Gold futures ended lower on Wednesday despite retreat in the dollar from the previous session's 14-year peak prompted some buyers to hunt bargains after the metal's sharp slide from its November high.
Crude oil futures declined on Wednesday after the Energy Information Administration (EIA) data showed an unexpected build in US oil inventories. Crude inventories rose by 2.3 million barrels in the week to Dec. 16, compared with expectations for a decrease of 2.5 million barrels. The Energy Department said that this was the first increase in the stockpile in nearly six weeks. The report also showed that gasoline inventories declined by 1.3 million barrels, while distillate inventories including diesel, reported a drop of 2.4 million barrels.
Copper futures ended lower on Wednesday, weighed down by a drop in crude oil prices on news of rising crude inventories in the United States and Libya expecting to boost production. Further, worries about an oversupplied copper market and funds cutting bets on higher prices over coming days too added pressure on copper prices.
Technical Level
Gold
Support at 26900 and Resistance at 27300
Weekly close below 26900 will take it 26500—26200 and then to 25900 else could test its resistance level of 27300 again.
Fresh buying can be initiated above 27300 mark
Silver
Support at 38600---38000 and resistance 39200
Close above 39200 will take it to 39550—39800+ marks else could test its support level of 38600 again
Further downside panic will see if close below 38600 mark
Overall trend looks highly weak and any sharp rise will be selling opportunity in it. Stop loss above 40500
Crude oil
Support at 3560 and resistance at 3600.
Close below 3560 will see panic till 3520---3480 mark else it could test it's resistance level of 3600 again.
Further upside rally will see only close above 3600
Copper
Support at 370 and resistance at 376
Close below 370 will take it to 366---363 and then to 358 mark else could test its resistance level of376 again.
Further upside rally will see only weekly close above 376 mark
Major Economic Data Updates
07:00 P.M Core Durable Goods Orders m/m: Previous 0.8% Forecast 0.2% Actual –??
Impact – Increase in Core Durable Goods Orders – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
07:00 P.M Final GDP q/q: Previous 3.2% Forecast 3.3% Actual –??
Impact – Increase in GDP – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
07:00 P.M Unemployment Claims: Previous 254K Forecast 255k Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
07:00 P.M Durable Goods Orders m/m: Previous 4.6% Forecast -4.9% Actual –??
Impact – Increase in Durable Goods Orders – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
09:00 P.M Natural Gas Storage: Previous -147B, Forecast -201B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on Natural gas prices or vice versa.
