Gold futures edged higher on MCX as investors extended their positions in the precious metal as the US dollar slid after President Trump said that the currency was too strong. Moreover, rising tensions over US relations with Russia and North Korea also supported gold futures’ prices.
Crude oil futures edged down on MCX as investors and speculators exited their positions in the energy commodity as rising US inventories stoked worries about global oversupply. Meanwhile, investors focused on preliminary US production estimates in EIA report that suggested domestic output is still climbing. It also showed that stockpiles at the US crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week.
Comex copper futures ended lower on Wednesday, while London copper prices too declined as a tentative recovery in broader financial markets lost steam, with geopolitical tensions and fading hopes of a boost to US demand putting pressure on prices.
Technical Level
Gold
Support at 29150 and Resistance at 29450
Weekly close above 29450 will take it to 29600---29800+ mark else could touch its support level of 29150 again.
Fresh selling can be initiated below 29150 mark
Silver
Silver... Above 42500 it can touch 42800---43050. Close above 43050 will see more upside rally till 43700---44000 and then to 44600
Support and stop loss below 42150
Crude Oil
Support at 3400 and Resistance 3480
Weekly close below 3400 will take it to 3330—3270 and then to 3230 mark in days to come else could touch its resistance level of 3480 mark.
Fresh buying can be initiated above 3480
Copper
Support at 363 and resistance at 368—371
Close below 363 will see sharp downside panic till 358—355 and then to 348 mark else could touch its resistance level of 368---371 mark.
Further upside rally will see only above 371
Economic Data
06:00 P.M PPI m/m: Previous 0.3%, Forecast 0.0%, Actual –??
Impact – Increase in PPI - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:00 P.M Core PPI m/m: Previous 0.3%, Forecast 0.2%, Actual –??
Impact – Increase in Core PPI - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:00 P.M Unemployment Claim: Previous 234K Forecast 242K, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
07.30 P.M – Prelim UoM Consumer Sentiment– Previous 96.9 Forecast 97.1 Actual –??
Impact – Increase in Industrial Production m/m– will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
More will update soon!!
