Gold futures declined on MCX due to a weakening trend in the overseas markets where gold declined as the dollar strengthened against a basket of major currencies, reducing the appeal of the precious metals as a safe haven after the US Federal Reserve kept interest rates unchanged as expected.
Crude oil futures traded marginally lower on MCX as investors and speculators trimmed their positions in the energy commodity on concerns that the OPEC-led production cut may not significantly tighten a bloated market. Also, rising output in Libya and the US, and a survey showing a fall last month in compliance with the Organization of the Petroleum Exporting Countries’ production cut, sent futures to their lowest settlements in several weeks.
Copper futures traded lower on MCX after a jump in inventories increased worries about an economic slowdown in China, the world's largest consumer of the metal. Though, some losses were capped as participants enlarged positions, largely on the back of pick-up in demand at the spot market.
Technical Level
Gold
Support at 28050---27900 and Resistance at 28400
Close below 28150 it can touch 28050---27900 mark in days to come else could touch its resistance level of 28400 again
Further upside rally will see above 28400 mark.
Silver
Support at 38200 and Resistance 38700
Trend looks weak and could touch its support level of 38200.
Break and sustain below 38200 will take it to 37800—37500 and then to 37000 mark in days to come else could touch its resistance level of 38700 again.
Further upside rally will see above 38700 mark.
Crude
Support at 3025 and Resistance at 3100
Close below 3025 will take it to 2970---2940 mark in days to come else could touch its resistance level of 3100 again
Further upside rally will see if closes above 3100
Copper
Support at 356 and Resistance at 365
Trend looks weak and could touch its support level of 356.
Further downside panic will see on close below 356 else it could touch its resistance level of 365 again.
Fresh buying can be initiated above 365
Economic Data
06:00 P.M Unemployment Claim: Previous 357K Forecast 346K, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
06:00 P.M Trade Balance: Previous -43.6B, Forecast -44.9B Actual –??
Impact – Increase in Trade Balance – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Factory Orders m/m: Previous 1.0%, Forecast 0.6% Actual –??
Impact – Increase in Factory Orders m/m – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
08:00 P.M Natural Gas Storage: Previous 74B, Forecast 61B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on natural gas prices or vice versa.
More will update soon!!
