Gold futures ended higher on Monday as the dollar shed some of the hefty gains made the previous week on bets that US President-elect Donald Trump's plans for fiscal stimulus would prove inflation. Though, some gains were capped on expectations for a US Federal Reserve interest rate hike.
Crude oil futures surged on Monday on Russian leader Vladimir Putin's confidence that a deal with OPEC to curb supplies is imminent, and as dollar gave back some ground versus major rivals after soaring to a 14-year high. Meanwhile, the major oil producing countries appeared to be moving closer to agreeing to limit output. Russian President Vladimir Putin said he saw no obstacle to freezing oil output, which at more than 11 million barrels per day is at a post-Soviet high. In the last several days, several members of the group, including Iran, along with non-member Russia, have suggested they are likely to agree to a deal to limit output.
Copper futures ended higher on Monday, supported by stronger oil prices and on expectations of improving appetite from world’s top industrial metal consumer China. Besides, dollar’s weakness against a basket of major currencies after hitting its highest levels in almost 14 years on Friday, too supported copper prices’ uptrend. However, expectations that the Federal Reserve will raise interest rates in December, capped some gains.
Technical Level
Gold
Support at 29150 and resistance at 29250. CMP 29200
Break and sustain below 29150 will take to 29050---28980 and then to 29900. Further downside panic will see only close below 29900 mark else it could test its resistance level of 29250 again
Above 29250…. It can touch 29450—29550 mark.
Trade with levels only
Silver
Support at 40750 and resistance at 41200
Break and sustain below 40750 will take to 40500---40250---40000. Further downside panic will see only close below 40000 mark else it could test its resistance level of 41200 again.
Break and sustain above 41200 will take to 41700---42000 and then to 42300 mark
Trade with levels only
Crude Oil
Support at 3300 and resistance at 3330--3365
Break and sustain below 3300 will take it to 3270—3245 and then to 3200 mark.
Fresh buying only above close 3365 mark
Trade with levels only
Copper
Support at 382---376 and resistance at 388
Break and sustain above 388 will take it to 394—398 and then to 404+ mark in days to come else it could test its support level of 382 and then to 379---376 mark.
Looks weak only if close below 376
Trade with levels only.
More will update soon!!
