Updates on Bullion, Base Metals and Energy Levels 18th January 18
Gold futures ended higher on Wednesday, hovering near a four-month high as dollar weakened against a basket of currencies. However, investors’ cautious outlook on news whether US Republicans and Democrats will fail to pass a spending bill by Friday to avoid a possible government shutdown, have capped some gains.
Crude oil futures recovered and ended higher on Wednesday, as positive commentary concerning the OPEC-led pact strengthened investors’ expectations that the oil cartel would continue with output cuts. Kuwaiti energy Minister Bakheet Al-Rashidi said the oil market was "very stable" and vowed that OPEC remains committed to output cuts "no matter the price." Prices remained steady near recent 4-year highs ahead of U.S. inventories data.
Comex copper futures ended lower on Wednesday, while London copper prices too fell as some speculators took profits from a December rally and others went short after prices broke below technical levels.
Technical Level
Gold
Support at 29550 and Hurdle at 29750
Break and sustain below 29550 panic remain continue till 29350—29200 mark in days to come else could touch its resistance level of 29750 mark.
Fresh buying can be initiated above 29750
Silver
Support at 38900 and Resistance at 39350
Break and sustain below 38900 will take it to 38600—38400 mark in days to come else could touch resistance level of 39350 mark.
Fresh buying can be initiated above 39350
Crude
Below 4050 panic remain continue till 3980—3950 mark else could touch its resistance level of 4100--4130
Fresh buying can be initiated only above 4130
Trade with levels.
Natural Gas
Yesterday we clearly indicated that Natural gas looks positive above 202.50… it flared and hit 209.90.
Now what to expect??/
Above 210 rally remain continue till 215—218++ mark in days to come.
Support and stop loss below 205
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
Economic Data
07:00 P.M Building Permits: Previous 1.30M, Expected 1.29M, Actual??
Increase in Building Permits – will have negative impact on bullion index and positive impact on dollar or vice versa.
07:00 P.M Housing Starts: Previous 1.30M, Expected 1.28M, Actual??
Increase in Building Permits – will have negative impact on bullion index and positive impact on dollar or vice versa.
07:00 P.M Unemployment Claims: Previous 261K, Expected 250K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
09:00 P.M Natural Gas Storage: Previous -359B, Expected -201B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
09.30 P.M Crude Oil Inventories: Previous -4.9M, Expected -1.4M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
