Gold futures ended lower on Monday as polls showed centrist candidate Emmanuel Macron easily beating anti-EU stalwart Marine Le Pen in the May 7 French presidential election. Macron emerged as the top vote-getter in yesterday's first round of the French electoral process. A victory for Macron next month would likely mean the status quo for the EU and euro currency. However, some losses were capped as the dollar slipped against a basket of major currencies and simmering geopolitical tensions in North Korea and the Middle East.
Crude oil futures traded marginally lower on MCX as investors and speculators exited their positions in the energy commodity as traders lose confidence that pledged output cuts by major oil producers will rein in oversupply. Moreover, Russia hinted that its oil output could climb to the highest rate in 30 years if OPEC and non-OPEC producers do not extend a supply reduction deal beyond June 30.
Comex copper futures ended marginally higher on Monday, while London copper prices too rose as centrist candidate Emmanuel Macron's strong performance in the first round of the French presidential election boosted appetite for cyclical assets.
Technical Level
Gold
Below 28900 panic remain continue till 28600---28450 mark.
Hurdle and stop loss above 28300.
Silver
Support at 40600 and Resistance at 41400
Break and sustain below 40600 will take it to 40050—39800 mark, else could touch its resistance level of 41400 mark.
Further upside rally will see above 41400
Crude Oil
Below 3195 panic remain continue till 3130—3080 mark in days to come.
Resistance and Stop loss above 3230
Fresh buying can be initiated above 3230
Natural Gas
Support at 202 and Resistance at 209
Break and sustain below 202 will take it to 196—193 and then to 189 mark in days to come else could touch its resistance level of 209
Fresh buying can be initiated above 209
Copper
Support at 360—356 and resistance at 368
Above 368 will take it to 371—373 and then to 378+ mark in days to come.
Else could touch its support level of 360—356 again.
Economic Data
07:30 P.M New Home Sales: Previous 592K, Forecast 590K, Actual –??
Impact – Increase in New Home Sales - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:00 P.M CB Consumer Confidence: Previous 125.6, Forecast 123.7, Actual –??
Impact – Increase in CB Consumer Confidence - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
More will update soon!!
