Gold futures were little changed during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the precious metals as dollar weekend, although the prospect of further US interest rate hikes curbed gains. Further the outlook for US interest rate will be more cleared after the FED Chairperson Janet Yellen meeting on Thursday. Though investors right now keenly watching Donald Trump conference on Wednesday which will give more details about the policies which he will implement.
Crude oil futures fell in the afternoon session after the investors and speculators exited their position in the energy commodity on lingering doubts over supply cuts to curb the global cut. However, expectation is that some of the cuts planned by OPEC and other countries like Russia would materialize despite doubts over full implementation, restricted further fall in crude oil prices at future trade.
Base metals traded higher as weakness in the DX boosted dollar denominated commodities. Prices in Copper seems will likely to trade higher today as Chinese consumer inflation rose to a slower but steady pace, while PPI improved sharply, indicating economic recovery.
Technical Level
Gold
Support at 27800 and Resistance at 28200---28350.
Gold seems positive above 28000 and can touch the level of 28200---28350
Fresh selling can initiate only close below 27800
Silver
Support at 40200 and Resistance at 40900.
Silver seems bullish and can touch the level its resistance level of 40900. Further upside will see only close above 40900 else it could test its support level of 40500---40200 again.
Fresh selling can be initiated only close below 40200 mark
Crude oil
Support at 3530 and Resistance at 3600
Break and sustain below 3530 will take it to 3470---3440 else it could touch its resistance level of 3600 again.
Further upside rally will see above 3600.
Copper
Support at 380 and Resistance at 386
Copper above 386 looks bullish and could test 391----394+++ mark
Fresh selling can initiate only close below 380.
Major economic Data
08:30 P.M – JOLTS Job Openings – Previous 5.53M Forecast 5.59M Actual –??
Impact – Increase in JOLTS Job Openings – will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
/b>
