Updates on Bullion, Base Metals and Energy Levels 29th January 18
Gold futures edged higher on Monday, as dollar hovered near three-year lows against a basket of major currencies. Moreover, yellow metal prices further improved as the safe-haven buying demand remained robust on reports that US economic growth unexpectedly slowed in the fourth quarter.
Crude oil futures traded marginally higher on MCX, as speculators widened their bets amid ongoing optimism that OPEC-led output cuts would continue to drain the market of excess supplies. However, some gains were capped by soaring North American production.
Copper remained on course for a weekly rise of 1.1 percent. Base metal prices fell from near multi-year peaks after US President Donald Trump backed a stronger dollar, prompting the currency to trade above its recent lows.
Technical Level
Gold
Support at 30000 and Resistance at 30300
Break and sustain below 30000 will take it to 29850---29700 mark else could touch its resistance level of 30300 mark again
Fresh buying can be initiated above 30300
Silver
Support at 39450 and Resistance at 39800
Break and sustain below 39450 will take it to 39000—38800 mark in days to come else could touch its resistance level of 39800.
Fresh buying can be initiated above 39800
Crude
Support at 4170 and resistance at 4240
Above 4240 rally remain continue till 4300—4330++ mark in days to come else could touch its support level 4170
Fresh selling can be initiated below 4170
Trade with levels.
Natural Gas
Hurdle at 200, Break and sustain above 200 will take it to 205—208++ mark else could touch its support level of 195.00
Fresh selling can be initiated below 195 only.
Trade with level only.
Copper
Hurdle at 458.00, Above 458 rally remain continue till 465—468++ mark in days to come else could touch its support level of 451.50.
Fresh selling can be initiated below 451.50.
More will update soon !!