Gold futures traded higher on MCX, recovering from the prior session's six-week low as market players looked ahead to comments from Federal Reserve Chair Janet Yellen for further signs of the central bank's likely rate hike trajectory through the end of the year.
Crude oil futures traded higher on MCX as investors and speculators indulged in covering up their short positions in the energy commodity despite lingering worries over a persistent global supply glut. The Organization of the Petroleum Exporting Countries (OPEC) and its partners has been trying to reduce a global glut with output cuts. OPEC nations and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March 2018.
Comex copper futures ended marginally higher on Monday, while London copper prices eased after US durable goods data missed forecasts despite expectations for upbeat Chinese demand and concerns over mine supply kept the metal underpinned near Friday’s 11-week high. Copper futures edged higher on MCX due to uptick in demand from consuming industries at the domestic spot market.
Technical Level
Gold
Support at 28350 and Resistance 28850
Looks positive and could touch its resistance level of 28850, further upside rally will see above 28850 mark, else could touch its support level of 28350 mark.
Fresh selling can be initiated below 28350 mark.
Silver
Support at 37700 and Resistance at 38400
Close above 38400 will take it to 38900—39300 mark else could touch its support level of 37700 mark.
Fresh selling can be initiated below 37700 mark.
Crude (July)
Support at 2750 and Resistance at 2815
Above 2815... rally remain continue till 2880 –2920+++ mark in days to come else it could touch its support level of 2750.
Fresh selling can be initiated below 2750.
Copper
Support at 372 and Resistance at 378
Looks positive and could touch it resistance level of 378 mark. Break and sustain above 378 will take it to 383—387+++ mark else could touch its support level of 372 mark.
Fresh selling can be initiated below 372.00
Economic Data
07:30 P.M CB Consumer Confidence: Previous 117.9, Forecast 116.1, Actual –??
Impact – Increase in CB Consumer Confidence - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
11:30 P.M Fed Chair Yellen Speaks
More will update soon!!
