Gold futures edged lower on MCX as speculators remained on the side-lines in the precious metal as safe-haven demand faded amid lack of cues as most of the Asian equity markets are closed today. However, closeness of Britain's upcoming elections, prospect of early elections in Italy and worries over Greek debt capped some losses in gold futures.
Crude oil futures showed further upmove on Monday in a holiday thinned trade. The market though remained cautious as increases in U.S. drilling activity have undercut an OPEC-led push to tighten supply. Traders are uncertain about whether the extension of output cuts by OPEC and other producing countries will be enough to support prices.
Copper futures traded down on MCX as participants indulged in reducing positions, tracking a weak trend in base metals at the domestic spot markets due to subdued demand.
Technical Level
Gold
Support at 28800 and Resistance at 29000
Break and sustain below 28800 will take it to 28600---28500 mark else could touch its resistance level of 29000 again.
Fresh buying can initiated on close above 29000
Silver
Support at 40100 and Resistance at 40500
Close below 40100 will take it to 39800---39450 mark else could touch its resistance level of 40500 again.
Fresh buying can initiated above 40500 mark.
Crude
Support at 3180 and Resistance at 3270
Break and sustain below 3180 will take it to 3150—3120 mark in days to come else could touch its resistance level of 3270 again.
Fresh buying can be initiated above 3270 mark.
Copper
Support at 363 and Resistance at 370
Break and sustain below 363 will take it to 359—356 mark in days to come else could touch its resistance level of 370 again.
Any sharp rise will be selling opportunity with stop loss above 375 on closing basis.
More will update soon!!
