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Tuesday, November 29, 2016

Updates on Bullion, Base Metals and Energy Levels 29th Nov 2016



Gold futures ended higher on Monday as the dollar slipped against a basket of major currencies and long-dated US Treasury bond yields retreated from recent highs. Though, some gains were capped on expectations that the US Federal Reserve will raise interest rates at its meeting on December 13-14.  Investors were also looking ahead to a raft of US economic data this week, including Friday’s nonfarm payrolls report for November.


Crude oil futures bounced back on Monday after moving sharply lower over the course of the previous session, on fresh hopes for OPEC deal after Iraq's oil minister said, he is optimistic OPEC members will reach an agreement on cutting production at a meeting on Wednesday. OPEC members are making a last-ditch effort to save the deal, attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts aimed at reducing a global supply glut that has seen oil prices halve in two years.


Copper futures ended lower on Monday, even as China’s top economic commission approved a $36 billion plan on new rail links around Beijing, boosting demand for industrial raw materials. Meanwhile, Copper prices have climbed almost 23% this month on hopes that infrastructure plans in top consumers China and the US will bolster demand for the industrial metal.

Nickel futures edged lower on MCX on rising demand from alloy-makers at the spot market amid firm trend overseas. Further, firm trend in the base metals at the London Metal Exchange fuelled the nickel prices’ uptrend.




Technical Level


Gold




Support at 28600 and resistance at 28900

Close below 28600 will take to 28300--28200 and then to 27800 mark else it could test its resistance level of 28900 again.

Further upside rally will see only close above 28900.




Silver



Support at 40000 and resistance at 41300---41700

Trade with levels only... Anything seems will update




Crude oil


Support at 3150 and resistance at 3230---3280

All eye on OPEC meeting which is scheduled on Wednesday. Crude oil is forming Head and Shoulder pattern on hourly chart.

Close below 3150 will take to 3070---3025 and then to 2950 mark.

Else it could test its resistance level of 3230---3280 again. Further upside rally sill see only close above 3200 mark.

Trade with levels only





Natural Gas


Support at 225 and resistance at 233

Close below 225 will take ti 221---218 and then to 213 mark else it could test its resistance level of 233 again.

Further upside rally will see only close above 233.

Trade with levels only


Copper



Copper... Looks weak below 398 could test 382---376 mark. 

Further down panic will see if close below 376 else it could test its resistance level of 405---408 and then to 415 again

Trade with levels only








Major Economic Data Updates



07:00 P.M Prelim GDP q/q:  Previous 2.9% Forecast 3.0%, Actual??

Impact - Increase in Prelim GDP – will have negative impact bullion and positive impact on base metals and dollar index and vice – versa.

07:45 P.M FOMC Member Dudley Speaks


08:30 P.M CB Consumer Confidence m/m:  Previous 98.6 Forecast 101.3, Actual ??

Impact - Increase in Consumer Confidence – will have negative impact bullion and positive impact on base metals and dollar index and vice – versa.


11:10 P.M FOMC Member Powell Speaks









More will update soon!!