Gold futures ended higher on Wednesday as investors reacted to the weaker US Dollar. Besides, uncertainty over the direction of US interest rates also supported the precious metal. Furthermore, political tensions in the US and Europe also continued to support gold.
Crude oil futures traded higher on MCX as investors and speculators extended their positions in the energy commodity after report that showed US crude stockpiles had fallen more than expected and on hopes that the US could pull out of a global climate accord. US President Trump said that he would announce later on Thursday a decision on whether to keep the US in a global pact to fight climate change, as a source close to the matter said he was preparing to pull out of the Paris pact.
Copper futures traded marginally lower on MCX as participants indulged in trimming positions, tracking a weak trend in base metals overseas after a survey showing factory activity contracted in the world's second-largest economy China in May for the first time in almost a year. Besides, muted spot demand from consuming industries too fuelled the downtrend...
Technical Level
Gold
Support at 28850 and Resistance at 29150
Trading in a range either side breakout with volumes will decide further till then traders can trade in range with strict stop loss and wait for confirmation.
Silver
Below 39400.... panic remain continue till 39150---39000 mark else could touch its resistance level of 39900---40200 again
Fresh buying only above 40200 mark.
Crude
Support at 3070---3025 and Resistance at 3180
Soon we will release report on Crude oil. This report is free for every one.
Copper
Support at 362 and Resistance at 370
Break and sustain below 365 will take it to 362 and then to 358—355 mark in days to come else could touch its resistance level of 370 again.
Trade with levels only
Economic Data
05:45 P.M ADP Non-Farm Employment Change: Previous 177K Forecast 181K, Actual –??
Impact – Increase in ADP Non-Farm Employment Change – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Unemployment Claim: Previous 234K Forecast 239K, 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 ISM Manufacturing PMI: Previous 54.7 Forecast 54.8 Actual –??
Impact – Increase in ISM Manufacturing PMI – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
08:00 P.M Natural Gas Storage: Previous 75B, Forecast 78B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on natural gas prices or vice versa.
08:00 P.M Crude Oil Inventories: Previous -4.4M, Forecast -2.7M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices vice versa
More will update soon!!
