Gold futures edged lower on Monday on a firm dollar as markets awaited comments by a top Federal Reserve official for clues on whether recent strength can be sustained, after last week's soft economic data. US homebuilding fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly, suggesting that housing could be a drag on economic growth in the second quarter.
Crude oil futures traded marginally lower on MCX as investors and speculators exited their positions in the energy commodity, in line with a weak trend in Asian trade after a fourth weekly loss on speculation that a record expansion by US drillers will blunt OPEC-led efforts to rebalance an oversupplied market. Further, faltering demand too prompted weakening sentiment.
Copper futures edged higher on MCX as participants widened their bets, taking positive cues from the spot market on pick-up in demand.
Technical Level
Gold
Support at 28550 and Resistance 28700
Close below 28550 will take it to 28400—28250 mark. If unable to breach its support level then it can touch its resistance level of 28700 again.
Further upside rally will see above 28700 mark.
Silver
Support at 38200 and Resistance at 38700
Close below 38200 will take it to 37700 mark else could touch its resistance level of 38700 again
Fresh buying can be initiated above 38700 mark.
Crude (July)
Support at 2880 and Resistance at 2930
Trading in range either side breakout with volumes will decide further.
Natural Gas
Support at 186.00 and Resistance at 195
Looks weak and could touch its support level of 186.00. Close below 186.00 will take it to 182---178 mark else could touch its resistance level of 195.00
Fresh buying can be initiated above 195.00 mark.
Copper
Above 368….. Rally remain continue till 372---375 and then to 380+++ mark in days to come.
Support intact at 363 mark
More will update soon!!
