Gold futures edged lower on MCX, despite the market players looked ahead to a busy week of economic events, including a Federal Reserve policy decision and US second quarter growth data.
Crude oil futures settled lower on Thursday after reversing off multi-week highs amid profit-taking and nagging worries about supply overhang. Market focus shifted to domestic crude production that climbed 32,000 bbl to a fresh two-year high of 9.429 million bbl last week. In addition, US demand was mixed, with data showing gasoline falling 194,000 bpd last week, while distillate demand spiked 476,000 bpd on the week and up 10.6% higher year-over-year. Overseas, supply continues to rise in Libya and Nigeria, while Iraq plans to increase its output by the end of this year despite the fact that Iraq is part of an ongoing OPEC agreement to cut output by 1.2 million bpd through March 2018.
Copper futures traded lower on MCX despite firming trend on pick-up in demand from consuming industries at the domestic spot market.
Technical Level
Gold
Support at 28450 and Resistance at 28650
Trend looks positive and could touch its resistance level of 28650, Close above 28650 will take it to 28800—28950++ mark else could touch its support level of 28450
Fresh selling can be initiated below 28450
Silver
Support at 37900 and Resistance at 38250
Above 38250 rally remain con 38450—38600++ mark else could touch its support level of 37900.
Fresh selling can be initiated below 37900 mark.
Crude
Support at 2935 and Resistance at 3000
Break and sustain below 2935 will take it to 2900—2880 and then to 2850 else could touch its resistance level of 3000.
Fresh buying can be initiated above 3000+
Natural Gas
Support 188 and Resistance 191
Break and above 191 will take it to 193—195 and then to 197 mark else could touch its support level of 188 mark.
Fresh selling can be initiated below 188.00
Copper
Support at 385 and Resistance 391.50
Trading in range either side breakout will volumes will decide further will decide further.
Economic Data
07:30 P.M Existing Home Sales Home Sales m/m: Previous 5.62M, Forecast 5.59M, Actual –??
Impact – Increase in Existing Home Sales Home Sales m/m - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
More will update soon!!
