Gold futures ended higher on Wednesday as a batch of mixed data on the US housing market kept up pressure on the dollar. The Commerce Department reported that the US housing starts unexpectedly slumped 9.0% to hit 1.047 million units last month. That compared to forecasts for an increase of 2.5%. However, single-family home building, which comprises the largest share of the residential housing market, jumped 8.1% in September, the most since February, pointing to sustained strength in the housing market. The number of building permits issued rose 6.3% to 1.225 million units last month, up from 1.152 million in August.
Gold futures ended higher on Wednesday as a batch of mixed data on the US housing market kept up pressure on the dollar. The Commerce Department reported that the US housing starts unexpectedly slumped 9.0% to hit 1.047 million units last month. That compared to forecasts for an increase of 2.5%. However, single-family home building, which comprises the largest share of the residential housing market, jumped 8.1% in September, the most since February, pointing to sustained strength in the housing market. The number of building permits issued rose 6.3% to 1.225 million units last month, up from 1.152 million in August.
Copper futures ended marginally lower on Wednesday as Chinese industrial production data for last month missed forecasts, news that the world's biggest diversified miner had put its 2017 copper output guidance under review underpinned copper prices.
Technical Level
Gold
Support at 29850 and Resistance at 30050
Above 30050 it can touch 30200---30300 and then to 30500
Else it could test its support level of 29850 again.
Break and close below 29850 will take to 29700---29600 mark.
Trend looks positive but will buy in panic.. Trade with levels only
Silver
Support at 42000 and Resistance at 42500
Above 42500 it could test 43200---43500 else it could test its support level of
42000 again.
Close below 42000 will take to 41700---41550
Trade safely with levels only.
Crude Oil
Support at 3420---3350 and Resistance at 3490---3350
Buy crude oil in panic around 3420--3400. Stop loss below 3350 for the upside target of 3490---3550.
Trade with levels only
Copper
Trend looks weak….. Below 313 it can touch 309---306 and then to 298 mark.
Hurdle at 316….. Fresh buying only above 316.
Trade with levels only
Major Economic Data Updates
06:00 P.M Philly Fed Manufacturing Index: Previous 12.8 Forecast 5.2 Actual –??
Impact – Increase in Manufacturing Index – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Unemployment Claims: Previous 246k Forecast 251k, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
07:30 P.M Existing Home Sales: Previous 5.33M Forecast 5.36M Actual –??
Impact – Increase in Existing Home Sales – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
