Gold futures ended higher on Monday as global markets absorbed weekend terrorist attacks in London and investors awaited the outcome of the European Central Bank meeting and UK general election later this week. Yellow metal prices further improved as disappointing jobs data dimmed the prospects for aggressive US interest rate increases, even though it was unlikely to deter a rate hike at this month's Federal Reserve policy meeting. Reflecting softness in the manufacturing sector, the Commerce Department released a report showing a modest drop in new orders for US manufactured goods in the month of April. The report said factory orders edged down by 0.2 percent. Revised data released by the Labor Department on Monday showed that US labor productivity was unchanged in the first three months of the year. The Labor Department said productivity came in flat in the first quarter compared to the previously reported 0.6 percent decrease.
Crude oil futures traded marginally lower on MCX as investors and speculators exited their positions in the energy commodity amid escalating tensions that a political rift between Qatar and several Arab powers would undermine an OPEC-led pact to tighten the market. Leading Arab states including Saudi Arabia, Egypt, and the United Arab Emirates had cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran. Besides, continuous rise in US production also influenced the crude oil prices.
Comex copper futures ended lower on Monday, while London copper prices too fell as the US dollar recovered and investors eyed an increase in Shanghai inventories. Data on Friday showed that copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 4.9 percent on the week, marking three consecutive weeks of gains.
Technical Level
Gold
Our buy call... Proven great from 29200---29535 and now trading around 29500
Now what to expect???
Support at 29240 and Resistance at 29600---29850.
Trend looks positive and could touch its resistance level of 29600.
Close above 29600 will see more upside rally till 29700---29850 mark else could touch its support level of 29240 again.
Trade with levels only
Silver
Above 40500... Trend looks positive can could touch its resistance level of 40900---41200+++ mark
Support at 40250
Crude
Support at 3020 and Resistance at 3080---3130
Three consecutive close + weekly close below 3020 will take it to 2950---2920 and then to 2850 mark else could touch its resistance level of 3080—3130 again.
Further upside rally will see above 3130
Natural Gas
Support at 189.50 and Resistance at 196.50
Looks positive and could touch its resistance level of 196.50. Close above 196.50 will take it to 200—203 and then to 208++ mark else could touch its support level of 189.50.
Fresh selling can be initiated below 189.50.
Copper
Support at 358 and Resistance at 366
Trading in range either side breakout with volumes will decide further.
More will update soon!!
