Gold futures ended lower on Tuesday as the US dollar strengthened against a basket of major currencies ahead of an annual meeting of central bankers this week. Investors awaited speeches by European Central Bank President Mario Draghi and US Federal Reserve Chair Janet Yellen on Friday at Jackson Hole, Wyoming, for clues to the direction of interest and currency rates.
Crude oil futures moved higher on Tuesday ahead of the inventory data, with traders expecting the data to show US supplies of crude oil fell for an eighth-straight week. Gasoline inventories are expected to be closely watched, as gasoline demand tends to ease, following the end of the U.S. 'summer driving season'. Meanwhile OPEC is meeting this week in Vienna to discuss its supply quota plan. OPEC officials estimated the cartel and other producing countries in July have delivered 94 percent of their pledged oil output cuts.
Comex copper futures ended higher on Tuesday after tapping intraday highs above $3 a pound, while London copper prices retreated from a three-year high as speculators and funds locked in some profits after a steep rally.
Technical Level
Gold
Support at 29000 and Resistance at 29300--29450
Trade in range either side breakout with volumes will decide further.
Silver
Support at 38700 and Resistance 39350
Trade in range either side breakout with volumes will decide further.
Crude
Support at 3030---2970 and Resistance at 3130
Break and sustain below 3030 will take it to 2970 and then to 2930---2880 mark else could touch its resistance level of 3130 again
Fresh buying can be initiated above 3130 mark
Natural Gas
Our sell call in Natural gas proven great. Recommended selling around 190 mark.
Now what to expect???
Support at 186.00 and resistance at 190.00
Break and sustain below 186.00 will take it to 183—180 mark.
Copper
Support at 420 and Resistance at 428
Break and sustain below 420 will take it to 416—413 mark else could touch its resistance level of 427 again.
Fresh buying can be initiated above 428 on closing basis.
Economic Data
08:00 P.M Crude Oil Inventories: Previous -8.5M, Expected -3.3M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!
