Gold futures ended higher on Monday as traders looked to coming US economic data, comments from various Federal Reserve speakers and a meeting of the European Central Bank later this week for clues on monetary policy. Yellow metal prices improved further as the dollar slipped against a basket of major currencies.
Crude oil futures declined on Monday, with Nymex crude once again slipping below $50 a barrel amid signs that Iran will pick up the slack when Saudi Arabia and Russia curb output. The trade was weighed by oversupply concerns, with a spike in trade volume. Though, during the day prices showed some upmove after the US Energy Information Administration (EIA) showed shale oil production was expected to fall by 30,000 barrels per day (bdp) in November.
Copper futures ended marginally lower on Monday, driven by concerns over demand from the world’s top metal consumer after disappointing Chinese import data last week. In trade data, China's imports of unwrought copper and copper products fell 2.9% month-on-month and 26.1% year-on-year to 340,000 tonnes in September - this was also the sixth consecutive month-on-month decline.
Technical Level
Gold
Support at 29580 and Resistance at 29880
Trading in range either side break or close with volume will decide further.
Trade with levels only.
Silver
Support at 41800---41550 and Resistance at 42300
Close above 42300 it could test 42800---43300 else it could test its support level of 41800---41550 again.
Trade safely with levels only.
Crude oil
Support at 3270 and Resistance at 3420
Above 3370... It could test 3400---3420 else it could test its support level of 3270
Further downside panic will see only close below 3270 mark
Trade with levels only
Copper
Support at 312 and Resistance at 316
Above 316 it could touch of 319--323. Closes below 312 will take to 309---306 mark in days to come.
Trade with levels only
Major Economic Data Updates
06:00 P.M CPI m/m: Previous 0.2% Forecast 0.3%, Actual –
Impact – Increase in CPI – will have negative impact bullion and positive impact on base metals and dollar index and vice – versa.
06:00 P.M Core CPI m/m: Previous 0.3%, Forecast 0.2%, Actual –??
Impact – Increase in Core CPI – will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
