Updates on Bullion, Base Metals and Energy Levels 25th January 18

Updates on Bullion, Base Metals and Energy Levels 25th January 18 

Gold and Silver recovered sharply in past two trading session, tracking strong cues from international market along with persisting weakness in US dollar boosted the sentiment of yellow metals heavily. The US dollar index has hit the lowest level since Dec.2014 on US support for weaker currency and concerns about protectionist US trade policies. Also supporting price is choppiness in equity market amid mixed US economic data and uncertainty ahead of Trump’s comments at World Economic Forum. Gold may continue to trade higher unless we see a sizeable correction in US dollar near term.

The base metals pack trades sharply higher extended its previous steep run up. The major factor that is supporting base metals or commodities in general is sharp slide in US Dollar. Weakness in US Dollar also supporting prices is expectation of robust demand outlook tracking global growth optimism. Also, yesterday’s comments on infrastructure spending by US President Trump is further fuelling demand expectation from the region. Trump stated that his long-awaited plan to help rebuild the nation's infrastructure would result in about $1.7 trillion in overall investment over the next 10 years, a larger figure than he previously announced. The gains also added due to rising demand from Chinese stainless industry ahead of Lunar holidays which begin from 15th Feb.

Technical Level

Gold

Rally likely to remain continue. Hurdle is 30550. Break and sustain above 30550 will see further upside rally in it till 30700—30850++ mark.

Support intact at 30250 mark.

Silver

Support at 39500 and Resistance at 40200

Break and sustain above 40200 will take it to 40550---40800 mark in days to come else could touch its support level of 39500.

Fresh selling can be initiated below 39500 mark.

Trade with levels only.

Crude

Support at 4150 and resistance at 4230

Above 4230 rally remain continue till 4280—4350++ mark in days to come else could touch its support level 4150.

Fresh selling can be initiated below 4150.

Trade with levels.

Natural Gas

Support is 218 and Resistance is 230.

Above 230.50 rally remain continue till 235—238++ mark.

Support intact at 218 mark on closing basis.

Trade with levels only.

Copper

Support is 451 and Resistance is 458.

Break and close above 458 will see sharp upside till 463—467 and then 472++ mark else could touch its support level of 451 mark.

Fresh selling can be seen on close below 451 mark.

Economic Data

07.00 P.M Unemployment Claims: Previous 220K, Expected 239K, Actual??

 Goods Trade Balance: Previous -70.0B, Expected -68.6B, Actual??

08:30P.M New Home Sales: Previous 733k, Expected 679k, Actual??

09:00P.M Natural Gas Storage: Previous -183B, Expected -270B, Actual??

More will update soon !!