Updates on Bullion, Base Metals and Energy Levels 24th January 18
Gold futures settled up on Tuesday, as the dollar slumped against a basket of currencies hitting a three-year low after data showed euro zone consumer confidence jumped much more than expected in January, underlining the strong momentum in its economy. However, an end to uncertainty created by a three-day US government shutdown capped some gains.
Crude oil futures traded marginally higher on MCX as speculators raised their bets, supported by healthy economic growth and supply restrictions led by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) and Russia.
Copper futures traded marginally higher on MCX, as investors initiated fresh buying amid high demand in the spot market. However, red metal in overseas market sank as inventories surged and Chinese traders squared positions ahead of the Lunar New Year Holiday.
Technical Level
Gold
Above 30100, rally remain continue till 30400—30500++ mark.
Support intact at 2900
Silver
Support at 39000 and Resistance at 39350
Break and sustain above 39350 will take it to 39700—40000++ mark in days to come else could touch its support level of 39000.
Fresh selling can be initiated below 39000
Crude
Support at 4060 and resistance at 4130
Above 4130 rally remain continue till 4180—4200++ mark in days to come else could touch its support level 4060.
Fresh selling can be initiated below 4060
Trade with levels.
Natural Gas
Yesterday on our blog we clearly indicated that natural gas looks positive above 210… it flared and made high of 230.50.
Now what to expect???
Above 230.50 rally remain continue till 235—238++ mark.
Support intact at 220.00
Copper
Below 438 panic remain continue till 433—430 mark in days to come.
Hurdle at 450
Economic Data
09.30 P.M Crude Oil Inventories: Previous -6.9M, Expected -1.0M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon !!
