Gold futures edged lower on Monday after a surprise upbeat reading in the China Caixin PMI in June. The Caixin China manufacturing purchasing manufacturers' index (PMI) for June beat expectations, offering another signal that the world's second-largest economy continues to defy expectations for a slowdown. The private survey came in at 50.4, marking a three-month high. It was up from May's 49.6, which was an 11-month low. In the week ahead, investors will be focusing on Wednesday’s minutes of the Fed’s latest meeting for fresh cues on the timing of the next US rate hike. Friday’s US jobs report for June will also be closely watched.
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.
Crude oil futures traded higher on MCX as investors and speculators extended their positions in the energy commodity as drilling activity in the US for new oil production fell for the first time since January. However, reports of rising OPEC output last month even as the group has pledged to cut supply, capped some gains.
Technical Level
Gold
Support at 28300 and Resistance 28450
Break and sustain below 28300 will take it to 28150---28080 and then to 27900 mark in days to come else could touch its resistance level of 28450 again.
Fresh buying can be initiated above 28450 mark.
Trade with levels only.
Silver
Support at 38500 and Resistance at 38900
Below 38500 panic remain continue till 38200---38000 and then to 37700 mark else could touch its resistance level of 38900 again.
Further upside rally will see above 38900 mark.
Crude
Support at 2970 and Resistance at 3025
Be cautious at upper levels as we will expect correction in Crude oil.
Any reversal seems will update.
Natural Gas
Support 191.50 and Resistance 195
Looks positive and could touch its resistance level of 195. Break and sustain above 195 will take it 199---202 mark else could touch its support level of 191.50 mark.
Fresh selling can be initiated below 191.50
Copper
Hurdle at 391… Break and sustain above 391 will take it to 394—397 and then to 401+++ mark.
Fresh selling can be initiated below 386 mark.
Economic Data
07:30 P. ISM Manufacturing PMI: Previous 54. 9 Forecast 55.00 Actual –??
Impact – Increase ISM Manufacturing PMI– will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
