Gold futures ended higher on Monday as the US dollar slipped against a basket of major currencies after recent soft US inflation and domestic demand figures undermined arguments for the Federal Reserve to raise interest rates.
Crude oil futures ended lower on Monday, as investors fretted about oversupply in the industry despite recent data showing strong refinery demand from China and a slowdown in US output. Weak economic data too weighed on the sentiments; activity in the New York manufacturing sector grew at a notably slower pace in the month of July, while the New York Fed said its general business conditions index dropped to 9.8 in July from 19.8 in June. Though, China's refinery activity continued to indicate strong fuel demand, as data showed oil refineries increased throughput in June to the second highest on record.
Copper futures ended higher on Monday after Chinese GDP and industrial production data beat expectations. China's economy grew by 6.9 percent in the second quarter from a year earlier, faster than expected. Industrial production too rose 7.6 percent in June year-on-year, above the 6.5 percent expected and the fastest in three months.
Technical Level
Gold
Support at 28050 and Resistance at 28200
Break and sustain above 28200 will take it to 28450—28600 else could touch its support level of 28050
Fresh selling can be initiated below 29000
Silver
Support at 37300 and Resistance at 37650
Break and sustain above 37650 will take it to 37900—38100++ mark else could touch its support level of 37300.
Fresh selling can be initiated below 37300 mark.
Crude
Support at 2950 and Resistance at 3030
Break and sustain below 2950 will take it to 2910—2880 mark else could touch its resistance level of 3030.
Fresh buying can be initiated above 3030 mark.
Natural Gas
Support 193 and Resistance 197
Break and sustain above 197 will take it to 200—202.50++ mark else could touch its support level of 193
Fresh selling can be initiated below 193
Copper
Support at 385 and Resistance 391.500
Looks weak and can touch its support level of 385, break and sustain below 385 will take it to 381—379 mark else could touch its resistance level 391.50 mark.
Fresh buying can be initiated above 391.50
More will update soon!!
