Gold futures edged slightly higher on Today with geopolitical tensions in focus as the US moved an aircraft carrier group closer to the Korean peninsula and as concerns linger over a missile strike on a Syrian airbase last week remain. Though, some gains were capped as the dollar strengthened against a basket of major currencies.
Crude oil futures traded higher on MCX as investors and speculators extended their positions in the energy commodity buoyed by strong demand and political uncertainty in Syria following the US missile air strikes on Syria last week. However, rise in the US drilling activity kept a lid on further gains in crude oil prices.
Comex copper futures ended lower on Friday, while London copper prices too declined after a US missile strike on Syria prompted investors to move out of riskier assets and the biggest sell-off in Chinese steel futures in two months spilled over into industrial metals.
Technical Level
Gold
Support at 28650 and Resistance at 29000
Break and sustain below 28650 will take it to 28400---28300 and then to 28050 mark else it could touch its resistance level of 29000 mark again.
Further upside rally will see only above 29000
Silver
Support at 41000 and Resistance 41750
Trend look weak and could touch its support level of 41000, break and sustain below 41000 it can touch 40700---40450 and then to 39800 mark.
Any sharp rise will be selling opportunity in it. Stop loss above 41750 on closing basis.
Crude Oil
Support at 3350--3320 and Resistance 3400
Break and sustain above 3400 will take it to 3470---3520+ mark else could touch its support level of 3350—3320 mark.
Fresh selling can initiate only close below 3320 mark.
Trade with levels only
Copper
Support at 370 and Resistance at 379---386
Looks weak, and could touch its support level of 370. Close below 370 will take it to 365—362 mark else could touch its resistance level of 379---386 again.
Fresh buying can be initiated above 386 mark only.
More will update soon!!
