Gold futures ended lower on Monday, as the US dollar strengthened against a basket of major currencies, after bullion rose to a one-month high as political turmoil in the United States boosted sentiment ahead of a Federal Reserve monetary policy meeting this week.
Crude oil futures bounced back and surged on Monday after Opec producer Saudi Arabia pledged to lower crude exports in August, while Nigeria agreed to curb production. At a gathering of ministers from major crude-producing nations, Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago. Also adding to positive sentiment on oil, were reports suggesting that Nigeria committed to take part in production if it reaches a production level of 1.8m bpd.
Comex copper futures ended higher on Monday, while London copper closed above the psychologically important $6,000 level again, as the US dollar hovered near 13-month lows and mine disruptions fuelled concerns about falling supply.
Technical Level
Gold
Below 28390… Panic remain continue till 28320—28280 and then to 28200 mark
Hurle intact at 28500---28650
Silver
Support at 37650 and Resistance at 38400
Break and sustain below 37650 will take it to 37400—37250 mark else could touch its resistance level of 38000---38250 mark.
Fresh buying can be initiated above 38400 only
Crude
Above 3025 rally remain continue till 3050—3080 and then to 3100++ mark.
Any sharp downside panic till 2980 will be buying opportunity with stop loss of 2900 on closing basis for the upside target of 3185
Natural Gas
Support 186 and Resistance 191
Trading in range either side breakout with volume will decide further.
Economic Data
07:30 P.M CB Consumer Confidence: Previous 118.9, Forecast 116.5, Actual –??
Impact – Increase in CB Consumer Confidence - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
More will update soon!!
