Gold futures ended higher on Monday as geopolitical tensions over North Korea fueled safe-haven demand, while doubts about US President Donald Trump's ability to enact pro-business policies pushed US bond yields and the dollar lower. Investors were looking ahead to an annual meeting of central bankers this week in Jackson Hole, Wyoming, with European Central Bank President Mario Draghi and US Federal Reserve Chair Janet Yellen to speak on Friday.
Crude oil futures turned lower on Monday, ahead of OPEC's meeting in Vienna. The cartel is expected to discuss its supply quota plan with Russia. Traders continue to lose faith in Opec’s ability to stem the glut supply amid a producers meeting to discuss waning compliance with the deal curb production. Also weighing on oil prices were fears of falling demand for crude as the U.S. 'summer driving season' nears an end.
Copper futures ended higher on Monday and rallied to their highest settlement since November 2014, with traders betting that China’s better-than-expected economic growth figures so far this year will translate into stronger demand for the industrial metal.
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 it could touch its resistance level of 39350 mark.
Fresh buying can be initiated above 39350.
Crude
Support at 3030 and Resistance at 3100
Break and sustain below 3030 will take it to 2980--2950 and then to 2880 mark else it could touch its resistance level of 3100
Fresh buying can be initiated above 3100
Natural Gas
Hurdle at 191.50, Break and sustain above 191.50 will take it to 195—198++ mark.
Support intact at 187.50
Copper
Support at 421 and Resistance at 426
Break and sustain above 426 will take it to 430—432++ mark else could touch its support level of 421.00
Fresh selling can be initiated below 421
More will update soon!!
