Gold futures is trading mixed on MCX, as February contract edged higher due to safe heaven appeal of the bullion amid weak domestic equity markets, though contract for April trimmed on account of subdued demand for precious metals by jewellers, industries and retailers.
Crude oil futures declined on Monday, on the back of profit booking by traders on the recent rally which followed last week’s decision by Opec and some non-Opec producers to extend output curbs. Traders were also concerned with EIA report last week that US output rose in September to 9.5 million barrels per day (bpd), the highest monthly output since 2015. However, despite fears over rising U.S. output recent data showed traders increase their bullish bets on oil as net longs rose 39,500 to 651,100, the highest since April
Copper futures ended lower on Monday as dollar strengthened after the US Senate approved a tax overhaul at the weekend. A firmer US dollar makes commodities priced in the greenback more expensive to buyers using other currencies.
Technical Level
Gold
Support at 29050 and Resistance at 29300
Break and sustain below 29000 will take it to 28800--28650 mark else could touch its resistance level of 29300.
Fresh buying can be initiated above 29300
Silver
Support at 38000 and Resistance at 38350
Below 38000 panic remain continue till 37750—37500 mark else could touch its resistance level of 38350 mark.
Fresh buying can be initiated above 38350.
Crude
Support at 3690 and Resistance 3750
Below 3690 panic remain continue till 3630—3600 mark else could touch its resistance level of 3690
Fresh buying can be initiated below 3750
Natural Gas
Support at 190.50 and Resistance at 196.50
Break and sustain above 196.50 will take it to 203—207 ++ mark in days to come else could touch its support level of 190.50
Fresh selling can be initiated below 190.50
Copper
Support at 434 and Resistance at 440
Below 434 panic remain continue till 428—425 mark else could touch its resistance level of 440.
Fresh buying can be initiate above 440.
Economic Data
08:30 P.M ISM Non-Manufacturing PMI: Previous 55.4, Expected 54.70, Actual??
Increase in ISM Non-Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!
