Updates on Bullion, Base Metals and Energy Levels 6th February 18
Gold futures ended almost flat on Monday as a slide in US stock markets helped the precious metal claw back some lost ground.
Crude oil futures edged lower on MCX as speculators reduced their positions amid a weakening trend in global markets, where oil prices dropped as rising US output, a weaker physical market and recent dollar strength added to the pressure from a widespread decline across equities and commodities markets.
Comex copper futures ended higher on Monday, while London copper prices too gained as the dollar rally paused and the balance of supply and demand looked to stay relatively tight.
Technical Level
Gold
Support at 30350 and Resistance at 30600
Break and sustain above 30600 will take it to 30850—31000+ mark else could touch its support level of 30350 mark.
Fresh selling can be initiated below 30350
Silver
Support at 38700---38400 and Resistance at 39600---40200
Either side break or close with volume will decide further. Looks choppy for the day.
So have patience and trade with levels only.
Crude
Support at 4060 and resistance at 4150
Break and sustain below 4060 will take it to 3980--3950 mark in days to come else could touch its resistance level of 4150.
Fresh buying can be initiated only above 4150
Trade with levels only.
Natural Gas
Hurdle at 180, Break and sustain above 180 will take it to 185--188 mark else could touch its support level of 176
Fresh selling can be initiated below 176
Trade with level only.
Copper
Support at 450 and Resistance at 460
Trading in range either side breakout with volumes will decide further.
More Will Update soon!!
