Gold futures edged lower on Monday as Donald Trump's first visits abroad as president were in focus with a flurry of deals signed in Saudi Arabia in the first stop and with investors shrugging off the latest missile test by North Korea at the weekend. In the week ahead, investors will be looking at Wednesday’s Federal Reserve meeting minutes for fresh indications on the possible timing of the next US rate hike. Revised data on US first quarter growth and private sector survey data out of the euro zone will also be in focus.
Crude oil futures traded higher on MCX as investors and speculators extended their positions in the energy commodity amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, likely to extend production cut until March 2018. Traders are expecting that the output cut extension will be discussed in the meeting of OPEC and its allies in Vienna on Thursday.
Copper futures edged higher on MCX despite a weak trend in base metals at spot markets on muted demand from consuming industries.
Technical Level
Gold
Support at 28500 and Resistance at 28900
Looks positive and could touch its resistance level of 28750---28900. Further upside rally will see on close above 28900 mark else could touch its support level of 28500 again.
Fresh selling can be initiated below 28500
Silver
Above 39400 rally remain continue till 39700—40000 and then to 40300 mark in days to come.
Support intact at 38900
Crude (June)
Support at 3250 and Resistance at 3330
Break and sustain above 3330 will take it to 3380—3420 and then to 3480+++ mark in days to come else could touch its support level of 3250 again.
Fresh selling can be initiated below 3250 mark.
Natural Gas
Support at 208 and Resistance at 220
Trend looks positive and could touch its resistance level of 220.
Fresh selling can be initiated below only 208 mark.
Copper
Support at 367.50 and Resistance at 371
Above 371 will take it to 375—378 and then to 385+++ mark in days to come else it could touch its support level of 367.50 again.
362 act as major support in Copper.
More will update soon!!
