Gold futures edged lower on MCX as market players looked ahead to a busy week of economic data, including monthly inflation indicators, for further clues on the timing of the next Federal Reserve rate hike.
Crude oil futures traded marginally higher on MCX as speculators enlarged their positions, supported by robust US jobs data last week and a slight fall in the US drill rig count. Though, rising output from OPEC capped crude markets.
Copper futures edged lower on MCX as speculators cut down their bets amid muted demand at the domestic spot markets.
Technical Level
Gold
Support at 28325 and Resistance at 28560
Break and sustain below 28325 will take it to 28180—28120 and then to 28000 mark else could touch its resistance level of 28560 again
Fresh buying can do on close above 28560
Silver
Close below 37050 panic remain continue till 36600---36250 and then to 35800 mark else could touch its resistance level of 37350.
Fresh buying can be initiated above 37400 only
Crude
Support at 3080 and Resistance at 3180---3250
Trading in range.... either side breakout with volume will decide further.
Natural Gas
Support 176 and Resistance 180
Trend looks positive and could touch its resistance level of 180.
Close above 180 will take to 183—186 mark
Fresh selling can be initiated below 176.00
Copper
Support at 402.50 and Resistance at 408
Above 408 will see rally till 412---415 and then to 421+++ mark in days to come
Support and stop loss below 402 on closing basis.
More will update soon!!
