Gold futures ended lower on Wednesday as the dollar strengthened against a basket of major currencies and after a written testimony by a former FBI director to the US Senate was seen as containing few surprises. Though, some losses were capped as uncertainty from the UK election remained.
Crude oil futures slumped on Wednesday, after data showed that supplies of US crude rose for the first time in nine weeks, adding to concerns that rising US oil output would undermine Opec and its allies' efforts to curb supply. With refinery activity on wane and exports fading, the Energy Information Administration (EIA) said crude inventories rose by 3.3 million barrels in the week ended June 2. Gasoline inventories, rose by 3.324m barrels, while distillate stockpiles unexpectedly rose by 4.4m barrels. Also, overseas, tensions between Iran and Saudi Arabia threaten to kill OPEC's supply quota plan that has thus far kept oil above $45 in 2017.
Comex copper futures ended marginally higher on Wednesday, while London copper prices too rose after three days of declines as investors judged that a sell-off had run its course despite weaker than expected German manufacturing data that pointed to lower demand.
Technical Level
Gold
Support at 29250---29100 and Resistance at 29500---29600
We will expect high volatility in evening session. So trade safely with levels only.
Anything seems will update.
Silver
Support at 40400 and Resistance at 40800
Close below 40400 will take it to 40050—39800 mark in days to come else could touch its resistance level of 40800 again
Trade with levels only.
Crude
Below 3025... Panic remain continue till 2880---2830 mark
Any sharp rise will be selling opportunity with stop loss of 3130 on closing basis.
Our ultimate target you all know very well i.e. 2696
Natural Gas
Support at 193 and Resistance at 200
Trading in range either side breakout with volumes will decide further.
Copper
Support at 364---362.50 and Resistance at 370
Trading in range either side breakout with volumes will decide further.
Economic Data
06:00 P.M ECB Press Conference
06:00 P.M Unemployment Claim: Previous 248K 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 81B, Forecast 99B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on natural gas prices or vice versa.
More will update soon!!
