Gold futures edged lower on MCX as investors exited their positions in the precious metal on firm US dollar. Meanwhile, easing tensions over North Korea too dampened demand for safe-haven assets.
Crude oil futures traded marginally lower on MCX as investors and speculators cut down their bets in the energy commodity after a surprising jump in US gasoline inventories and a rise in domestic crude output. However, Kuwait noted that it expected an OPEC-led effort to cut supplies would be extended beyond the middle of the year, capped some losses.
Nickel futures edged higher on MCX as participants inflated their holdings on the back of pickup in demand from alloy-makers at the domestic spot market.
Keep eyes on today’s Economic Data:
(Later in the day, US Unemployment claim expected to come at 241k against 234k marked previously while, Natural Gas inventory expected to rise at 49B against 10B noted previously)
Technical Level
Gold
Support at 29150 and Resistance at 29400
Close below 29150 will take it to 29050---28900 mark in days to come else could touch its resistance level of 29400 again.
Further upside rally will see only close above 29400 mark.
Silver
Support at 41600---41000 and Resistance at 42200
If unable to breach its resistance level of 42200 then we can expect it to touch its support level of 41600---41400 and then to 41000 again.
Further upside rally will see above 42200 mark.
Crude oil
Support at 3300 and Resistance 3380
Below 3300 will see panic till 3270—3230 mark else could touch its resistance level of 3340---3380 mark again
Fresh buying can be initiated above 3380 mark only.
Natural Gas
Support at 201.00 and Resistance at 209
Break and sustain below 201.00 will take it to 196—192 and then to 189 mark in days to come else could test its resistance level of 209 again.
Fresh buying can be initiated only above 209
Copper
Support at 356 and resistance at 367
If it unable to breach its support level of 367 then we will see panic till 360---356 again.
Further downside panic will see only close below 356 else it could test its resistance level of 367 again.
Further upside rally will see only close above 367 mark
Trade in a range with levels only
More will update soon!!
