Gold futures ended higher on Thursday as the risk averse sentiments amid weaker oil prices drove up the demand for the metal, with a softer dollar and weakness in US Treasury yields also lent support.
Crude oil futures got some relief and snapped their three days losing streak on Thursday. Though, the crude managed to pare some of the losses of last couple of sessions but sentiment remained bearish as investors continue to fret about rising global stockpiles. OPEC members are in talks about making further cuts in oil production, according to Iran's oil minister. In May, Opec and non-Opec members agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year.
Comex copper futures ended marginally lower on Thursday, while copper ended flat in London market. Copper supply worries increased on Thursday as workers at Freeport-McMoRan’s Indonesia-based Grasberg mine extended their strike for another month.
Technical Level
Gold
Support at 28680 and Resistance 28850
Trade in a range with levels only and wait for confirmation.
Silver
Support at 38300 and Resistance at 38800---39300
Close above 38500 will take it to 38800—39300 mark else could touch its support level of 38400 again
Fresh selling can be initiated below 38400 mark.
Crude
Support at 2760 and Resistance at 2820
Close below 2760 will take it to 2730—2690 mark else could touch its resistance level of 2820 again
Fresh buying can be initiated above 2820 mark
Natural Gas
Support at 184 and Resistance at 191.50
Trading in range either side breakout with volumes will decide further.
Copper
Support at 370 and Resistance at 378
Close above 378 will take it to 382---383+++ mark else could touch its support level of 370 again.
Fresh selling can be initiated below 370 mark
Economic Data
06:00 P.M New Home Sales: Previous 569K, Forecast 599K, Actual –??
Impact – Increase in New Home Sales - will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
More will update soon!!
