Gold futures ended lower on Wednesday as the dollar strengthened against a basket of major currencies on the back of economic data that topped analysts’ expectations, reducing investors’ appetite in the metal. The Commerce Department showed that the housing starts surged up by 8.3 percent to an annual rate of 1.215 million in June from the revised May estimate of 1.122 million.
Crude oil futures traded marginally higher on MCX as speculators enlarged positions after the US EIA reported Wednesday that domestic crude supplies fell by 4.7 million barrels for the week ended July 14. That followed hefty declines in each of the previous two weeks.
Copper futures edged higher on MCX as traders widened their bets amid firm global cues. Further, pick-up in demand from consuming industries in the spot market too fuelled the uptrend.
Technical Level
Gold
Support at 29000 and Resistance at 29300
Trading in range either side breakout with volumes will decide further till then traders can trade in range with strict stop loss.
Silver
Support at 37300 and Resistance at 37825
Trend looks positive and could touch its resistance level of 37825. Break and sustain above 37825 will take it to 38000—38150++ mark.
Fresh selling can be initiated below 37300 mark.
Crude
Support at 3020 and Resistance at 3080
Break and sustain above 3080 will take it to 3130—3150++ mark else could touch its support level of 3020 mark.
Fresh selling can be initiated below 3020 mark.
Natural Gas
Support 196 and Resistance 200
Close above 200 will take it to 203—205++ mark else could touch its support level of 196 mark again.
Fresh selling can be initiated below 196
Copper
Support at 385 and Resistance 390.50
Trading in range either side breakout with volumes will decide further.
Economic Data
06:00 P.M Unemployment Claim: Previous 247K Forecast 245K, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
06:00 P.M Philly Fed Manufacturing Index: Previous 27.6 Forecast 23.4 Actual –??
Impact – Increase in Manufacturing Index – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
08:00 P.M Natural Gas Storage: Previous 57B, Forecast 39B, Actual –??
Impact – Increase Natural Gas Storage – will have negative impact on natural gas prices or vice versa.
More will update soon!!
