Gold futures edged higher on MCX amid rising tensions between the United States and North Korea after the North responded to warnings from US President Donald Trump with a threat to strike the US territory of Guam.
Crude oil futures traded higher on MCX as an industry report showing a large drop in US crude stocks countered doubts that compliance with OPEC-led supply cuts will increase. US crude inventories last week fell by 7.8 million barrels, more than expected, but gasoline inventories rose unexpectedly, data from the American Petroleum Institute (API) showed on Tuesday ahead of Wednesday's official numbers.
Copper futures edged higher on MCX on account of firming global trend and rising demand from consuming industries at the domestic spot markets.
Technical Level
Gold
Support at 28500 and Resistance at 28700
Break and sustain above 28700 will take it to 29000—29150 +++ mark else could touch its support level of 28500 again.
Fresh selling can do on close below 28500
Silver
Support at 37500 and Resistance 38250
Trend looks positive, break and sustain above 38250 will take it to 38600—38800 and then to 39000++ mark else could touch its support level of 37500.
Fresh selling can be initiated below 37500
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 182
Above 182 rally remain continue till 186—189+++ mark else could touch its support level of 176.00
Fresh selling can be initiated below 176.00
Economic Data
08:00 P.M Crude Oil Inventories: Previous -1.5M, Expected -2.6M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!
