Gold futures edged lower on MCX as investors remained cautious ahead of a two-day US Federal Reserve meeting that is likely to provide hints on the central bank's interest rate policy for the remainder of the year.
Crude oil futures extended their gains on Monday, trimming some of last week’s losses despite further signs of robust U.S. production. Prices got a boost after Saudi Arabia and Russia attempted to quell investor fears concerning the glut in supply, insisting that declines in inventories will accelerate over the near term. Meanwhile, Energy Information Administration (EIA) in its latest monthly release said that oil production from the biggest US shale fields will rise by 127,000 barrels a day to 5.475 million barrels a day in July from June. Surging US production has offset production quotas from OPEC and Russia this year.
Comex copper futures ended lower on Monday, while London copper prices too fell ahead of a meeting of the US Federal Reserve and economic data from top consumer China that could yield clues to future demand growth. However, some losses were capped by a lower US currency, which when it falls makes dollar-denominated metals cheaper for non-US firms, potentially boosting demand.
Technical Level
Gold
Below 28900 panic remain 28750---28600 mark else could touch its resistance level of 29050
Fresh buying can be initiated above 29050.
Silver
As expected... We have seen free fall in Silver. From 40400---39777
Today again told to sell below 39000 mark
Now what to expect???
Trend looks weak and could touch its support level of 38700. Break and sustain below 38700 will take it to 38450---38200 mark.
Book part profit and revise stop loss of 39200
Crude
Support at 2975 and Resistance at 3015
Break and sustain below 2975 will take it to 2930—2880 and then to 2800 mark else it could touch its resistance level of 3015 again.
Trade with levels only
Natural Gas
Support at 194.50---191.50 and Resistance at 199.50
Trading in range either side breakout with volumes will decide further.
Copper
Our sell call of Copper proven great and now trading around 369
Now what to expect???
Close below 368 will take it 363---360 and then to 356 mark else it could test it's resistance level of 376---380 again
Trade with levels only.
Economic Data
06:00 P.M PPI m/m: Previous 0.5% Forecast 0.0%, Actual –??
Impact – Increase in PPI m/m – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
More will update soon!!
