Gold futures ended lower on Tuesday as equities gained and the markets awaited clues about monetary policy from the US Federal Reserve, which began its two-day meeting. The market is not expecting an interest rate increase following the Fed's two-day meeting, but it is looking for hints on the timing and extent of future moves.
Crude oil futures traded marginally higher on MCX as the United Arab Emirates stressed its commitment to OPEC-led coordinated production cut effort and pledged to reduce shipments by a further 10 percent starting in September. Further, API data showing that US inventories shed a hefty 10.2 million barrels last week too supported crude oil prices.
Copper futures traded higher on MCX as speculators enlarged positions amid a better trend in base metals at the domestic spot markets on pick-up in demand from consuming industries. Further, positive global cues as expectations of rising demand in China and a weak dollar lifted markets too fuelled the uptrend.
Technical Level
Gold
Below 28280… Panic remain continue till 28220—28150 mark days to come.
Hurdle intact at 28500
Silver
Support at 37650 and Resistance at 38050---38400
Trading in range either side breakout will decide further.
Crude
Hurdle at 3150 , Above 3150 rally remain continue till 3180—3200 and then to 3250++ mark else it could test its support level of 3080---3050 again.
Trade with levels only
Natural Gas
Support 186 and Resistance 191
Trading in range either side breakout with volume will decide further.
Copper
Support at 400 and Resistance at 415
Trend looks positive can could touch its resistance level of 415, Break and sustain above 415 will take it to 418—420++ mark
Fresh selling can be initiated on close below 400 mark.
Economic Data
07:30 P.M New Home Sales: Previous 610K, Forecast 615K, Actual –??
Impact – Increase in New Home Sales - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
08:00 P.M Crude Oil Inventories: Previous -4.7M, Forecast -3.3M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices vice versa.
11:30 P.M FOMC Statement
11.30 P.M Federal Funds Rate
More will update soon!!
