Update on Bullion, Base Metal and Energy Levels 15th December 2017
Gold futures ended slightly lower on Thursday, as dollar strengthened in response to stronger than expected US retail sales data. Further the yellow metal dipped as hike in interest rates reduced the appeal of non-yielding bullion.
Crude oil futures made some recovery on Thursday supported by ongoing pipeline shutdown and shrugged off data forecasting a faster than expected rise in US shale oil production next year. The International Energy Agency (IEA) in its monthly oil market report, published on Thursday, revised upward its projection for US oil production. It raised US crude oil growth to 390,000 barrels per day (bpd) this year and 870,000 bpd for 2018. Non-OPEC output, led by the US, will rise by 630,000 bpd in 2017, followed by an increase of 1.6 million bpd during 2018.
Comex copper futures ended higher on Thursday. While London copper prices too hit a near two-week high on global growth hopes after upbeat manufacturing data from China, overlooking a stronger dollar and Beijing’s surprise interest rates hike. China’s industrial output expanded at a faster than expected pace in November as growth in the world’s top industrial metals consumer remains resilient, supported in part by a construction boom.
Technical Level
Gold
Support at 28200 and Hurdle at 28450
Break and sustain above 28450 will take it to 28650—28800++ mark else could touch its support level of 28200.
Fresh selling can be initiated above 28200
Silver
Support at 36900 and Resistance at 37250
Break and sustain above 37250 will take it to 37650—37800+++ mark in days to come else could touch its support level of 36900 again.
Fresh selling can be initiated above 36900
Crude
Support at 3640 and Resistance 3680
Above 3680 rally remain continue 3750—3780++ mark else could touch its support level of 3640.
Fresh selling can be initiated below 3640.
Natural Gas
Support at 171 and Resistance at 174.50
Above 174.50 rally remain continue till 178—180++ mark else could touch its support level of 171.00
Fresh selling can be initiated below 171
Copper
Support at 436 and Resistance at 441.00
Break and sustain above 441 will take it to 446—450++mark else could touch its support level of 436.
Fresh selling can be initiated below 436.00
Economic Data
07:00 P.M Empire State Manufacturing Index: Previous 0.1%, Expected 0.6%, Actual??
Increase in Empire State Manufacturing Index– positive impact on dollar Index and base metal or vice versa.
More will update soon!!!
