Gold futures edged down on MCX amid possibilities of an early announcement on the next US Federal Reserve chair. Though, some losses were capped on a slightly weaker dollar against a basket of major currencies.
Crude oil futures traded lower on MCX as investors looked ahead to weekly data from the US on stockpiles of crude and refined products. However, a decline in oil exports from OPEC's second-biggest producer Iraq, capped some losses. Reports showed that Iraqi oil exports have fallen more than 200,000 barrels per day (bpd) so far this month, as shipments from both the north and the south of the country declined.
Copper futures edged lower on MCX as speculators cut down their bets amid a weak trend in industrial metals following sluggish demand from consuming industries at the domestic spot markets.
Technical Level
Gold
Support at 29300 and Resistance at 29600
Trend looks weak and could touch its support level of 29300, Break and sustain below 29300 will take it to 29100—29000 and then to 28800 mark else could touch its resistance level of 29500.
Fresh buying can be initiated above 29600.
Silver
Support at 39450 and Resistance at 40050
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3370 and Resistance at 3410
Above 3410 rally remain continue till 3450—3480++ mark else could touch its support level of 3370
Fresh selling can be initiated below 3370.
Natural Gas
Above 195 ….rally remain continue till 198—200 and then to 205++ mark else could touch its support level of 191.
Fresh selling can be initiated below 192
Copper
Support at 458 and Resistance 464
Break and sustain above 464 will take it to 470—472 and then to 475++ mark else could touch its support level of 458 again,
Fresh selling can be initiated below 458
Economic Data
No major economic data today.
