Gold futures ended higher on Thursday as US and European stock markets retreated, though it pared gains after data showing a tightening jobs market and accelerating inflation briefly lifted the dollar and pulled US bond yields from earlier lows.
Crude oil futures extended their gains for the second straight day, following surprisingly big drop in US crude stockpiles. Though, traders overlooked latest report from OPEC, which boosted estimates for growth in non-OPEC supplies by 64 percent as US shale production rises at a furious pace and another report that output from top exporter Saudi Arabia inched up last month. OPEC and non-member oil producers are considering extending a global supply cut for nine months or more to give the market more time to rebalance Now traders will keep a close eye on U.S. rig count figures from Baker Hughes.
Comex copper futures ended higher on Thursday, while London copper prices too rose as funds cut bearish bets, but the sustainability of gains will depend on industrial activity and investment data from top consumer China next week.
Technical Level
Gold
Support at 27900 and Resistance at 28250---28400
Trading in range either side breakout with volumes will decide further till then traders can trade in range with strict stop loss.
Silver
Support at 37700 and Resistance at 38400
Close above 38400 will take it to 38700----39000+ mark in days to come else could touch its support level of 37700 again.
Fresh selling can be initiated below 37700
Crude
Hurdle at 3120…. Above 3120 rally remain continue till 3150—3180 and then to 3200+ mark, else could touch its support level of 3050 mark again.
Trade in a range with levels only
Copper
Support at 356 and Resistance at 365
Looks positive could touch its resistance level of 365, Weekly close above 365 will take it to 370---375++ mark else could touch its support level of 356 mark.
Fresh selling can be initiated below 356 mark.
Economic Data
06:00 P.M CPI m/m: Previous -0.3%, Forecast 0.3%, Actual –??
Impact – Increase in CPI m/m - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:00 P.M Core CPI m/m: Previous -0.1%, Forecast 0.2%, Actual –??
Impact – Increase in Core CPI m/m - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:00 P.M Core Retail Sales m/m: Previous 0.0%, Forecast 0.5%, Actual –??
Impact – Increase in Core retail sales - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:00 P.M Retail Sales m/m: Previous -0.2%, Forecast 0.6%, Actual –??
Impact – Increase in Retail sales - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:30 FOMC Member Evans Speaks
More will update soon!!
