Gold futures ended lower on Monday as the dollar strengthened against a basket of major currencies on stronger-than-expected US manufacturing data and investors awaited jobs data later this week for clues about whether US interest rates would rise by the year-end. The Institute for Supply Management (ISM) reported that the US Manufacturing index for September came up to 51.5, from 49.4 in the previous month. Construction spending fell 0.7 percent in August, with analysts expecting a 0.2 percent increase.
Crude oil futures extended their gains to the new week and surged by over a percent on Monday, with Brent settling above $50 a barrel the first time since August and U.S. crude hitting three-month highs. Prices got some support with a report that Iranian President Hassan Rouhani had told his Venezuelan counterpart Nicolás Maduro that it was essential for oil producing countries to take a decision to raise the price of oil and stabilize the market.
Copper futures ended lower on Monday on account of funds sell off in global markets, though some losses were capped by expectations of firmer demand in world’s top consumer China after improving economic data. Reports out on Saturday showed that activity in China's manufacturing sector expanded for a second month in a row in September.
Technical levels
Gold
Support at 30750 and Resistance at 31050
Two consecutive closes below 30750 will take to 30280---30050 and then to 29700 mark in days to come else it could test its resistance level of 31050 again
Further upside rally will see only close above 31050 mark.
On comex division, Gold has support at $1303---$1296. Close below $1296 will see sharp downside panic in it.
Trade safely with levels only
Silver
Support at 44800 and Resistance at 45150---45900
Close below 44800 will take to 44200---43500. Three consecutive closes + weekly close below 43500 will see free fall in Silver else it could test its resistance level of 45150 and then to 45500---45900 again
Further upside rally will see only close above 45900
Trade with levels only
Crude oil
Support at 3190 and Resistance at 3260
Close below 3190 will take to 3130---3080 and then to 3025 mark else it could test its resistance level of 3260 again
Further upside rally will see only close above 3260 mark
Trade with levels only
Further upside rally will see only close above 3260 mark
Trade with levels only
Natural Gas
Support at 186 and Resistance at 200
Looks weak and could test its support level of 186. Further downside panic will see only close below 186 else it could test its resistance level of 200 again
Further upside rally will see only close above 200
Trade with levels only
Looks weak and could test its support level of 186. Further downside panic will see only close below 186 else it could test its resistance level of 200 again
Further upside rally will see only close above 200
Trade with levels only
