Gold futures ended lower on Thursday after the Federal Open Market Committee announcement. The results of the Federal Open Market Committee meeting are in and US central banking officials have said they are waiting for further evidence to indicate a rate hike, but have still left the door open for a December increase in the key interest rate. However, some losses were capped as narrowing poll numbers drove up political uncertainty in the US ahead of presidential elections next week.
Crude oil futures stabilized and moved a bit higher on Thursday, after plunging nearly 3% to five-week lows in the prior session.The market was also supported by a weaker dollar ahead of the U.S. presidential election on November 8. However, any major gains were capped with the possibility that producers could walk away empty-handed from the November meeting looms large after Iraq, Iran, Nigeria and Libya all signaled they might not take part in the proposed production cut deal.
Copper futures ended higher on Thursday, supported by a weaker dollar against a basket of major currencies ahead of the US presidential election on November 8. Industrial metal improved further as a pickup in services growth in China, the world’s biggest metals consumer, signaled acceleration in the country’s economy, lifting demand outlook.
Technical Level
Gold
Support at 30200 and resistance at 30700
Break and close above 30700 will see upside rally till 31000---31200+++ mark else it could test its support level of 30200 again.
Further downside panic will see only close below 30200 mark
Trade with levels only
Silver...
Support at 42600 and resistance at 44200.
Break and close above 44200 will see fresh upside rally in it else it could test its support level of 42600 again.
Further downside panic will see only close below 42600 mark.
Trade with levels only
Crude oil
Support at 2960 and resistance at 3030
Weekly close below 2960 will take it to 2920---2860 else could test it resistance level of 3030.
Fresh buying only above 3030
Trade with levels only
Copper
Support at 329 and resistance at 332
Above 332 …. It can touch 337—340+ mark else it could test its support level of 329.
Further panic will see on close below 329.
Major Economic Data Updates
06:00 P.M Non-Farm Employment Change– Previous 156k Forecast 174K Actual –
Impact - Impact – Increase in Non-Farm Employment Change – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Unemployment Rate: Previous 5.0% Forecast 4.9%, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
06:00 P.M Trade Balance: Previous -40.7B, Forecast -37.5B Actual –??
Impact – Impact – Increase in Non-Farm Employment Change – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
