Gold futures ended higher on Thursday as US bond yields declined on waning risk appetite, reducing the US dollar's appeal against safe-haven currencies such as the Japanese yen. Traders are awaiting signals for gold in the New Year, including the speed of rate increases by the Federal Reserve and the potential impact of policies touted by president-elect Donald Trump, which could stoke inflation.
Crude oil futures ended lower on Thursday on getting surprise reports of higher-than-expected inventories. The Energy Information Administration (EIA), reported that oil inventories increased for the week ending December 16. EIA said that crude oil inventories rose by 0.614 million barrels in the week ended December 23. Gasoline inventories decreased by 1.593 million barrels, while distillate stockpiles fell by 1.811 million barrels in the week. The EIA said that supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, rose by 0.172 million barrels last week. Total US crude oil inventories stood at 486.1 million barrels as of last week.
Copper futures ended lower on Thursday in thin holiday trade as markets fretted about the higher dollar and the potential for a liquidity crunch in top consumer China. However, copper is on course for a gain of about 17 percent this year, which would be the first annual rise since 2012, mainly owing to better than expected demand in China and hopes of rising demand resulting from US spending on infrastructure.
Technical Level
Gold
As expected …. Gold flared and made high of 27634. We clearly indicated looks positive above 27450.
Now what to expected???
Above 27640 it could touch 27720—27850 mark else it could test it's support level of 27520 again
Break and sustain below 27520 will take to 27380---27320 and then to 27200 mark
Trade with levels only.
Silver
Support at 39300---38900 and resistance 39900
Break and sustain above 39900 will take it to 40300—40800 marks else could test its support level of 39300---38900 again.
Looks weak only below 38900.
Crude oil
Support at 3640---3600 and resistance at 3720.
Either side break or close with volume will decide further. Till then traders can trade in a range with strict stop loss and wait for confirmation.
Copper
Support at 374 and resistance at 379--- 383
Close below 374 will take to 371—368---363 mark else could test its resistance level of 379---383 again.
Fresh buying can initiate only close above 383 mark
Trade with levels
