Gold futures ended higher on Wednesday, benefiting from a tick lower in both US bond yields and the dollar, as investors remained cautious ahead of the release of Federal Reserve's minutes from its June meeting.
Crude oil futures slumped on Wednesday, ending their longest bull-run in more than five years, as the floor trading resumed after a holiday. The slump came amid signs that OPEC's supply quota plan may be falling apart. A report showed that oil exports by the Organization of the Petroleum Exporting Countries climbed for a second month in June. OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier.
Comex copper futures ended lower on Wednesday, while London copper prices too fell on a surge in warehouse stocks. China's services sector grew at a slower pace in June as new orders slumped, signaling renewed pressure on businesses and pointing to a softening outlook for the economy. A decline in copper prices was offset by news that Chilean miner Antofagasta was facing potential strikes from workers and supervisors at two of its mines as contract talks continue.
Technical Level
Gold
Support at 28050 and Resistance 28225
Break and sustain below 28050 will take it to 27900—27750 mark in days to come else could touch its resistance level of 28225 again.
Fresh buying can be initiated above 28225 mark.
Trade with levels only.
Silver
Support at 37200 and Resistance at 37900
Looks weak and could touch its resistance level of 37200, Break and sustain below 37200 will take it to 36900—36600 mark else could touch its resistance level 37900 again
Fresh buying can be initiated above 37900 only.
Crude
Support at 2930 and Resistance at 3000
Looks weak and could touch its support level of 2930 mark, Break and sustain below 2930 will take it to 2900—2880 mark.
Fresh buying can be initiated above 3000 only
Natural Gas (July)
Support 184 and Resistance 190
Looks weak and could touch its support level of 184 mark, Close below 184 will take it to 180—178 else could touch its resistance level of 190.
Fresh buying can be initiated above 190
Copper
Support at 381, Break and sustain below 381 will take it to 377—373 mark, else could touch its resistance level of 385 again.
Fresh buying can be initiated above 385 only.
Economic Data
05:45 P.M ADP Non-Farm Employment Change: Previous 253K Forecast 184K, Actual –??
Impact – Increase in ADP Non-Farm Employment Change – will have negative impact on bullion and positive impact on base metals and dollar index or vice – versa.
06:00 P.M Unemployment Claim: Previous 244K Forecast 243K, Actual –??
Impact – Increase in Unemployment Claims – will have positive impact on bullion and negative impact on base metals and dollar index or vice – versa.
07:30 P.M – ISM Non-Manufacturing PMI– Previous 56.9 Forecast 56.5 Actual –??
Impact – Increase in ISM Non-Manufacturing PMI – will have negative impact bullion and positive impact on base metals and dollar index vice – versa.
08:00 P.M Crude Oil Inventories: Previous 0.1M, Forecast -2.4M, Actual –??
Impact – Increase Crude Oil Inventories – will have negative impact on crude oil prices vice versa.
More will update soon!!
