Gold futures ended higher on Tuesday after a strong debate performance from French centrist presidential candidate Emmanuel Macron and as fading expectations for near-term US interest rate hikes pushed the dollar lower. Yellow metal prices further improved by increased safe haven demand as US stocks took a turn for the worse.
Crude oil futures resumed their decline on Tuesday, just a day after showing some recovery. Traders were concerned with expectations of brimming US oil stockpiles, ahead of a report on US inventories from the Energy Information Administration (EIA) due to be released on Wednesday. Investors feared that the next batch of inventories data would reveal a rise in U.S. crude stockpiles and disregarded a report suggesting that OPEC oil producers increasingly favor extending its deal to cut oil production beyond June.
Copper futures ended lower on Tuesday as supply disruptions in Chile’s Escondida copper mine and Indonesia's Grasberg mine were viewed as drawing to a close. Freeport-McMoRan's Indonesian operation has resumed copper concentrate production at its Grasberg mine, ending a stoppage of more than a month. While, the union representing striking workers at BHP Billiton's Escondida mine in Chile said it was open to further conversations that could lead to a reopening of negotiations.
Technical Level
Gold
Support at 28800 and resistance at 28920
Break and sustain below 28800 will take it to 28500---28200 mark else could touch its resistance level of 28920
Fresh buying can be initiated above 28920
Silver
Support at 40900 and resistance at 41500
Break and sustain below 40900 will take it to 40400---40000 and then to 39800 mark else could touch its resistance level of 41500 mark.
Further upside rally only close above 41500
Crude Oil
Support at 3100 and Resistance 3180---3250
Break and sustain below 3100 will take it to 3050---3020 mark and then to 2960 mark else could touch its resistance level of 3180---3250 again.
Further upside rally will see only above 3250 only
Copper
Below 377 panic remain continue till 373---369 and then to 366 mark else could touch its resistance level of 386.00
Further upside will see only above 386.00
Economic Data
08:30 P.M Existing Home Sales: Previous 5.69M Forecast 5.59M Actual –??
Impact – Increase in Existing Home Sales – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
08:00 P.M Crude Oil Inventories: Previous -0.2M, Forecast 1.9M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices vice versa.
More will update soon!!
