Update on Bullion, Base Metal and Energy Levels 6th December 2017
Gold futures declined to two-month low on Tuesday, as dollar firmed against a bucket of currencies and as US tech stocks bounced on tax bill optimism. The yellow metal also dropped as investors are looking towards the US non-farm payrolls report this week, the last employment figures ahead the Federal Reserve's monetary policy meeting next week.
Crude oil futures made some recovery on Tuesday, ahead of US inventories data and on market participants continued expectation of ongoing strong OPEC compliance with the production-cut deal, stoking investor hopes that rebalancing in oil markets would continue through 2018. There was a report that OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May.
Comex copper futures ended lower on Tuesday on doubts about the strength of Chinese demand for the metal, an improving supply picture and a jump in warehouse stocks of the metal. LME copper also came under pressure from an uptick in warehouse inventories with headline stocks rising 10,650 tonnes to 192,550 tonnes. Further, the firm dollar for a second straight session on continued optimism surrounding US tax reform, too weighed on copper prices.
Technical Level
Gold
Support at 28850 and Resistance at 29150
Overall trend looks weak and could touch its support level of 28850, Break and sustain below 28850 will take it to 28550—28300 mark else could touch its resistance level of 29150.
Fresh buying can be initiated above 29150
Silver
Support at 37550 and Resistance at 38000
Overall trend looks weak and could touch its support level of 37550, Break and sustain below 37550 will take it to 37000—36800 mark in days to come else could touch its resistance level of 38000 mark.
Fresh buying can be initiated above 38000.
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 186 and Resistance at 191
Break and sustain above 191 will take it to 195—198++ mark in days to come else could touch its support level of 186
Fresh selling can be initiated below 186.00
Copper
Support at 423 and Resistance at 430
Below 423 panic remain continue till 415—413 mark else could touch its resistance level of 430
Fresh buying can be initiate above 430.0
Economic Data
05:45 P.M ADP Non-Farm Employment Change: 235K, Expected 189K, Actual??
Increase in ADP Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
09.00 P.M Crude Oil Inventories: Previous -3.4M, Expected -3.2M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
