Gold futures edged higher on Monday as the dollar slipped against a basket of major currencies following weak economic data from the United States that has diminished the outlook for aggressive rate hikes from the US Federal Reserve.
Crude oil futures traded marginally higher on MCX as speculators enlarged positions, supported by a slowdown in the growth of rigs drilling in the United States and because of strong refinery demand from China.
Comex copper futures traded higher on Monday, while London copper prices edged up to its highest in two weeks on Monday, supported by a weaker dollar and an upbeat second quarter for China's economy which brightened demand prospects for metals. China's economy grew 6.9 percent in the second quarter from a year earlier, faster than expected and in line with the first quarter's growth.
Technical Level
Gold
Support at 27900 and Resistance at 28050
Break and sustain above 28050 will take it to 28200—28300 else could touch its support level of 27900.
Fresh selling can be initiated below 27900.
Silver
Support at 36700 and Resistance at 37250
Break and sustain above 37250 will take it to 37500—37750 mark else could touch its support level of 36700.
Fresh selling can be initiated below 36700 mark.
Crude
Support at 2950 and Resistance at 3030
Looks positive and could touch its resistance level of 3030, Break and sustain above 3030 will take it to 3050--3080++ mark else could touch its support level of 2950 again.
Fresh selling can be initiated below 2950.
Natural Gas
Support 189 and Resistance 197
Looks positive and could touch its resistance level of 197. Break and sustain above 197 will take it to 200—202.50++ mark else could touch its support level of 189
Fresh selling can be initiated below 189
Copper
Above 386 rally remain continue till 390—393 ++ mark else could touch its support level of 383
Fresh selling can be initiated above 383.00 only.
Economic Data
06:00 P.M Empire State Manufacturing Index: Forecast 19.8 Previous 15.2 Actual??
Impact – Increase in Empire State Manufacturing Index – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
