Gold futures ended lower on Thursday as the dollar strengthened against a basket of major currencies, after US weekly jobless claims fell and ahead of key data that could put the Federal Reserve on track to raise interest rates this year. The Labor Department reported that the initial claims for state unemployment benefits unexpectedly declined by 5,000 to a seasonally adjusted 249,000 for the week to October 1. Meanwhile, market participants were focusing on Friday’s US nonfarm payrolls report for further indications on the strength of the job market.
Crude oil futures surged on Thursday to reach its four months high, rising back above $50 a barrel as Hurricane Matthew threatened to interrupt supplies from the southeast. There were reports of another informal OPEC meeting on output cuts and plunging US crude inventories. Prices also continued getting support by the surprise drop in US crude stocks for a fifth week in a row, bringing the total drawdown since the beginning of September to 26 million barrels.
Copper futures ended lower on Thursday as dollar strengthened against basket of major currencies after jobless claims suggested further improvement in the US jobs market, increasing the chances of a Fed rate rise later this year. Reports showed that the number of people filing for unemployment benefits in the United States fell unexpectedly last week to near a 43-year low. Copper prices weakened further on a week-long holiday in China, which drained the market direction.
Soybean futures traded marginally higher on NCDEX on concerns that wet weather condition during second part of September may have affected early harvest of crops. However, expectations of higher arrivals from the major producing belts restricted some gains.
Technical Level
Gold
Yesterday we recommended selling in Gold below 29750 with stop loss 29950… It crashed vertically and made low of 29550.
Now what to expect??
Support at 29550 and Resistance at 29850
Close below 29550 will take it to 29400---29250 and then to 29000 else could test its resistance level of 29850 again.
Hurdle intact at 30000---30150---30300.
Trade with levels only.
Silver
Too recommended selling in Silver mini around 42490 …silver too crashed vertically and made low of 41165.
Now what to expect??
Support at 40800--40200 and Resistance at 42400--43200
Today trend still looks weak and on rise will be best selling opportunity in it.
More levels and updates only to our subscribers
Crude oil
Yesterday we recommended buying in crude oil above 3330 … it flared and made high of 3377.
Now what to expect??
Support at 3330 and Resistance at 3400
Close above 3400 will take to 3450---3480 and then to 3550++ mark else it could test its support level of 3330 again.
Close below 3330 will take to 3280---3250 mark.
Trade with levels only
Copper
Support at 319 and Resistance at 322.50
Below 319 will take to 316—313 else it could test its resistance level of 322.50 again.
Trade with levels only
Soyabean
Support at 3180---3150 and resistance at 3280---3350.
Trade in a range with levels only
Major Economic Data Updates
02:30 P.M GBP Manufacturing Production m/m: Previous -0.9%, Forecast -0.4%, Actual –??
Impact – Increase Manufacturing Production – will have positive impact base metals and negative impact on Bullion and vice – versa.
06:00 P.M – Non-Farm Employment Change– Previous 151k Forecast 171K Actual –??
Impact - Increase in Non-Farm Employment Change – will have positive impact base metals and negative impact on Bullion and vice – versa.
06:00 P.M Unemployment Rate: Previous 4.9%, Forecast 4.9%, Actual –??
Impact – Increase in Non-Manufacturing PMI – will have positive impact base metals and negative impact on Bullion and vice – versa.
