Update on Bullion, Base Metal and Energy Levels 17th January 18
Gold futures traded slightly higher as the dollar slumped to three-year low rate against a basket of currencies and as data showed traders increased their bullish bets on gold for the fourth-straight week. However, spot gold slipped from previous day’s four-month high, as bullion investors engaged in booking profits at current high price.
Crude oil futures edged lower on MCX as traders cut exposures in line with a weak trend overseas as expectations of falling US stockpiles were overshadowed by worries that Russia is considering ending its role in an output freeze with OPEC.
Copper futures traded lower on MCX, as traders trimmed their bets in tandem with weaker base metals in overseas market. Besides, sluggish demand from consuming industries in the spot market also weighed on the rates.
Technical Level
Gold
Support at 29600 and Hurdle at 29850
Break and sustain above 29850 will take it to 30000—30150 mark else it could touch its support level of 29600 mark.
Fresh selling can be initiated below 29600
Silver
Support at 39050 and Resistance at 39550
Break and sustain above 39550 will take it to 39800---40000 mark in days to come else could touch support level of 39050 mark.
Fresh selling can be initiated below 39050
Crude
Below 4030 panic remain continue till 3980—3950 mark else could touch its resistance level of 4100.
Fresh buying can be initiated only above 4100.
Trade with levels.
Natural Gas
Support at 195 and Resistance at 203
Above 203 rally remain continue till 208---210 mark else could touch its support level of 195.
Fresh selling can be initiated below 195
Copper
Support at 452.00 and resistance at 460.00
Break and sustain below 452 will take it to 445---442 mark else could touch its resistance level of 460
Fresh buying can be initiated above 460
Economic Data
07:45 P.M Industrial Production m/m: Previous 0.2%, Expected 0.4%, Actual??
Increase in Industrial Production m/m– positive impact on dollar Index and base metal or vice versa.
07:45 P.M Capacity Utilization Rate: Previous 77.10, Expected 77.30, Actual??
Increase in Industrial Production m/m– positive impact on dollar Index and base metal or vice versa.
More will update soon!!!
