Gold futures ended higher on Wednesday after downbeat US economic data boosted speculation the Federal Reserve will raise interest rates today but refrain from further tightening until year's end. Consumer prices in May were up by 1.9 percent compared to the same month a year ago, a deceleration from the 2.2 percent year-over-year increase seen in April. Retail sales in the US unexpectedly decreased in the month of May, according to a report released by the Commerce Department. The Commerce Department showed that retail sales fell by 0.3 percent in May after climbing by an upwardly revised 0.4 percent in April.
Crude oil futures snapped their gaining streak and ended at seven month low on Wednesday, after US government data showed a smaller-than-expected weekly decline in domestic supplies and an increase in gasoline stockpiles and crude production. The US Energy Information Administration (EIA) reported that domestic crude supplies fell by 1.7 million barrels for the week ended June 9. Gasoline stockpiles rose 2.1 million barrels, while distillate stockpiles edged up by 300,000 barrels last week, according to the EIA. At 242.4 million, U.S. gasoline inventories were 9 percent higher than the five-year average as demand was down 1.2 percent over the last four weeks when compared with a year ago.
Comex copper futures ended lower on Wednesday as investors traded cautiously on an anticipated US Federal Reserve interest rate rise later on Wednesday that is expected to strengthen the dollar, making industrial metals more expensive to holders of other currencies.
Technical Level
Gold
Below 28900….panic remain continue till 28650—28580 and then to 28450 mark.
Hurdle at 29050
Silver
Support at 38600 and Resistance at 39400
Trend looks weak and could touch its support level of 38600. Break and sustain below 38600 will take it to 38300---38000 mark else could touch its resistance level of 39400 mark.
Fresh buying can be initiated above 39400 mark.
Crude
Support 2840 and Resistance at 2930
Trend looks weak …. Any sharp rise will be a selling opportunity in it.
Break and sustain below 2840 will take it to 2780—2750 and then to 2690 in days to come
Trade with levels only
Natural Gas
Support at 187.50 and Resistance at 192.50
Close below 187.50 will take it to 182---178 mark in days to come else could touch its resistance level of 192.50 again.
Fresh buying can be initiated above 192.50
Copper
Support at 363 and Resistance at 368---372
Close below 363 will take it to 359---356 mark else could touch its resistance level of 368---372 again
Fresh buying can be initiated above 372 mark
Economic Data
04:30 PM – UK Monetary Policy Summary
06:00 P.M Unemployment Claim: Previous 245K 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 Empire State Manufacturing Index: Forecast 5.2 Previous -1.0 Actual??
Impact – Increase in Empire State Manufacturing Index – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Philly Fed Manufacturing Index: Previous 38.8 Forecast 25.5 Actual –??
Impact – Increase in Manufacturing Index – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:45 P.M – Capacity Utilization Rate m/m – Previous 76.7% Forecast 76.8% Actual –??
Impact - Increase in Capacity Utilization Rate – will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
06:45 P.M – Industrial Production m/m – Previous 1.0% Forecast 0.2% Actual –??
Impact – Increase in Industrial Production 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 106B, Forecast 88B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on natural gas prices or vice versa.
More will update soon!!
