Updates on Bullion, Base Metals and Energy Levels 2nd February 18
Gold futures ended higher on Thursday, as investors hoped for US jobs data due at the end of the week for guidance on monetary policy for the remainder of the year and on weaker dollar. However, gains remained capped as the yellow metal was under pressure on Fed’s outlook about inflation rise. Inflation worries generally boost gold, which is seen as a safe-haven against rising prices. But expectations that the Fed will raise interest rates to fight inflation make gold less attractive because it does not pay interest.
Crude oil futures traded higher on MCX as speculators widened their positions on firm trend overseas where it rose after a survey showed OPEC’s commitment to its supply cuts remains in place, even as US production topped 10 million barrels per day (bpd) for the first time since 1970.
Copper futures traded higher on MCX, in line with a firm red metal in overseas market as week’s data showed that manufacturing activity hit multi-year highs in some Asian counties, including Japan. Strong global demand for hi-tech products particularly gave support to metal prices. Moreover, strong demand from domestic spot markets also supported the uptrend.
Technical Level
Gold
Support at 30450 and Resistance at 30650
Break and sustain below 30450 will take it to 30150---30000 mark else could touch its resistance level of 30650 again
Fresh buying can be initiated above 30650 mark
Silver
Support at 39250 and Resistance at 39650
Trend looks weak and could touch its support level of 39250. Break and sustain below 39250 will take it to 38850----38600 mark in days to come else could touch its resistance level of 39650 again
Fresh buying can be initiated above 39650
Crude
Support at 4200 and resistance at 4275
Break and sustain below 4200 will take it to 4165—4140 mark else could touch its resistance level of 4275.
Fresh buying can be initiated above 4275
Trade with levels only.
Natural Gas
Hurdle at 187.50, Break and sustain above 187.50 will take it to 192—195 and then to 198++ mark else could touch its support level of 185.00
Fresh selling can be initiated below 185.00
Trade with level only.
Copper
Hurdle at 462.00, Above 462 rally remain continue till 468—470++ 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 Non-Farm Employment Change: Previous 148K, Expected 181K, Actual??
Increase in Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
07:00 P.M Unemployment Rate: Previous 4.1%, Expected 4.1%, Actual??
Increase in Unemployment Rate– will have negative impact on dollar index and positive impact on bullion or vice versa.
More Will Update Soon!!
