Gold futures ended higher on Monday as the US dollar fell against the euro, while US political turmoil fueled demand for bullion as a safe-haven and reduced expectations of rapid US interest rate rises.
Crude oil futures traded lower on MCX as investors and speculators exited their positions in the energy commodity after reports that the US President Trump proposed the sale of half the country's strategic oil reserves, despite efforts of the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to slash output to tighten supply in the market. OPEC and its allies will meet in Vienna on Thursday to discuss output cut extension until March 2018.
Copper futures ended higher on Monday, supported by weaker US currency, which makes dollar-denominated metals cheaper for non US-firms, potentially boosting demand.
Technical Level
Gold
Support at 28500 and Resistance at 28900
If unable to close above its level of 28900 then it can touch its support level of 28700---28600 again.
Fresh buying can be initiated only close above 28900
Silver
Support at 39600 and Resistance at 40000
Break and sustain below 39600 will take it to 39350---39000 mark else could touch its resistance level of 40000 again.
Fresh buying can only be initiated above 40000.
Crude
Support at 3250 and Resistance at 3330
Break and sustain above 3330 will take it to 3380—3400 and then to 3450++ 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 372
Above 372 will take it to 378---383+++ mark in days to come else it could touch its support level of 367.50 again.
Fresh selling can be initiated below 367.50
More will update soon!!
