Gold futures edged higher on Monday after centrist Emmanuel Macron matched opinion poll expectations and beat anti-EU far-right candidate Marine Le Pen and as investors looked ahead to China trade data. Investors will also be looking ahead to Friday’s US data on inflation and retail sales to gauge if the economy is on a strong enough footing for another rate hike as soon as next month.
Crude oil futures traded marginally higher on MCX as investors and speculators extended their positions in the energy commodity on expectation that the OPEC-led production cut likely to extend beyond 2017.
Copper futures edged down on MCX due to offloading of positions by participants tracking weak global cues and low demand at the domestic spot markets.
Technical Level
Gold
Support at 28020---27900 and Resistance at 28250
Break and sustain above 28250 will take it to 28500---28650+++ mark in days to come else could touch its support level of 28020—27900 again.
Fresh selling can be initiated below 27900 mark.
Silver
Support at 37800 and Resistance 38700
Close below 37800 will take to 37500—37300 and then to 36800 mark else could touch its resistance level of 38700 mark again.
Fresh buying can be initiated above 38700 only.
Crude
Support at 2950 and Resistance at 3025
Close below 2950 will take it to 2900—2880 and then to 2830 mark else it could touch its resistance level of 3025 again.
Fresh buying can be initiated on close above 3025 only
Natural Gas
Support at 201 and Resistance at 209---213.50
Trading in range either side breakout with volumes will decide further.
Copper
Support at 356 and Resistance at 363
Close below 356 will take it to 350---345 and then 335 mark in days to come, else could touch its resistance level of 363
Fresh buying can be initiated above 363
More will update soon!!
