Gold futures ended higher on Monday as the dollar slipped against a basket of major currencies and the euro rose after the head of the European Central Bank (ECB) said that the euro zone's economic recovery had taken hold at a meeting of central bankers. At the meeting in Jackson Hole, Wyoming, the ECB's Mario Draghi said the bank's ultra-loose monetary policy was working and the euro zone's economic recovery had taken hold, refraining from commenting on the euro's recent strength.
Crude oil futures suffered sharp sell-off with the start of the new week, as Tropical Storm Harvey continued to disrupt refinery activity along the US Gulf coast, adding to fears of an uptick in crude oil supplies. Weather Service reported that the breadth and intensity of the rainfall was beyond anything experienced before and said that catastrophic flooding is now underway and expected to continue for days. Flooding caused by the storm forced refiners in the Gulf of Mexico region to shutdown.
Copper futures ended higher on Monday, its highest close since November 2014. Chinese economic strength and supply disruptions have boosted the outlook for copper this summer and many investors looked ahead to economic data out of China later in the week to see whether the recent rally can continue. Meanwhile, London market closed Monday for a public holiday.
Technical Level
Gold
Yesterday we clearly indicated that gold looks positive above 29450. Just made high of 29937.
Now to what to expect??
Hurdle at 29950, Break and sustain above 29950 will take it to 30300—30600 ++ mark else could touch its support level of 29550.
Fresh selling can be initiated below 29550
Silver
Too recommended silver looks positive above 39300 till 40000+++ mark. It flared and made high of 40220.
Now what to expect??
Support at 39600 and Resistance 40250
Break and sustain above 40250 will take it to 40700—40900 mark else could touch its support level of 39600
Fresh selling can be initiated below 39600
Crude
Support at 2980 and Resistance at 3030---3070
Break and sustain below 2980 will take it to 2950----2920 mark, else could touch its resistance level of 3030---3070 again
Fresh buying can do on close above 3070
Natural Gas
Support at 187 and resistance at 192
Break and sustain above 192 will take it to 195—198++ mark else could touch its support level of 187
Fresh selling can be initiated below 187
Copper
Above 433 rally remain continue till 437---441 and then to 450+++ mark in days to come
Support and stop loss below 425 on closing basis.
Economic Data
06:00 P.M CB Consumer Confidence: Previous 121.1, Expected 120.9, Actual??
Increase in CB Consumer Confidence – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!
