Gold futures ended lower on Thursday as signs that central banks may scale back their ultra-loose monetary policy pushed bond yields higher on both sides of the Atlantic. However, some losses were capped as the dollar slipped against a basket of major currencies.
Crude oil futures inched higher for sixth straight session on Thursday after a decline in weekly U.S. crude production temporarily eased concerns about deepening oversupply. U.S. crude production dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. However, and Global oil supplies remain ample despite output cuts of 1.8 million bpd by the Organization of the Petroleum Exporting Countries (OPEC) and other producers since January.
Copper futures edged higher on MCX due to firm trend at the domestic spot markets on increased domestic demand. Moreover, covering-up of short positions, today being the last day of June also added support to copper prices’ uptrend.
Technical Level
Gold
Support at 28350 and Resistance 28700
Trading in range either side breakout with volumes will decide further.
Silver
Support at 38000---37700 and Resistance at 38600
Below 38300 panic remain continue till 38000---37700 mark else could touch its resistance level of 38600 mark.
Further upside rally will see above 38600 mark.
Crude
Support at 2880 and Resistance at 2950
Close above 2950 will take it to 2980—3025 mark else could touch its support level of 2880 again
Fresh selling can be initiated below 2880.
Natural Gas (July)
Support 196 and Resistance 202
Break and sustain below 196 will take it to 193—190 and then to 187 mark.
Fresh buying can be initiated above 202 only.
Copper
Copper unable to breach its resistance level 386 and slipped.
Now what to expect??
Support at 381, Break and sustain below 381 will take it to 377—373 mark else could touch its resistance level of 386 again.
Fresh buying can be initiated above 386 only.
Economic Data
07:00 P.M Revised UoM Consumer Sentiment: Previous 94.5 Forecast 94.5 Actual –??
Impact – Revised UoM Consumer Sentiment – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
