Gold futures ended higher on the Federal Reserve indicated the possibility of an additional rise in interest rates this year.n Wednesday amid speculation the Federal Reserve will signal concerns over stubbornly low inflation and
Crude oil futures shrugging off the report of significant build in US oil inventories, ended higher on Wednesday. Inventory data was overshadowed by growing expectations that Opec will decide to extend its agreement to cut oil output. Meanwhile, a report from the Energy Information Administration (EIA) showed crude stockpiles rose by roughly 4.6m barrels in the week ended Sept. 15. Gasoline inventories, fell by roughly 2.13m barrels, while distillate stockpiles fell by 5.7m barrels, topping expectations of a decline of 1.6m barrels.
Copper futures ended unchanged on Wednesday as the market participants were awaiting the conclusion of the US Federal Open Market Committee’s September meeting with its economic projections, statement, rate decisions and press conference.
Technical Level
Gold
Support at 29400 and Resistance 29650
Below 2900 panic remain continue till 29200—29050 mark else could touch its resistance level of 29650 mark.
Fresh buying can be initiated above 29650 mark only.
Silver
Support at 39600 and Resistance 40000
Below 39600 panic remain continue till 39200—39000 mark else could touch its resistance level of 40000
Fresh buying can be initiated above 40000
Crude
Support at 3250 and Resistance at 3300
Break and sustain above 3300 will take it to 3350—3380++ mark else could touch its support level of 3250 mark.
Fresh selling can be initiated below 3250 mark.
Natural Gas
Hurdle at 200.50, Above 200.50 rally remain continue till 203---205++ mark.
Support at 198.50
Fresh selling can be initiated below 198.50
Copper
Hurdle at 424, Break and sustain above 424.00 will take it to 428—430 and then to 433++ mark else could touch its support level of 417.00
Fresh selling can be initiated below 417.00
Economic Data
06:00 P.M Unemployment Claims: Previous 284K, Expected 302K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
08:00 P.M Natural Gas Storage: Previous 91B, Expected 93B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!
