade with levels only.
Silver
Support at 41000 and Resistance at 42900---43500.
Too looks positive and could test its resistance. Fresh selling can initiate only close below 41000 mark.
Trade safely with levels only.
Crude oil
Support at 3270 and Resistance at 3360
Close above 3360 will take to 3420---3480 else it could test its support level of 3270 again. Close below 3270 will take to 3220---3180 and then to 3100.
Trade safely with levels only.
