Update on Bullion, Base Metal and Energy Levels 19th January 2018
Gold futures settled lower on Thursday as investors went cautious whether the Federal Reserve will stick to its forecasts for three interest-rate increases this year following recent comments from central-bank officials and economic data.
Crude oil futures declined once again and ended marginally lower on Thursday, as traders fretted over a sharp rebound in US production which offset data showing crude supplies fell for the ninth-straight week. The Energy Information Agency (EIA) reported that U.S. crude production rose by 258,000 barrels per day (bpd) to 9.75 million barrels bpd last week. US output is expected to rise above 10 million bpd in the coming weeks. Separately, EIA reported that inventories of U.S. crude fell by roughly 6.86 million barrels for the week ended Jan. 12. Gasoline inventories rose by 3.62 million barrels, while supplies of distillate unexpectedly fell by 3.89 million barrels.
Comex copper futures ended higher on Thursday, while London copper prices too rose as a robust performance by China’s industrial sector helped to lift the biggest metal consumer’s economic growth in the fourth quarter.
Technical Level
Gold
Support at 29550 and Hurdle at 29850
Trading in range either side breakout with volumes will decide further.
Silver
Support at 38850 and Resistance at 39350
Break and sustain below 38850 will take it to 38500—38400 mark in days to come else could touch resistance level of 39350 mark.
Fresh buying can be initiated above 39350
Crude
Support at 4010 and resistance at 4080
Below 4010 panic remain continue till 3950—3930 mark else could touch its resistance level of 4080 mark.
Fresh buying can be in initiate above 4080
Trade with levels.
Natural Gas
Support at 195 and Resistance at 203.50
Break and sustain above 203.50 will take it to 208—210++ mark else could touch its support level of 195
Fresh selling can be initiated below 195
Copper
Support at 450.00 and resistance at 458.00
Break and sustain below 450.00 will take it to 443--440 mark else could touch its resistance level of 458.00
Fresh buying can be initiated above 458.00
More will update soon!!!
