Gold futures ended lower on Thursday weighed down by a stronger dollar as investors began to assess the potential for another US rate hike later in the year, supported by data showing a strong US jobs market. Though, some losses were capped with bullion underpinned by myriad global uncertainties, including a report that US President Donald Trump was under investigation.
Crude oil futures traded marginally higher on MCX as investors and speculators extended their positions in the energy commodity on surge in physical demand for crude oil at the domestic market. However, an ongoing supply overhang despite an OPEC-led effort to cut production, and rising output from the US, restricted further rise in crude oil prices.
Comex copper futures ended marginally lower on Thursday, while London copper prices too fell after the Federal Reserve lifted US interest rates and took a more hawkish than expected stance on future policy, boosting the dollar and weighing on assets priced in the US currency.
Technical Level
Gold
Support at 28700 and Resistance 28900
Weekly close below 28700 will take it to 28550—28400 mark in days to come else could touch its resistance level of 28900 mark.
Fresh buying can be initiated above 28900
Silver
Support at 38550 and Resistance at 38900
Weekly close below 38550 will take it to 38200---38050 and then to 37600 mark else could touch its resistance level of 38900 mark.
Fresh buying can be initiated above 38900 mark.
Crude
Support at 2850 and Resistance at 2920
Trading in range either side breakout with volumes will decide further.
Copper
Support at 363 and Resistance at 368--372
Close below 363 will take it to 359---356.50 mark, else could touch its resistance level of 363.
Fresh buying can be initiated above 372
Economic Data
06:00 P.M Building Permits: Previous 1.23M Forecast 1.25M Actual –??
Impact – Increase in Building Permits – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Housing Starts: Previous 1.17M Forecast 1.23M, Actual –??
Impact – Increase in Housing Starts – will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
07.30 P.M – Prelim UoM Consumer Sentiment– Previous 97.1 Forecast 97.2 Actual –??
Impact – Increase in Industrial Production m/m– will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
More will update soon!!
