Gold futures edged higher on Monday with China prices and remarks from the Fed chief later this week to set the tone on the dollar. China releases producer prices and consumer inflation for June with 0.1% fall on-month expected and a 1.5% gain seen annually. Producer prices are seen up 5.5% on year. In the week ahead, investors will focus on Fed Chair Janet Yellen's testimony on monetary policy as well as US data on inflation and retail sales, due out on Friday, and trade data from China on Thursday.
Crude oil futures traded lower on MCX as investors and speculators exited their positions in the energy commodity as news of a rise in US production added to earlier reports that OPEC output was also on the rise. However, positive sentiment from falling crude and gasoline inventories in the US, capped some losses.
Copper futures edged lower on MCX as investors exited their positions in the industrial metal due to ease in demand on firmer greenback and rising Treasury yields.
Technical Level
Gold
Support at 27550 and Resistance at 27850
Looks weak and could touch its support level of 27550. Break and sustain below 27550 will see more downside panic till 27400—27250 mark else could touch its resistance level of 27850 again.
Fresh buying can be initiated above 27850
Silver
Support at 35450 and Resistance at 35900---36400
Break and sustain below 35450 will take it to 34800---34500 mark else could touch its resistance level of 35900---36400 mark
Fresh buying can be initiated above 36400 mark.
Crude
Support at 2830 and Resistance at 2890
Below 2830 panic remain continue till 2800—2780 and then to 2740 mark, else could touch its resistance level of 2890.
Fresh buying can be initiated above 2890 mark.
Natural Gas
Support 184 and Resistance 190
Looks positive and could touch its resistance level of 190. Break and sustain above 190 will take it to 193—197++ mark.
Fresh selling can be initiated below 184
Copper
Support at 377.00, Break and sustain below 377.00 will take it to 373—370 mark, else could touch its resistance level of 382 again.
Fresh buying can be initiated above 382 only
More will update soon!!
