Gold futures ended lower on Thursday as the dollar strengthened against a basket of major currencies and as investors viewed the testimony from former US FBI director James Comey as containing no significant surprises.
Crude oil futures continued their weak trend on Thursday and ended in red for second consecutive day, briefly dipping to a one-month low on the back of concerns of rising global output, following the return of Nigerian crude to the market and an unexpected surge in US crude stockpiles. Royal Dutch Shell lifted force majeure on exports of Nigeria’s Forcados crude oil, brining all of the West African country’s oil exports fully online for the first time in 16 months. Also, the prices were under pressure with production from the US and others picking up, OPEC's supply quota plan with Russia has been rendered essentially ineffective.
Comex copper futures ended higher on Thursday as investors reacted positively to the import data from China. Chinese imports jumped 14.8 percent year on year, accelerating from an 11.9 percent rise in April and blowing past expectations of an 8.5 percent rise.
Technical Level
Gold
Support at 28900 and Resistance at 29200
Trend looks weak and could touch its support level of 28900. Weekly close below 28900 will take it to 28550---28300 mark else could touch its resistance level of 29200 mark.
Fresh buying can be initiated above 29200
Silver
Support at 39600 and Resistance at 40050
Break and sustain below 39600 will take it to 39300---39000 and then to 38700 mark else could touch its resistance level of 40050 again
Trade with levels only.
Crude
Support at 2910 and Resistance at 2980
Break and sustain below 2910 will take it to 2870---2830 mark in days to come else could touch its resistance level of 2980 mark.
Trade with levels only
Natural Gas
Support at 191.50 and Resistance at 199.50
Trading in range either side breakout with volumes will decide further.
Copper
Support at 369 and Resistance at 375
Close above 375 will take it to 378—380 and then to 383 else could touch its support level of 369.
Fresh selling can be initiated below 369
More will update soon!!
