Gold futures edged slightly higher on Monday after mixed regional data sets and political risk events this week in focus. In the week ahead, investors will be looking to Wednesday’s Fed minutes for fresh indications on the timing of the next US rate hike ahead of Friday’s closely watched nonfarm payrolls report and a meeting between Chinese President Xi Jinping and US President Donald Trump in Florida.
Crude oil futures traded marginally higher on MCX as investors and speculators extended their positions in the energy commodity on upbeat sentiment about economic prospects in Asia and Europe, which diminished higher US rig count worries. However, a stronger US Dollar capped some gains of the commodity.
Comex copper futures traded lower on Monday as labour disruptions at mines in Chile, Peru and Indonesia get resolved. Meanwhile, London copper prices held steady on the first day of the second quarter amid encouraging trade signals out of Asia, although the world's top user China was out for a long weekend draining the market of direction.
Technical Level
Gold (June)
Gold Support at 28550 and Resistance at 28850
Break and sustain below 28550 will take it to 28400--28150 and then to 2800 mark else could touch its resistance level of 28850.
Further upside rally will see only above 28850
Silver
Support at 41900 and Resistance 42450
Below 41900 it can touch 41500--41200 and then to 40800 mark else could touch its resistance level of 42500
Fresh buying can be initiated above 42500
Crude Oil
Support at 3250 and Resistance 3335
Looks positive and could touch its resistance level of 3350. Further upside rally will see only close above 3350 else could touch its support level of 3250 again.
Fresh selling can be initiated below 3250
Trade with levels only
Natural Gas
Support at 205 and Resistance at 211.50
Break and sustain above 211.50 will take it to 216.50—220 and then to 223.50+ mark else could touch its support level of 205
Looks weak below 205 only.
Copper
Support at 378 and Resistance at 386
Trading in range either side breakout with volumes will decide further till then trades can trade in range with strict stop loss.
Economic Data
07:30 P.M ISM Manufacturing PMI: Previous 57.7 Forecast 57.2 Actual –??
Impact – Increase in ISM Manufacturing PMI – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
