Gold futures edged lower on Monday with views ahead of the June policy review by the Fed key for the precious metal. In the week ahead, investors will be turning their attention to Wednesday’s Federal Reserve policy meeting, where the central bank is widely expected to deliver its second rate hike so far this year. Markets will also be watching central bank meetings in the UK, Japan and Switzerland.
Crude oil futures traded marginally higher on MCX as traders bet the market may have bottomed after recent falls, even as physical markets remain bloated, especially from a relentless rise in US drilling.
Comex copper futures ended higher on Thursday as investors reacted positively to the import data from China. Chinese imports jumped 14.8 percent year on year, accelerating from an 11.9 percent rise in April and blowing past expectations of an 8.5 percent rise.
Technical Level
Gold
Support at 28900 and Resistance at 29200
Trend looks weak and could touch its support level of 28900. Break and sustain below 28900 will take it to 28750---28600 mark else could touch its resistance level of 29200 mark.
Fresh buying can be initiated above 29200
Silver
Support at 39300 and Resistance at 40050
Looks weak and could touch its support level of 39300, Close below 39300 will take it to 39000—38700 mark in days to come.
Hurdle at 40050 mark.
Crude
Support at 2940 and Resistance at 3030--3080
Traders can trade in a range with strict stop loss and wait for confirmation.
Natural Gas
Support at 193.50 and Resistance at 199.50
Trading in range either side breakout with volumes will decide further.
Copper
Support at 373 and Resistance at 378
Close above 378 will take to 382—385 and then to 391 mark else could touch its support level of 373 again
Fresh selling can be initiated below 373 mark.
More will update soon!!
