Gold futures edged higher on Monday as weaker-than-expected economic data from the US and a missile test by North Korea over the weekend weighed on risk appetite and pressured the dollar. US data showed a smaller-than-expected 0.4 percent increase in April retail sales from the previous month, while a disappointing report on consumer prices raised concerns about the retail sector and the broader economy.
Crude oil futures traded higher on MCX as investors and speculators extended their positions in the energy commodity after the energy ministers of the world's two biggest producers Saudi Arabia and Russia jointly said that a crude production cut would be extended from the middle of this year until March 2018.
Copper futures traded higher on MCX after participants widened their positions on the back of pick-up in domestic demand at the spot market. Further, firm trend in the base metals at the London Metal Exchange (LME) despite weak industrial output data from China too fuelled the uptrend. Reports showed that China's factory output rose 6.5 per cent in April from a year earlier, while fixed-asset investment grew 8.9 per cent in the first four months of the year, both worse than expectations.
Technical Level
Gold
Support at 27900 and Resistance at 28250---28400
Trading in range either side breakout with volumes will decide further till then traders can trade in range with strict stop loss.
Silver
Above 38400...Rally remain continue till 38700---39000 and then to 39700 mark in days to come
Support and stop loss intact at 38000---37700.
Crude
Support at 3080 and Resistance at 3200.
Looks positive can could touch its resistance level of 3200. Break and close above 3200 will see further upside rally in it else it could test its support level of 3080 again.
Further downside panic will see on close below 3080 mark.
Natural Gas
Support at 215.50 and Resistance at 221
Break and sustain above 221 will take it to 226—230+++ mark in days to come else could touch its support level of 215.50 mark.
Fresh selling can be initiated below 215.50
Copper
Support at 356 and Resistance at 365
Looks positive could touch its resistance level of 365. Close above 365 will take it to 371---375+++ mark else could touch its support level of 356 mark.
Fresh selling can be initiated below 356 mark.
Economic Data
06:00 P.M Empire State Manufacturing Index: Forecast 5.2 Previous 7.2 Actual??
Impact – Increase in Empire State Manufacturing Index – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
