Gold futures edged lower on Monday as the dollar edged higher against a basket of major currencies with rising tensions between the United States and North Korea seen as the key to the near-term outlook. Ahead this week, the Fed’s latest meeting will be in focus as investors look for more hints on the timing of the next US rate hike. A report on US retail sales will also be closely watched. Elsewhere, UK data on inflation and employment will be in the spotlight amid ongoing concerns over the economic fallout from Brexit.
Crude oil futures though ended higher on Friday but snapped the week in negative terrain, as investor sentiment soured on oil prices this week, following data showing Opec output increased in July as its members failed to adhere to output limits set out in the global deal to curb production. There was some recovery in the prices with IEA report that global oil demand is expected to reach 1.5 million barrels per day this year, up from its July forecast of 1.4 million. Meanwhile, Baker Hughes reported that the number of active U.S. rigs drilling for oil climbed by 3 to 768 rigs this week. However, the total active US rig count including nat gas rigs fell by 5 to 949.
Copper futures traded down on MCX as speculators indulged in reducing their positions amid weak demand due to lower demand at the spot markets.
Technical Level
Gold
Support at 29000 and Resistance at 29300
Break and sustain below 29000 will take it to 28800—28700 and then to 28550 mark else could touch its resistance level of 29300.
Fresh buying can be initiated above 29300
Silver
Support at 38800 and Resistance 39400
Break and sustain below 38800 will take it to 38550—38300 and then to 38000 mark else could touch its resistance level of 39400 mark.
Fresh buying can be initiated above 39400.
Crude
Support at 3080 and Resistance at 3150
Break and sustain below 3080 will take it to 3030---2970 mark else could touch its resistance level of 3150 mark again.
Fresh buying can be initiated above 3150 mark.
Natural Gas
Above 193 rally remain continue till 197---200 and then to 203++ mark
Support intact at 190.00
Copper
Support at 407 and Resistance at 413---417
Break and sustain below 407 will take it to 403—400 mark else it could touch its resistance level of 413---417 again
Trade with levels only
More will update soon!!
