Gold futures ended lower on Tuesday as the dollar strengthened against a basket of major currencies following recent upbeat US data continued to weigh on the precious metal. Yellow metal prices further declined after data showed the European Central Bank (ECB) slowed down its money printing in the last week. Market participants were focusing on Friday’s US nonfarm payrolls report for further indications on the strength of the job market, as the Federal Reserve has indicated that future interest rate decisions will be data-dependent.
Crude oil futures consolidated on Tuesday and declined marginally ahead of Inventories data due on Wednesday. The prices were weighed down by a stronger US dollar as the dollar hit a 13-day high against a basket of major currencies on bets for a hike in US interest rates before the year-end. But the commodity remained supported as the oil production freeze deal announced last week by OPEC continued to boost investors’ confidence.
Copper futures ended lower on Tuesday, driven by strong droller against a basket of currencies following a rebound in US manufacturing data reported Monday and on comments from Federal Reserve Bank of Cleveland President Loretta Mester, who reiterated her call for higher US interest rates. Though, improving signals from China's economy restricted the fall.
Technical Level
Gold
Support at 29940 and Resistance at 30150---30280
Break and sustain below 29940 will take to 29820---29750 and then to 29600 mark else it could test its resistance level of 31150---31280 again.
Be cautious in Gold at upper levels.. Anything seems will update
Silver
Support at 42550 and Resistance at 43500
Looks weak on charts break and sustain below 42550 it can touch 41000---40600 mark else could test its resistance level of 43500.
Any sharp rise will be selling opportunity in it but trade with levels only
Crude oil
Support at 3240---3190 and Resistance at 3320
Close above 3320 will take to 3380---3450 mark
In panic will buy... Stop loss below 3190 on closing basis
Copper
Support at 321 and Resistance at 324.50
Close below 321 will take to 319---316--313. Further downside panic will see only close below 313 mark else it could test its resistance level of 324.50 again.
Trade with levels only
Major Economic Data Updates
05:45 P.M – ADP Non-Farm Employment Change – Previous 166k Forecast 177K Actual –??
Impact - Increase in Non-Farm Employment Change – will have positive impact base metals and negative impact on Bullion and vice – versa.
07:30 P.M ISM Non-Manufacturing PMI: Previous 51.4, Forecast 53.1, Actual –??
Impact – Increase in Non-Manufacturing PMI – will have positive impact base metals and negative impact on Bullion and vice – versa.
07:30 P.M Factory Orders m/m: Previous 1.9%, Forecast -0.4 &, Actual –??
Impact – Increase in Factory Orders m/m – will have positive impact base metals and negative impact on Bullion and vice – versa.
08:00 P.M Crude Oil Inventories: Previous -1.9M, Forecast 1.1M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices vice versa.
