Gold futures declined on MCX as equities rallied and the dollar firmed, while prospects of monetary policy tightening in the US ahead of a Federal Reserve meeting also weighed on the metal. Gold imports which has a bearing on the country’s current account deficit (CAD), recorded a three-fold jump to $15.24 billion during the April-August period of the current fiscal. The country’s gold imports stood at $5.08 billion in April-August period of 2016-17.
Crude oil futures traded marginally higher on MCX as speculators indulged in creating speculative positions, as prices firmed in overseas market amid the number of US rigs drilling for new production fell and refineries continued to start up after getting knocked out by Hurricane Harvey.
Comex copper futures traded higher on Monday, as housing data from China showed continued gains for prices albeit at a slower pace that the previous month. China reported house prices data for August showing rise of 8.3% compared with a 9.7% increase seen in July.
Technical Level
Gold
Below 29750... panic remain continue till 29400—29200 mark else could touch its resistance level of 30050 mark.
Fresh buying can be initiated above 30050 mark only.
Silver
Break and sustain below 40400 will take it to 40150--40000 mark else could touch its resistance level of 40800 mark.
Fresh buying can be initiated above 40800 mark.
Crude
Support at 3150 and Resistance at 3230
Break and sustain below 3150 will take it to 3080---3030 else could touch its resistance level of 3230 mark.
Fresh buying can be initiated above 3230 mark.
Natural Gas
Hurdle at 198.00, Above 198 rally remain continue till 203---205++ mark.
Support at 195.00
Fresh selling can be initiated below 195.00
Copper
Hurdle at 425.00, Break and sustain above 425.00 will take it to 428—430 and then to 433++ mark else could touch its support level of 421.00
Fresh selling can be initiated below 421.00
More will update soon!!
