Gold futures edged lower on Monday with risk assets taking a breather as Hurricane Irma is downgraded in intensity and an possible ICBM test by North Korea at the weekend failed to materialize. Yellow metal prices further declined with a recovery in the US dollar reining in any upward momentum in the metal.
Crude oil futures extended their decline for the second consecutive day, but held onto weekly gains as industry data showed the U.S. oil rig count dropped for a third week in four. Also, after two weeks after Storm Harvey made landfall on the Texas coast, knocking out a quarter of U.S. oil refining capacity, oil prices continued to come under pressure as refineries have been slow to restart, weighing on demand for crude oil, the primary input at refineries. Meanwhile, oilfield services firm Baker Hughes said its weekly count of oil rigs operating in the United States declined by 3 to 756.
Copper futures traded higher on MCX on account of raising of bets by participants on the back of a firm trend in base metals at the domestic spot markets due to high demand from consuming industries.
Technical Level
Gold
Support at 29950 and Resistance 30300
Break and sustain below 29950 will take it 29650—29500 mark else could touch its resistance level of 30300 mark.
Fresh buying can be initiated above 30300.
Silver
Support at 41000 and Resistance 41500
Break and sustain below 41000 will take it to 40500—40300 mark else could touch its resistance level of 41500 mark.
Fresh buying can be initiated above 41500
Crude
Support at 3030 and Resistance at 3070
Break and sustain below 3030 will take it to 2980—2950 mark else could touch its resistance level of 3070 mark.
Fresh buying can be initiated above 3070 mark.
Natural Gas
Support at 185.00 ….Below 185.00 panic remain continue till 181.00—179.00 mark.
Hurdle at 189.00
Fresh buying can be initiated above 189.00
Copper
Above 436 rally remain continue till 442---445+++ mark, else could touch its support its level of 430.00
Fresh selling can be initiated below 430.00
Economic Data
No major economic data to be released today.
More will update soon!!
