Gold futures ended lower on Thursday, after the dollar steadied, amid a mixed batch of US economic data, ahead of a key House vote on a healthcare bill to repeal and replace Obamacare. The Commerce Department reported that new home sales increased 6.1 % to a seasonally adjusted annual rate of 592,000 units last month compared to expectations of a 0.7% increase to 565,000 units. Elsewhere, initial jobless claims increased by 15,000 to 258,000 in the week ending March 18 from the previous week’s revised total of 243,000 against analysts’ expectations of a drop by 1,000 to 240,000.
Crude oil futures slumped to their four months low on Thursday, as investors continued to fret about growing U.S. crude inventories to record levels. Also, the dollar firmed on rate hike chatter and upbeat economic news and weighed down the crude prices. Last day the US EIA reported crude oil inventories jumped another 4.5 million barrels to a record high. Traders are now looking ahead to Friday afternoon's US oil rig count from Baker Hughes for further cues. The rig count has been constantly rising this winter.
Comex copper futures ended higher on Thursday. While London copper prices too steadied, but was still near one-week lows on news that operations at the world's top producing copper mine in Chile would resume. Workers at BHP Billiton's Escondida mine agreed to go back to work on Saturday, ending a 43-day stoppage.
Technical Level
Gold
Below 28730 panic remain continue till 28550—28400, else could touch its resistance level of 28950
Trade with levels only and be cautious at upper levels.
Silver
Support at 41000 and resistance at 41500
Break and sustain below 41000 will take it to 40400---40000 and then to 39800 mark else could touch its resistance level of 41500 mark.
Further upside rally only close above 41500
Crude Oil
Support at 3100 and Resistance 3190---3250
Looks weak and can touch support level of 3100, further downside panic will see below 3100 else it could touch its resistance level of 3190---3250 again.
Fresh buying above 3250 mark
Trade with levels only
Copper
Support at 378 and Resistance at 386
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
Economic Data
06:00 P.M Core Durable Goods Orders m/m: Previous 0.5% Forecast 0.0% Actual –??
Impact – Increase in Core Durable Goods Orders m/m– will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Durable Goods Orders m/m: Previous 2.0% Forecast 1.1% Actual –??
Impact – Increase in Durable Goods Orders m/m– will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
