Gold futures ended higher on Thursday as traders digested a new tax plan from the White House. Though, some gains were capped as the dollar strengthened against a basket of major currencies after US business investment accelerated in the first quarter and the euro hit session lows after Draghi said policymakers did not discuss removing the bank's easing bias on monetary policy at Thursday's meeting
Crude oil futures despite coming off their day’s low ended lower on Thursday. There was jitter among traders, pressured by an increase in global production after two of Libya’s key oilfields resumed output. Libya’s Sharara and El Feel oilfields, which combined produced 390,000 barrels per day, have restarted after protests that had blocked pipelines came to an end. Further, the slump in oil prices came amid renewed hopes that the Organization of the Petroleum Exporting Countries would agree to extend the supply-cut agreement.
Comex copper futures ended lower on Thursday, while London copper prices too declined on concerns about demand in top metals market China and scepticism about proposed US tax cuts.
Technical Level
Gold
Support at 28650 and Resistance at 28850
Close above 28850 will take it to 29000---29080 and then to 29250 mark else could touch its support level of 28650 again.
Fresh selling can be initiated below 28650
Silver
Unable to break its support level and bounced back.
Hurdle at 40300. Close above 40300 will take it to 40700—41000 mark else could touch its support level of 39600 again.
Looks weak only weekly close below 39600 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
Support at 206 and Resistance at 210.50---213
Close above 210.50 will take it to 213 and them to 216---220+ mark else could touch its support level of 206.00
Fresh selling can be in initiated below 206
Copper
Support at 360 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 again.
Economic Data
06:00 P.M Advance GDP q/q: Previous 2.1% Forecast 1.3% Actual –??
Impact – Increase in Advance GDP q/q– will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Advance GDP Price Index q/q: Previous 2.1% Forecast 2.0% Actual –??
Impact – Increase in Advance GDP Price Index q/q – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
9.45 P.M Chicago PMI m/m: Previous 57.7 Forecast 56.9, Actual??
Impact - Increase in Chicago PMI – will have negative impact bullion and positive impact on base metals and dollar index and vice – versa.
10:00 P.M Revised UoM Consumer Sentiment: Previous 98.0 Forecast 98.1 Actual –??
Impact – Revised UoM Consumer Sentiment – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
More will update soon!!
