Gold futures edged lower on Monday after centrist Macron led the first round of voting in the French presidential election, boosting stocks and triggering a sell-off of safe-haven bullion. Investors will focus on Thursday’s European Central Bank meeting and Friday’s euro zone inflation data. Investors will also focus on preliminary estimates of first quarter growth from the UK and the US on Friday.
Crude oil futures traded higher on MCX as investors and speculators build up fresh bets in the energy commodity on hopes that OPEC will extend a pledge to slash output to cover all of 2017 to restore balance to a market dogged by oversupply. However, US drillers added oil rigs for the 14th week in a row, to 688 rigs, extending an 11-month recovery that is expected to boost US shale production next month, capped gains.
Comex copper futures traded marginally lower, with poor physical demand outstripping positive Chinese data. Meanwhile, copper prices in London market suffered a third week of losses amid a broad decline for industrial metals on Friday as worries over political instability and global demand prompted investors to cut bets on higher price
Technical Level
Gold
Support at 28900 and Resistance at 29250
Close below 28900 will take it to 28400---28050 and then to 27600 mark else could touch its resistance level of 29250 again.
Fresh buying can be initiated above 29250 mark
Silver
Support at 40600 and Resistance at 41400
Trend looks weak and could test its support level of 40600. Break and close below 40600 will take it to 40050---39800 else it could touch its resistance level of 41400 mark again
Trade in a range with levels only
Crude Oil
Support at 3195 and Resistance 3280
Below 3195 it can touch 3130---3080 mark in days to come else could touch its resistance level of 3250---3280 mark.
Fresh buying can be initiated above 3280 only
Natural Gas
Support at 199.50 and Resistance at 205
Break and sustain below 199.50 will take it to 196---192 mark in days to come else could touch its resistance level of 205.00
Fresh buying can be initiated above 205
Copper
Support at 360—356 and resistance at 367
Trading in range either side breakout with volume will decide further.
More will update soon!!
