Gold futures ended lower on Friday as the dollar gained against a basket of six major currencies after US economic data came in within analysts' expectations, cementing assumptions of an interest rate increase by the Federal Reserve by year-end. US retail sales rebounded 0.6 percent in September while producer prices also rose broadly to record their biggest year-on-year increase since December 2014.
Crude oil futures ended lower on Friday, as data showed U.S. rig counts continue to rise. Baker Hughes reported that the number of active US oil rigs rose by four to a total of 432 in the latest week. The US rig count has now risen in 15 of the last 16 weeks. Prices were also under pressure with Russia’s draft budget suggesting that the world’s second-largest oil producer was planning for low oil prices for the next three years. Traders overlooked some positive economic news, the Commerce Department said retail sales climbed by 0.6 percent in September after edging down by a revised 0.2 percent in August, while US producer prices increased by slightly more than expected in the month of September.
Copper futures ended lower on Friday after the dollar strengthened with strong US retail sales and producer prices data reinforcing expectations the Federal Reserve would raise interest rates in December. Besides, Europe's biggest copper smelter cut the premium it will charge customers for copper cathode next year, highlighting over-supply and weak demand, too added pressure on copper prices.
Technical Level
Gold
Support at 29580 and Resistance at 29880
Close above 29880 will take it to 30000---30150 else could test its support level of 29580 and then to 29400---29250 again.
Trade with levels only.
Silver
Support at 41550 and Resistance at 42300
Above 42300 it could test 43200---43500 else it could test its support level of
41550 again.
Close below 41550 will take to 40800---40200 and then to 39500 mark.
Trade with levels only.
Crude oil
Support at 3320 and Resistance at 3370
Above 3370... It could test 3400---3420 and then to 3450 else it could test its support level of 3320 again.
Close below 3320 will take to 3270---3230 and then to 3180 mark
Trade with levels only
Copper
Support at 313 and Resistance at 317
Closes below 313 will take to 309---306 mark in days to come else it could test its resistance level of 317 again.
Trade with levels only
Major Economic Data Updates
06:00 P.M Empire State Manufacturing Index: Previous -2.0 Forecast 1.1, Actual –??
Impact – Increase in Empire State Manufacturing Index – will have negative impact bullion and positive impact on base metals and dollar index and vice – versa.
06:00 P.M Industrial Production m/m: Previous -0.4%, Forecast 0.3%, Actual –??
Impact – Increase in Industrial Production – will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:00 P.M – Capacity Utilization Rate m/m – Previous 75.5% Forecast 75.6% Actual –??
Impact - Increase in Capacity Utilization Rate – will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
8:15 P.M - MPC Member Broadbent Speaks
09:45 P.M FOMC Member Fischer Speaks
11:05 P.M ECB President Draghi Speaks
