Gold futures edged higher on MCX, as investors and speculators extended their positions in the precious metal on safe-haven demand as the greenback struggled and weakness in equities on the back of delay in the US healthcare reform vote, and European Central Bank (ECB) President Mario Draghi hinted that the ECB could cut its stimulus this year.
Crude oil futures extend the gaining streak and ended higher for the fourth straight session on Tuesday. Though, traders remained concerned about OPEC’s ability to co-ordinate effectively its supply quota plan. Nigeria and Libya, which are exempt from the OPEC-led cuts, have also raised production. Brent was supported by a forecast for weather related weekly decline in US crude supplies despite ongoing expectation of rise in US crude output. Meanwhile, the American Petroleum Institute was due to release stockpile data for the latest week later in the session.
Copper futures ended higher on Tuesday, with a softening dollar and declining warehouse stocks lending support. Though, some gains were capped by reports that new orders for key US made capital goods fell unexpectedly in May, suggesting a loss of momentum in the manufacturing sector..
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
As expected... Almost tested it's resistance level of 38900. Made a high of 38880
Now what to expect???
Close above 38900 will take it to 39300---39700++ mark else could touch its support level of 38300 again.
Trade with levels only.
Crude (July)
Support at 2830 and Resistance at 2900
Close above 2900 will take it to 2950—2980+++ mark else could touch its support level of 2830 again
Fresh selling can be initiated below 2830.
Natural Gas (July)
Above 199.50 rally remain continue till 205---208 and then to 210++ mark.
Support intact at 196.
Copper
Support at 373 and Resistance at 378
Close above 378 will take it to 383—386+++ mark in days to come else could touch its support level of 374 mark.
Fresh selling can be initiated below 374
More will update soon!!
