Updates on Bullion, Base Metals and Energy Levels 23rd January 18
Gold futures gained modeartely with a government shutdown in the US ended for at least three weeks after President Donald Trump signed a continuing funding resolution passed by Congress . Overnight, gold prices eased from highs as safe-haven demand fell following news that Senators may be near an agreement to end the government shutdown. Also weighing on gold prices was a continued rise in Treasury yields as the United States 10-Year rose to a nearly three and half year high amid growing investor optimism on the outlook of inflation and economic growth.
Crude oil futures ended higher in past trading session after a top Saudi official said that Organization of the Petroleum Exporting Countries (OPEC) should extend its supply quota plan beyond this year. Adding to this, the Baker Hughes oil rig count, an indication of future crude oil production, slipped five to 747 on Friday. This bullish indicator was countered by OPEC’s monthly report, forecasting that oil supply from non-OPEC countries to grow in 2018.
Moreover, geopolitical tensions in the Middle East have also lent support to crude oil prices. According to the Al Jazeera, tensions rose as Turkey sent troops to the Syrian Kurdish group YPG stronghold. The US considers the YPG its closest ally in Syria, viewing it as the most effective ground force in the fight against the Islamic State.
Technical Level
Gold
Support is 29750 and Resistance is 29950.
Looks positive on chart. Above 29950, rally remain continue till 30150—30200++ mark else could touch its support level of 29750.
Fresh selling can be initiated on close below 29750 mark.
Trade with levels only
Silver
Support at 38800 and Resistance at 39200
Trading in range either side breakout with volumes will decide further.
Crude
Support at 4030 and resistance at 4100
Break and sustain above 4100 will see sharp upside rally till 4135—4170 mark .
Fresh selling can be initiated only close below 4030 mark
Trade with levels.
Natural Gas
Above 210, rally remain continue till 215---218++ mark in days to come else could touch is support level of 206.50.
Fresh selling can be initiated below 206.50
Copper
Looks weak on chart.
Below 445 panic remain continue till 438—435 mark in days to come, else could touch its resistance level of 453—455.
Fresh buying can be initiated only above 455.00
Trade with levels only.
No Major US Economic data due today.
More will update soon !!
