Gold futures ended lower on Wednesday despite the US dollar slipped against a basket of major currencies in the wake of the Federal Reserve’s policy statement.
Crude oil futures traded marginally higher on MCX as the United Arab Emirates stressed its commitment to OPEC-led coordinated production cut effort and pledged to reduce shipments by a further 10 percent starting in September. Further, API data showing that US inventories shed a hefty 10.2 million barrels last week too supported crude oil prices.
Copper futures edged higher on MCX as traders widened positions, amid pickup in demand from consuming industries at the domestic spot market. Besides, positive leads from global markets on signs of stronger Chinese demand and lingering supply-side concerns also added support to copper prices’ uptrend.
Technical Level
Gold
Hurdle at 28610, Break and sustain above 28610 will take it to 28750—28900++ mark.
Support intact at 28450
Silver
Support at 38300 and Resistance at 38650
Break and sustain above 38650 will take it to 38750—38900++ mark else could touch its support level of 38300 again
Fresh selling can be initiated below 38300 mark
Crude
Hurdle at 3155, Above 3155 rally remain continue till 3180—3200 and then to 3250++ mark, else could touch its support level of 3080 again
Weekly close below 3080 will see free fall in it.
Natural Gas
Support 186 and Resistance 191
Trading in range either side breakout with volume will decide further.
Copper
Support at 405 and Resistance at 415
Trend looks positive can could touch its resistance level of 415, Break and sustain above 415 will take it to 418—420++ mark
Fresh selling can be initiated on close below 405 mark.
Economic Data
06:00 P.M Unemployment Claim: Previous 233K Forecast 240K, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
More will update soon!!
