Gold futures edged marginally higher on MCX as speculators extended their positions in the precious metal as the greenback edged slightly lower from its 14-year highs, which it touched recently. Though, US Fed Chair Janet Yellen’s optimistic remarks on the US labour market, strengthened the possibility of further rate hikes next year capped some gains in gold futures.
Crude oil futures were trading higher on MCX due to improved demand in the spot market owing to firm global cues. The prices found further support from expectations of a steep draw in U.S. crude oil stocks that could indicate global oversupply is starting to shrink.
Copper futures traded up on MCX due to rising demand from consuming industries at domestic spot markets. The prices found further support from a firming trend in overseas markets, which gained momentum as investors bet that strong growth in U.S. and Chinese economies next year would bolster demand for industrial metals.
Technical Level
Gold
Support at 26900 and Resistance at 27400
Trading in range… either side breakout with volumes will decide further.
Silver
Support at 38600--38000 and resistance 39800
Close above 39800 will take it to 40400---40700+ marks else could test its support level of 39000 and then to 38 600—38000 mark again
Trade with levels only
Crude oil
Support at 3625--3600 and resistance at 3670---3720
Looks positive and could test its resistance level of 3670. Break and sustain above 3670 will take it to 3700---3720 mark else it could test it's support level of 3625---3600 again.
Trade with levels only
Copper
Support at 373 and resistance at 379
Two consecutive close + weekly close below 373 will take it to 366—363 mark else could test its resistance level of 379 again.
Further upside rally will see on close above 379 mark
Major Economic Data Updates
07:30 P.M Existing Home Sales: Previous 5.60M Forecast 5.52M Actual –??
Impact – Increase in Existing Home Sales – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
09:00 P.M Crude Oil Inventories: Previous -2.6M, Forecast -2.4M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices vice versa.
