Gold futures edged higher on MCX on account of buying of precious metals from jewellers, retailers and industries. However, the firmer US dollar kept the price move in check as global markets digested Sunday’s French election.
Crude oil futures traded 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 into the second half of the year and beyond 2017. However, concerns over slowing demand and a relentless rise in US crude output, restricted further rise in crude oil prices.
Copper futures ended lower on Monday after another set of weak Chinese data raised doubts about demand from the world’s largest copper consumer. China's April copper imports fell 30 percent month on month to 300,000 tonnes, data from the General Administration of Customs showed, and were down by a third from a year ago as a subdued outlook for industrial activity weighed on demand.
Technical Level
Gold
Support at 28020---27900 and Resistance at 28250
Trading in range either side breakout with volumes will decide further.
Silver
Support at 37800 and Resistance 38700
Too trading in range either side breakout with volumes will decide further till then traders can trade in range with strict stop loss.
Crude
Support at 2990 and Resistance at 3025
Close above 3025 will take it to 3050—3080 and then to 3130++ mark in days to come else could touch its support level of 2990 mark again.
Close below 2990 will take to 2950---2920 and then to 2880 mark
Natural Gas
Support at 202.00 and Resistance at 211.50
Below 202, it can touch 199—196 and then to 191.50 mark in days to come else could touch its resistance level of 211.50 again.
Fresh buying can be initiated above 211.50
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
Economic Data
07:30 P.M JOLTS Job Openings: Previous 5.74M Forecast 5.67M, Actual –??
Impact – Increase in JOLTS Job Openings – will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
More will update soon!!
