Gold futures ended higher on Wednesday as the dollar slipped against a basket of major currencies for a second straight day following a global cyber attack and a delay to US healthcare legislation that fueled doubts about President Donald Trump's ability to pass measures expected to boost the economy.
Crude oil futures traded higher on MCX as investors and speculators extended their positions in the energy commodity as slide in US oil production underpinned the market that has been under pressure from supply glut. The US EIA said that the crude stocks grew 1,18,000 barrels last week, while weekly production fell 1,00,000 barrels per day (bpd) to 9.3 million bpd. That was the biggest decline in weekly output since July 2016.
Copper futures ended higher on Wednesday, lifted by a weaker dollar, which makes dollar-priced metals cheaper for holders of other currencies. Copper was also supported by signs that supply is shrinking as exchange inventories fall and amid indications of solid demand in China.
Technical Level
Gold
Support at 28350 and Resistance 28850
Trading in range either side breakout with volumes will decide further.
Silver
Support at 38350 and Resistance at 38900
Close above 38900 will take it to 39300—39700++ mark else could touch its support level of 38450 mark.
Fresh selling can be initiated below 38350 mark.
Crude
Support at 2880 and Resistance at 2930
Close above 2930 will take it to 2980—3000+ mark else could touch its support level of 2880 mark.
Fresh selling can be initiated below 2880.
Natural Gas (July)
Trend looks positive and could touch 205---208 and then to 210++ mark.
Support intact at 196.
Copper
Hurdle at 385 , Close above 385 will take it to 390---395++ mark
Support and stop loss below 378
Economic Data
06:00 P.M Final GDP q/q: Previous 1.2% Forecast 1.2% Actual –??
Impact – Increase in Prelim GDP q/q – 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 241K 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.
08:00 P.M Natural Gas Storage: Previous 61B, Forecast 50B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on natural gas prices or vice versa.
More will update soon!!!
