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 traded lower on MCX as investors and speculators exited their positions in the energy commodity amid lingering worries over rising output from Libya and US that is undermining OPEC-led cuts aimed at tightening supply. Reports showed that Libya's oil production is expected to rise to 800,000 barrels per day (bpd) this week.
Comex copper futures ended marginally lower on Tuesday, while London copper prices too fell in quiet trade as the market waited for top metals consumer China to return from a public holiday and data on Wednesday that is expected to show a slowdown in Chinese industrial growth. However, weaker dollar capped some losses in copper prices.
Technical Level
Gold
Support at 28850 and Resistance at 29150
Trading in a range either side breakout with volumes will decide further till then traders can trade in range with strict stop loss and wait for confirmation.
Silver
Support at 39800 and Resistance at 40100
Break and sustain above 40100 will take it to 40250---40400 and then to 40700 mark else it could touch its support level of 39800 again
Fresh selling can be initiated below 39800 mark.
Crude
Below 3180... Target intact 3120---3080 mark
Hurdle and revise stop loss at cost to cost.
Copper
Support at 362 and Resistance at 370
Break and sustain below 362 will take it to 358—355 mark in days to come else could touch its resistance level of 370 again.
Trade with levels only
More will update soon!!
More will update soon!!
