Updates on Bullion and Energy Levels 10th August 17

                        

Gold futures traded higher on MCX amid simmering geopolitical tensions between the US and North Korea. Meanwhile, investors looked ahead to a key batch of US economic data to gauge how it will impact the Federal Reserve's view on monetary policy.

Crude oil futures traded marginally higher on MCX as speculators raised bets amid a firm trend in global market as data showed a sharp decline in supplies of US crude. Report from the Energy Information Administration (EIA) showed that crude stockpiles fell by more than expected last week, pointing to an uptick in refinery activity. EIA reported that US crude oil inventories fell 6.5 million barrels to 1.15 billion barrels.

Copper futures traded higher on MCX as speculators extended their positions amid pick-up in demand at the domestic spot markets.

Technical Level

Gold

Support at 28800 and Resistance at 29000

Break and sustain above 29000 will take it to 29250—29400++ mark else could touch its support level of 28800 again

Trade with levels only

Silver

Support at 38450 and Resistance 39250

Trend looks positive and could touch its resistance level of 39250, Break and sustain above 39250 will take it to 39600—39900 and then to 40150++

Else could touch its support level of 38450 mark.

Crude

Support at 3135 and Resistance at 3200

Break and sustain above 3200 will take it to 3280—3320++ mark else could touch its support level of 3135 mark again.

Fresh selling can be initiated below 3135.

Natural Gas

We clearly indicated looks positive above 180… Just made high of 185.80

Now what to expect???

Above 186 it can touch 188—189 and then to 192+++ 

Support and stop loss below 182.00

Economic Data

06:00 P.M Unemployment Claims: Previous 240K, Expected 240K, Actual??

Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.

06:00 P.M PPI m/m: Previous 0.1%, Expected 0.1%, Actual??

Increase in PPI m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.

08:00 P.M Natural Gas Storage: Previous 20B, Expected 38B, Actual??

Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.










More will update soon!!