Gold futures edged lower on MCX as speculators trimmed their positions to book profits even as the metal strengthened overseas. Meanwhile, market players looked ahead to this week's annual meeting of top central bankers and economists in Jackson Hole, Wyoming, where the heads of the US and European central banks will be making keynote speeches.
Crude oil futures traded marginally lower on MCX as speculators trimmed their positions, driven by rising US output although a 13 percent fall in US crude inventories since March indicated a gradually tightening market.
Copper futures edged higher on MCX as speculators expanded their positions amid pick-up in demand from consuming industries at the domestic spot markets.
Technical Level
Gold
Support at 29050 and Resistance at 29300---29450
Break and sustain below 29050 will take it to 28800—28650 mark else could touch its resistance level of 29300---29450 mark.
Fresh buying can be initiated above 29450
Silver
Support at 38800 and Resistance 39350
Break and sustain below 38800 will take it to 38300—38150 mark else could touch its resistance level of 39350 mark.
Fresh buying can be initiated above 39350.
Crude
Support at 3050 and Resistance at 3130
Break and sustain above 3130 will take it to 3180—3200 and then to 3230++ mark, else could touch its support level of 3050.
Fresh selling can be initiated below 3050
Natural Gas
Support at 184 and Resistance at 189
Trading in range either side breakout with volume will decide further will decide further.
Copper
Support at 416 and resistance at 422
Break and sustain above 422 will take it to 428---430 mark else could touch its support level of 416.
Fresh selling can be initiated below 416
More will update soon!!
