Gold futures ended higher on Thursday after European Central Bank President Mario Draghi said ECB policymakers would discuss potential changes to the bank's bond-buying scheme in the autumn, lifting the euro to a 14-month high. Meanwhile, the Labor Department released a report showing that a much bigger than expected decrease in first-time claims for US unemployment benefits in the week ending July 15th. Initial jobless claims fell to 233,000, a decrease of 15,000 from the previous week's revised level of 248,000.
Crude oil futures settled lower on Thursday after reversing off multi-week highs amid profit-taking and nagging worries about supply overhang. Market focus shifted to domestic crude production that climbed 32,000 bbl to a fresh two-year high of 9.429 million bbl last week. In addition, US demand was mixed, with data showing gasoline falling 194,000 bpd last week, while distillate demand spiked 476,000 bpd on the week and up 10.6% higher year-over-year. Overseas, supply continues to rise in Libya and Nigeria, while Iraq plans to increase its output by the end of this year despite the fact that Iraq is part of an ongoing OPEC agreement to cut output by 1.2 million bpd through March 2018.
Copper futures ended higher on Thursday on expectations of solid demand from top consumer China after industrial output grew strongly in the second quarter.
Technical Level
Gold
Support at 29280 and Resistance at 29400
Break and sustain above 29400 will take it to 29550—29700++ else could touch its support level of 29280.
Fresh selling can be initiated below 29280
Silver
Support at 37700 and Resistance at 38000
Break and sustain above 38000 will take it to 38200—38450++ mark else could touch its support level of 37700.
Fresh selling can be initiated below 37700 mark.
Crude
Support at 3025 and Resistance at 3080
Break and sustain below 3025 will take it to 3000---2980 and then to 2950 mark else could touch its resistance level of 3080.
Fresh buying can be initiated above 3080 mark.
Natural Gas
Support 193.50 and Resistance 197
Break and sustain below 193.50 will take it to 191—189 and then to 187 mark else could touch its resistance level of 197 mark.
Fresh buying can be initiated above 197.00
Copper
Support at 385 and Resistance 391.50
Above 391.50... Rally remain continue till 394—397++ mark else could touch its support level of 385 mark.
Fresh selling can be initiated below 385
More will update soon!!
