Gold futures ended higher on Wednesday as the dollar slipped against a basket of currencies and diminished expectations for an interest-rate increase at the Federal Reserve’s policy meeting this month. The Fed’s two-day meeting is scheduled to start at September 20. Though, some gains were capped ahead of a closely-watched US August retail sales report on Thursday.
Crude oil futures fell again on Wednesday to the lowest since September 1, after government data showed US crude oil stockpiles were little changed after a massive drawdown two weeks ago. The US Energy Information Administration (EIA) said in its weekly report that crude oil inventories fell by 0.559 million barrels in the week ended September 9. The report also showed that gasoline inventories increased by 0.567 million barrels, while distillate stockpiles rose by 4.617 million barrels.
Copper futures ended higher on Wednesday, as the dollar declined against a basket of major currencies on receding expectations that the US Federal Reserve will raise interest rates next week. Copper prices improved further on increased demand expectations from the world’s top consumer China, following reports that showed China's bank lending more than doubled in August from the previous month.
Soyabean futures edged lower on NCDEX due to rising expectation of big crop size amid favorable weather condition at the major producing belts. Further, higher edible oil imports and lower export demand for soy meal too fueled the downtrend.
Technical Levels
Gold
Support at 30900 and Resistance at 31200
Break and sustain above 31200 will take to 31380---31550. Further upside rally will see only close above 31550 mark else it could test its support levels only 30900
Close below 30900 will take to 30700---30550
Trade with levels only
Silver
Support at 45150 and Resistance at 45850
Close above 45850 will take to 46400---46550 and then to 46900 else it could test its support level of 45150 again.
Further downside panic will see only close below 45150. Close below 45150 will take to 44700 and then to 44200---43800 mark.
Trade with levels only
Crude oil
We clearly indicated that Crude oil looks weak and 3200 act as major hurdle
Now what to expect???
Support at 2890. Three consecutive closes + weekly close below 2890 will see sharp downside panic till 2600--2450 mark in days to come else we will see dead cat bounce till 2970---3025---3070
Trade with levels only
Copper
Support at 321 and Resistance at 327
Close below 321 will take to 316--312. Further downside panic will see only close above 312 else it could test its resistance level of 327 again
Further upside rally will see only weekly close above 327 mark.
Trade with levels only
Soyabean
Support at 3150 and Resistance at 3250
Close above 3250 will take to 3330---3380 mark else it could test its support level of 3150 again.
Close below 3150 will take to 3080---3030 mark
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Trade with levels only
