Gold futures ended higher on Wednesday as the US dollar backed away from the session’s highs, giving the precious metal an opportunity to rebound after a four-session fall. Though, some gains were capped as US equities climbed on the back of optimism surrounding the Trump administration’s plan to deliver tax reforms and bond yields strengthened in the wake of hawkish comments from Federal Reserve Chairwoman Janet Yellen on the nation’s interest-rate picture.
Crude oil futures settled lower on Wednesday after government data confirmed U.S. inventories at record highs. The Energy Information Administration (EIA) said US stockpiles rose 9.5 million barrels last week. Gasoline stocks rose 2.8 million barrel and distillate stockpiles fell by 689,000 barrels. Distillate stockpiles fell by 689,000 barrels, in line with forecasts. Total inventories are at an all-time peak of 518.12 million barrels, while gasoline stocks also touched a record. The builds come against more upbeat estimates of reduce oil output globally.
Copper futures ended marginally higher on Wednesday as talks to end a major strike at Chile’s Escondida mine, the world’s biggest copper mine, are delayed. Furthermore, US President Donald Trump repeated his promise of tax cuts, boosting investors risk appetite after robust US data, including retail sales and consumer prices, too supported copper prices’ uptrend.
Technical Level
Gold
Support at 29180 and Resistance at 28420
Looks positive and could touch its resistance level of 29420. Break and close above 29420 will take it to 29550—29709 mark else could touch its support level of 29180 and then to 29050---28900 again.
Fresh selling can be initiated only close below 28900
Silver
Support at 42500 and Resistance at 43000
Break and sustain above 43000 will take it to 43300---43800+ and then to 44000+ mark else could touch its support level if 42500 again.
Trade in a range with levels only.
Crude Oil
Support at 3520 and Resistance at 3600
Traders can trade in a range with strict stop loss and wait for confirmation.
Anything seems will update.
Copper
Support at 400 and resistance at 415
Break and sustain below 400 will take it to 394—390 and then to 386 else could touch its resistance level of 415.
Looks positive only above 415.00
Major Economic Data
07:00 P.M Building Permits: Previous 1.21M Forecast 1.23M, Actual –??
Impact – Increase in Building Permits - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
07:00 P.M Philly Fed Manufacturing Index: Previous 23.6, Forecast 18.5, Actual –??
Impact – Increase in Philly Fed Manufacturing Index - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
07:00 P.M Unemployment Claim: Previous 234K Forecast- 243K, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
09:00 P.M Natural Gas Storage: Previous -152B, Forecast -130B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on natural gas prices or vice versa.
More will update soon!!
