Gold futures ended lower on Monday as the dollar strengthened against a basket of major currencies after hawkish comments from a top Fed official, but uncertainty created by the start of talks on the terms of Britain's departure from the European Union prevented deeper losses.
Crude oil futures after a day of break once again declined on Monday, as the dollar strengthened on expectations the Federal Reserve will again raise interest rates in the next few months. Traders overlooked Saudi Energy Minister Khalid Al-Falih downplaying the impact of rising output from Libya, Nigeria and the United States, insisting that the oil market is expected to balance in the fourth quarter. The Saudi Energy minister’s comments came ahead of data on Monday showing Libya's oil production has risen by over 50,000 bpd to 885,000 bpd after the state oil firm settled a dispute with Germany's Wintershal.
Comex copper futures ended higher on Monday, while London copper prices too improved by data from China that indicated stronger demand for the commodity which is used in construction and power.
Technical Level
Gold
Support at 28500 and Resistance 28650
Close below 28500 will take it to 28250---28080 mark else could touch its resistance level of 28650.
Fresh buying can be initiated above 28650
.
Silver
Support at 38000 and Resistance at 38450
Close below 38000 will take it to 37700---37400 mark else could touch its resistance level of 38450 mark.
Fresh buying can be initiated above 38450 mark.
Crude (July)
Support at 2850 and Resistance at 2900
Close below 2850 will take to 2780---2730 and to our final target of 2696
Hurdle and stop loss intact above 2900 on closing basis.
Natural Gas
Support at 186.00 and Resistance at 190
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 190 again
Fresh buying can be initiated above 190 mark.
Copper
Support at 363 and Resistance at 371
Trading in range either side breakout with volumes will decide further.
Economic Data
No major economic data today.!!
More will update soon!!
