Gold futures traded up as speculators took fresh positions on positive cues from global markets. Further, geopolitical tensions between the US and North Korea remained, raising appeal of precious metals as a safe-haven. The dollar struggled for the fresh direction in today’s trade, with traders erring on the side of cautious ahead of the closely watched U.S. inflation report that could weaken or strengthen the case for another Federal Reserve rate hike this year due in today’s evening.
Crude oil drifted under $49/bbl as OPEC’s two biggest producers failed to strengthen their commitments to production cut accord. Although Saudi Arabia’s Energy Minister and his Iraqi counterpart met in Jeddah and agreed to ensure coordination of their nations’ oil policies. The crude oil prices have fluctuated this week in the narrowest range since April as investors weigh output curbs by OPEC members against rising global supply, particularly the U.S. Compliance to the cuts by Iraq, dropped to 29 percent in June, according to the International Energy Agency.
Copper futures edged down on MCX due to profit-booking by participants amid weak trend in metals due to muted demand at the domestic spot markets. Tensions involving North Korea have escalated after US President Donald Trump Thursday said his "fire and fury" comment regarding North Korea was not tough enough. During the day, contracts of aluminium are likely to gain on reports that China may reduce production to control pollution and also shut some mines in the country.
Technical Level
Gold
Support at 29070 and Resistance at 29330
Break and sustain above 29330 will take it to 29580—29650++ mark else could touch its support level of 29150---29070 again.
Fresh selling can do on close below 29070 mark
Trade with levels only.
Silver
Support at 39000---38600 and Resistance 39550
Break and sustain above 39550 will take it to 39900—40250++ mark else it could touch its support level of 39000 mark again
Fresh selling can be initiated below 39000---38600 mark.
Trade with levels only
Copper
Support at 407 and resistance is 413--417
Close below 407 will take to 402----396 mark else it could test it's resistance level of 413---417 again
Fresh buying can do on close above 417 mark
Trade with levels only.
Nickel
Support at 675 and resistance 691.
Break and sustain above 691 it can touch to 701—714—745++ mark in near term else, could touch its support level of 675 mark.
Fresh selling can be initiated below 675.
Trade with levels only.
Lead
Support at 149 and Resistance at 150.50.
Break and sustain above 150.50 with volume will take it to 152—154.50++ mark else it could touch its support level of 149.00 again.
Fresh selling can be initiated below 149.00 on closing basis
Trade with levels only
Zinc
Hurdle at 187.50. Break and close above 187.50 will see more upside rally till 189---190.5 and then 193+++ mark in near term.
Support intact at 185—184.50.
Fresh selling can be initiated below 184.50.
Trade with levels only.
Aluminium
Support at 128 and resistance is 131.
Close above 131.00 will take to 134---135.50 and then to 138 mark.
Trade with levels only. Any reversal seems will update
Crude
Support at 3080 and Resistance at 3135
Break and sustain above 3135 will take it to 3180—3230++ mark else could touch its support level of 3080 mark again.
Fresh selling can be initiated below 3080.
Natural Gas
We clearly indicated that Natural gas looks positive above 180… Just made high of 192.50
Now what to expect???
Support is 190.00 and Resistance is 193.
Break and sustain above 193 will take it to 197---200+++ mark else it could touch its support level of 190.00.
Fresh selling can be done only sustainable move below 190.00.
Economic Data
06:00 P.M
CPI m/m: Previous 0.0%, Expected 0.2%, Actual??
Increase in CPI m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!
