Gold futures ended higher on Thursday, as a Federal Reserve policy update that was read as mostly dovish by investors, helped to lift prices to their highest finish since mid-June. Though, some gains were capped as the dollar strengthened against a basket of major currencies after data showed shipments of key US-made capital goods increased in June for a fifth straight month.
Crude oil futures extended their northward march on Thursday near $50 a barrel, powered by hopes that OPEC can re-balance the global oil market. Investors continued to cheer signs that rising demand will offset excess supplies in the second half of the year amid a larger-than-expected draw in US supplies. News that Saudi Arabia plans to lower crude exports to 6.6 million barrels per day (bpd) in August, almost 1 million bpd below the level last year, kept the spirit high for the traders.
Copper futures ended marginally higher on Thursday amid talk China may ban imports of some scrap metal, including copper, from the end of 2018, which may lead to higher refined copper imports into the world's largest consumer of the metal.
Technical Level
Gold
Support at 28350 and Resistance at 28500
Break and sustain below 28350 will take it to 28280—28225 mark else could touch its resistance level of 28500
Trade with levels only
Silver
Support at 38100 and Resistance at 38700
Break and sustain below 38100 will take it to 37650—37450 mark else could touch its resistance level of 38700 mark.
Fresh buying can be initiated above 38700
Crude
Hurdle at 3170, Break and sustain above 3170 will take it to 3200—3230++ mark else could touch its support level of 3130.
Fresh selling can be initiated below 3130
Natural Gas
Support 189 and Resistance 192.50
Trend looks positive and could touch its resistance level of 192.50. Above 192.50 will see more upside rally till 194—196+++ mark else could touch its support level of 189.00
Fresh selling can be initiated below 189
Copper
Support at 403.50 and Resistance at 409---415
Break and sustain below 403.50 will take it to 400—398 and then to 395 mark else could touch its resistance level of 409---415 again.
Fresh buying can be initiated above 415
Economic Data
06:00 P.M Advance GDP q/q: Previous 1.4% Forecast 2.5% Actual –??
Impact – Increase in Advance GDP q/q– will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Advance GDP Price Index q/q: Previous 1.9% Forecast 1.3% Actual –??
Impact – Increase in Advance GDP Price Index q/q – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
More will update soon!!
