Gold futures edged higher on MCX due to a firming trend overseas where gold rebounded from a four-week low as the latest twist in tensions between the US and North Korea prompted investors to seek out the safe-haven asset.
Crude oil futures snapped their rally mood and ended lower on Thursday ahead of the Opec meeting and traders continued to weigh data showing a sharp rise in U.S. crude production and stockpiles. Some strength in dollar too weighed on the sentiments after the Federal Reserve suggested a rate hike is imminent. Also, the Fed said it will begin shrinking its bloated $4.5 trillion portfolio in October by allowing $10 billion in bonds to mature without replacing them. Meanwhile, Opec and other major producers will meet Friday in Vienna to discuss the market impact of the production-cut agreement and progress toward rebalancing supply and demand.
Copper futures traded lower on MCX as speculators trimmed positions, amid muted demand at the domestic spot markets. Moreover, weak trend at the London Metal Exchange (LME) where copper and other base metals weakened also weighed on copper futures.
Technical Level
Gold
Support at 29550 and Resistance 29800
Below 29550 panic remain continue till 29200—29050 mark else could touch its resistance level of 29800 mark.
Fresh buying can be initiated above 29800 mark only.
Silver
Support at 39500 and Resistance 40000---40350
Trend looks weak and could touch its support level of 39500, Below 39500 panic remain continue till 39200—39000 mark else could touch its resistance level of 40000---40350 again.
Fresh buying can be initiated above 40350 mark
Crude
Support at 3250 and Resistance at 3325
Break and sustain above 3325 will take it to 3380—3400++ mark else could touch its support level of 3250 mark.
Fresh selling can be initiated below 3250 mark.
Natural Gas
Below 190, panic remain continue till 187.00---184.00 mark else could touch its resistance level of 196.00
Fresh buying can be initiated above 196.00
Copper
Support at 417.00, Break and sustain below 417 will take it to 412—409 mark else could touch its resistance level of 423.00
Fresh buying can be initiated above 428.00
More will update soon!!
