Gold futures edged lower on MCX as investors and speculators exited their positions in the precious metal as safe-haven demand faded on rise in the US dollar against a basket of other currencies. Investors are looking ahead to a clutch of speeches from US Fed officials this week for clues on the timing of possible interest rate hikes.
Crude oil futures traded marginally higher on MCX, as investors and speculators widening their positions in the energy commodity amid optimism on efforts by OPEC and other producers to cut output and bring the market into balance. However, some gains were limited as investors gauged whether an increase in the US drilling rigs and record stockpiles would undermine efforts by OPEC.
Copper futures traded higher on Monday as near-term supply disruptions intensified after Indonesia's Grasberg, the world's second-biggest mine said it could not fulfill its promised shipments due to export permit issues.
Technical Level
Gold
Support at 29050---28900 and Resistance at 29500
Trade in a range with levels only and wait for confirmation.
Silver
Support at 42400 and Resistance at 43150
Trend looks positive and could touch its resistance level of 43150. Break and sustain above 43150 will take it to 43600---43900+ and then to 44500+ mark.
Fresh selling can be initiated below 42200
Crude Oil
Support at 3580 and Resistance at 3680
Looks positive and could test it's resistance level of 3680. Break clos3 above 3680 will see more upside rally in it else it could touch its support level of 3580 again.
Fresh selling can be initiated below 3580 mark.
Natural Gas
Support at 183—178 and resistance at 189
Trend looks weak and could touch its support level of 183—178, further downside panic will see below 178.00 else could touch its resistance level of 189.
Fresh buying can be initiated above 189.00
Copper
Support at 396 and resistance at 406.
Looks weak and could touch its support level of 396. Close below 396 will take to 391---386 mark else could touch its resistance level of 406.
Fresh buying can be initiated above 406
Trade in a range with levels only
More will update soon!!
