Gold futures edged higher on Monday supported by a weaker dollar, after falling to the lowest in over two weeks in the previous session after the US Federal Reserve signaled it would raise interest rates in March. Ahead of the Fed’s meeting this month, data on nonfarm payrolls for February will be released on March 10.
Crude oil futures traded marginally lower on MCX as investors and speculators exited their positions in the energy commodity on lingering worries over lower growth targets in China which could hurt oil demand. China aims to expand its economy by around 6.5 percent this year, lower than the 6.7 percent growth achieved last year. Further, ongoing concerns over Russia's compliance with a global deal to cut crude oil output, too influenced crude oil prices.
Copper futures traded down on MCX as speculators offloaded bets, amid muted demand at the domestic spot markets. However, some losses were capped due to the gains in metal at the London Metal Exchange (LME).
Technical Level
Gold
Support at 28900 and Resistance 29240
Below 29070 will see panic till 29020---28960 and then to 28900. Further downside panic will see only close below 28900 mark else could touch its resistance level of 29240 again.
Fresh buying can be initiated above 29240
Break and sustain above 29240 will take to 29330---29380
Trade with levels only.
Silver
Support at 42250 and Resistance at 42800
Break and sustain below 42250 will take to 42000---41800 mark in days to come else could touch its resistance level of 42800
Looks positive only close below 42800 mark
Trade with levels only.
Crude Oil
Support at 3520 and Resistance at 3570.
Close below 3520 will take it to 3480---3430 mark. Further downside panic will see close below 3430 else it could touch its resistance levels of 3570 again.
Trade with levels only.
Copper
Support at 392 and resistance at 400
Close below 392 will take to 389---386 mark else it could touch its resistance level of 400 again.
Trade with levels only
More will update soon!!
