Gold futures edged higher on MCX amid weaker Asian stocks, with some investors gravitating towards safe-haven assets on political uncertainty in the United States and after a van mowed through crowds in Barcelona, killing 13 people.
Crude oil futures traded marginally higher on MCX amid signs that crude supplies are gradually tightening. However, some gains were capped by a selloff across markets, including US and Asian stocks, where investors voted with their feet amid growing scepticism that US President Donald Trump, embroiled in controversy, would achieve his economic agenda.
Copper futures traded higher on MCX as speculators extended their positions amid pick-up in demand at the domestic spot markets. Though, some gains were capped on weak trend in global markets where it dropped from multi-year peaks, as some investors locked in profits from a steep rally amid doubts about future demand in top metals consumer China.
Technical Level
Gold
Above 29330 rally remain continue till 29600. Weekly close above 29600 will see sharp upside rally in days to come
Fresh selling can be initiated below 29050
Silver
Support at 38900 and Resistance 39700
Break and sustain above 39700 will take it to 40400—40550 mark else could touch its support level of 38900 mark.
Fresh selling can be initiated below 38900.
Crude
Support at 2970 and Resistance at 3050
Below 2970 panic remain continue till 2930—2880 else could touch its resistance level of 3050 mark again.
Fresh buying can be initiated above 3050 mark.
Natural Gas
Support at 184 and Resistance at 189
Break and sustain above 189 will take it to 193—195++ mark else could touch its support level of 184 again.
Fresh selling can be initiated below 184
More will update soon!!
