Gold futures declined on MCX as speculators exited their positions in the precious metal as investors waiting for greater clarity on US President Donald Trump's economic policy. Investors keenly awaited the Trump’s policy speech to a joint session of Congress on Tuesday night where he is expected to provide clues on his plans to cut taxes.
Crude oil futures traded higher on MCX as investors and speculators extended their positions in the energy commodity as a global supply glut appeared to ease. However, rising US production limited some gains. Reports from US Energy Information Administration (EIA) showed the US crude inventories rose for a seventh straight week.
Copper futures showed mixed trend on MCX as the February contracts traded lower as speculators trimmed positions, taking negative cues from spot market on subdued demand from consuming industries, while April contracts traded higher by simmering concerns over supply amid production stoppages at the world's two biggest copper mines.
Technical Level
Gold
Support at 29450 and Resistance at 29650
Break and sustain above 29650 will take to 29750---29820 and then to 30000+++ mark in days to come else could touch its support level of 29450 again.
Looks weak only close below 29450 mark.
Trade with levels only.
Silver
Support at 43000 and Resistance at 43450.
Looks positive and could touch its resistance level of 43450. Break and close above 43450 will take to 43800---44000 and then to 44300+ mark in days to come else could touch its support level of 43000 again.
Looks weak only close below 43000 mark
Crude Oil
Support at 3600---3570 and Resistance at 3700
Trading in range either side breakout with volumes will decide further till then traders and trade with strict stop loss.
Copper
Support at 386 and resistance at 396
Fresh buying can be initiated above 396. Close above 396 will take to 400---402 and then to 406 mark again else it could test its support level of 390---386 again.
Further downside panic will see only close below 386 mark.
Trade with levels only
Major Economic Data
07:00 P.M Core Durable Goods Orders m/m: Previous 0.5% Forecast 0.5% Actual –??
Impact – Increase in Core Durable Goods Orders m/m– will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
07:00 P.M Durable Goods Orders m/m: Previous 1.6% Forecast -0.5% Actual –??
Impact – Increase in Core Durable Goods Orders m/m– will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
08:30 P.M Pending Home Sales m/m: Previous 1.6% Forecast 0.1% Actual –??
Impact – Increase in Pending Home Sales – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
