Gold futures ended higher on Monday after nearing technical support and as traders awaited signals from central banks on interest rate hikes. Traders were looking ahead to Wednesday and Thursday, when US Federal Reserve Chair Janet Yellen will address Congress.
Crude oil futures though recovered to end higher on Monday, but sentiment on oil remained negative as fears grew that rising output from the United States, Nigeria and Libya would continue to weigh on Opec and its allies’ efforts to rein in supply. Though, OPEC is expected to insist Libya and Nigeria take part in the cartel's supply quota plan. The two African nations have been exempt for the past six months, but production there has risen more than OPEC anticipated. Traders were also waiting for mid-week testimony from Federal Reserve Chair Janet Yellen for clues about when the Fed will again raise interest rates.
Comex copper futures ended almost flat on Monday, while London copper prices fell as rising inventories indicated healthy supplies, outweighing worries about possible strikes at mines in Chile. Also pressuring the metals market was subdued inflation data in top market China as the economy loses momentum.
Technical Level
Gold
Support at 27600 and Resistance at 27850
Break and sustain above 27850 will take it to 28000—28150 and then to 28350++ mark in days to come else could touch its support level of 27600.
Fresh selling can be initiated below 27600
Silver
Support at 36000 and Resistance at 36600
Break and sustain below 36000 will take it to 35600—35450 mark else could touch its resistance level of 36600.
Fresh buying can be initiated above 36600 mark.
Crude
Support at 2820 and Resistance at 2880
Break and sustain below 2820 will take it to 2760—2720 mark else it could touch its resistance level of 2880.
Fresh buying can be initiated above 2880 mark.
Natural Gas
Support 184 and Resistance 190
Break and sustain above 190 will take it to 193—197++ mark else could touch its support level of 184
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 381 again.
Fresh buying can be initiated above 381 only.
Economic Data
07:30 P.M JOLTS Job Openings: Previous 6.04M Forecast 5.98M, Actual –??
Impact – Increase in JOLTS Job Openings – will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
More will update soon!!
