Gold futures showed mixed trend on MCX as August contract edged higher on account of buying in precious metal by jewellers, retailers and investors, while October contract edged lower as the dollar firmed and as investors took profits after downbeat US data propelled prices to a seven-week high in the previous session.
Crude oil futures traded marginally lower on MCX as speculators cut down bets, pressured by an unexpected increase in US inventories and doubts over OPEC’s ability to curtail supply and rebalance the oversupplied global market. The American Petroleum Institute reported that US crude inventories rose by 1.8 million barrels to 488.8 million last week.
Comex copper futures retreated from the two-year high on Tuesday, while London copper prices held near two-year highs due to expectations of stronger demand from the world’s top consumer China, where a government-led infrastructure push has led to robust activity in the construction sector. China's official manufacturing purchasing managers' index (PMI) showed a 12th straight month of expansion, while a private PMI survey showed manufacturing growth quickened in July.
Technical Level
Gold
Support at 28500 and Resistance at 28750
Break and sustain below 28500 will take it to 28350—28200 mark else could touch its resistance level of 28750 again.
Fresh buying can be initiated above 28750 mark
Silver
Support at 38000 and Resistance at 38450
Break and sustain below 38000 will take it to 37700—37400 mark else could touch its resistance level of 38450
Fresh buying can be initiated above 38450
Crude
Support at 3100 and Resistance at 3150
Break and sustain below 3100 will take it to 3070—3040 mark else could touch its resistance level of 3150
Fresh buying can be initiated above 3150
Natural Gas
Support 178 and Resistance 183
Break and sustain below 178.00 will take it to 175—173 else could touch its resistance level of 183 again.
Fresh buying can be initiated above 183
Copper
Support at 403 and Resistance at 409
Forming double top patter on daily chart, Break and sustain below 403 will take it to 398—395 and then to 393 mark else could touch its resistance level of 409 again.
Fresh buying can be initiated above 409
More will update soon!!
