Gold futures declined on MCX, with stock markets climbing and the dollar firming after upbeat US private sector job figures appeared to boost the prospects for an interest rate hike this month. Investors will be looking for further clues on the timing of rate rises in US non-farm payroll data due later in the day.
Crude oil futures traded lower on MCX as investors and speculators exited their positions in the energy commodity amid worries that US President Trump's decision to quit global climate agreement could spark more crude drilling in the US, and will strongly hit OPEC’s efforts to drain a global crude supply overhang.
Copper futures traded down on MCX as investors exited their positions in the industrial metal on concerns over weakening demand and oversupply. Besides, investors shifted their focus towards equities from hard commodities tracking robust US and European industrial data too fuelled the downtrend.
Technical Level
Gold
Support at 28800 and Resistance at 29000---29150
Weekly close below 28800 will take it to 28550---28400 and then to 28150 mark else could touch its resistance level of 29000---29150 mark
Fresh buying can be initiated above 29150.
Silver
Support at 39300 and resistance at 40200.
Either side break or close with volume will decide further. Till then trade in a range with strict stop loss and wait for confirmation
Crude
Weekly close below 3025 will see more downside panic till 2950---2920 and then to 2800 mark
Hurdle at 3130 mark.
Natural Gas
Support at 193 and Resistance at 198
Weekly close below 193 will take to 188---185 and then to 182.50 mark else could touch its resistance level of 198 again.
Fresh buying can be initiated above 198.
More will update soon!!
