Updates on Bullion, Base Metals and Energy Levels 22nd January 18
Crude oil futures traded slightly higher on MCX as speculators raised bets amid a firm trend in global market, pushed up by a drop in US drilling activity and by fighting in Syria between Turkish forces and Kurdish fighters. Crude oil prices improved further by comments from Saudi Arabia that cooperation between oil producers who are currently withholding supplies would continue beyond 2018.
Copper futures traded higher on MCX, in tandem with firm trend in base metals prices in future market and as the red metal rose in overseas market. Besides an uptick in demand from consuming industries at spot market also boosted the uptrend.
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 39200
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 39200
Crude
Support at 4010 and resistance at 4070
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 4070
Trade with levels.
Natural Gas
Support at 204 and Resistance at 208.50
Break and sustain above 208.50 will take it to 212.00—214.50 mark else could touch its support level of 204
Fresh selling can be initiated below 204
Copper
Support at 450.00 and resistance at 458.00
Trading in range either side breakout with volumes will decide further.
More will Update Soon!!