Gold futures ended lower on Wednesday as the dollar weighed by a shift in sentiment towards riskier assets, as investors digested bullish comments from US Treasury Secretary Steven Mnuchin and awaited a tax reform update from the Trump administration.
Crude oil futures traded lower on MCX as investors and speculators exited their positions in the energy commodity on lingering oversupply worries in global markets. However, losses were limited by expectations that major exporters would agree to extend production cuts to try to rebalance the market.
Comex copper futures ended higher on Wednesday, while London copper prices too rose as the US dollar lost ground against the euro in the wake of the French election, making commodities more affordable for buyers paying with other currencies.
Technical Level
Gold
Support at 28600 and Resistance at 28850
Close below 28600 will take it to 28400—28250 and then to 28050 mark else could touch its resistance level of 28850 mark.
Further upside rally will see above 28850
Silver
Support at 39700 and Resistance at 40300
Close below 39700 will take it to 39400—39150 and then to 38800 mark in days to come else could touch its resistance level of 40300 mark again
Fresh buying can be initiated above 40300 mark.
Crude Oil
Support at 3150 and Resistance at 3210
Break and sustain below 3150 will take it to 3100—3080 and then to 3050 mark else could touch its resistance level of 3210 mark.
Fresh buying can be initiated above 3210 mark.
Natural Gas
Yesterday we recommended buying above 205.00 it flared and made high of 210.50 mark.
Now what to expect??
Support at 208.50, break and sustain below 208.50 will take it to 205—201 and then to 196 mark in days to come, else could touch its resistance level of 213.50 mark.
Fresh buying only above 213.50
Copper
Support at 360—356 and resistance at 368
Above 368 will take it to 371—373 and then to 378+ mark in days to come.
Else could touch its support level of 360—356 again.
Economic Data
06:00 P.M Unemployment Claim: Previous 244K Forecast 241K, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
06:00 P.M Core Durable Goods Orders m/m: Previous 0.5%, Forecast 0.4%, Actual –??
Impact – Increase in Core Durable Goods Orders m/m - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:00 P.M Durable Goods Orders m/m: Previous 1.8%, Forecast 1.5%, Actual –??
Impact – Increase in Durable Goods Orders m/m - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
07:30 P.M Pending Home Sales m/m: Previous 5.5%, Forecast -0.6%, Actual –??
Impact – Increase in Pending Home Sales m/m - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
08:00 P.M Natural Gas Storage: Previous 54B, Forecast 72B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on natural gas prices or vice versa.
More will update soon!!
