Updates on Bullion, Base Metals and Energy Levels 1st February 18
Gold futures settled slightly higher on Wednesday on back of weaker dollar which headed for a third consecutive monthly gain in January, after the Federal Reserve announced its decision to leave interest rates unchanged.
Crude oil futures traded higher on MCX as speculators increased positions, tracking a firm trend in global market due to strong demand for gasoline and distillate products and news that OPEC countries maintained heavy supply cuts in January, offset news that US production topped 10 million barrels per day for the first time in nearly half a century.
Copper futures traded higher on MCX, as participants widened their bets backed by firm trend in LME copper, which rose on weaker than expected Chinese manufacturing data and on softer dollar against a bucket of currencies. Moreover, strong demand for red metal from consuming industries at domestic spot market also pushed up the rates higher.
Technical Level
Gold
Support at 30050 and Resistance at 30350
Break and sustain above 30350 will take it to 30600—30750++ mark else could touch its resistance level of 30050 mark.
Fresh buying can be initiated above 30050
Silver
Support at 39150 and Resistance at 39600
Break and sustain above 39600 will take it to 40000—40200++ mark in days to come else could touch its support level of 39150
Fresh selling can be initiated below 39150
Crude
Support at 4120 and resistance at 4180
Above 4180 rally remain continue till 4230—4250++ mark in days to come else could touch its support level 4120
Fresh selling can be initiated below 4120
Trade with levels only.
Natural Gas
Support at 187.50, Break and sustain below 187.50 will take it to 182—180 and then to 175 mark else could ouch its resistance level of 195.00
Fresh buying can be initiated above 195.00
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 449
Fresh selling can be initiated below 449
Economic Data
07:00 P.M Unemployment Claims: Previous 233K, Expected 237K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
08:30 P.M ISM Manufacturing PMI: Previous 59.7, Expected 58.7, Actual??
Increase in ISM Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
09:00 P.M Natural Gas Storage: Previous -288B, Expected -102B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More Will Update Soon!!
