Gold futures ended higher on Wednesday as the US dollar slipped against a basket of major currencies after US President Donald Trump's threat of a government shutdown and comments about the possible termination of a North American trade agreement. Markets are focused on a meeting of central bankers in Jackson Hole, Wyoming, starting Thursday. Federal Reserve Chair Janet Yellen and European Central Bank chief Mario Draghi are set to deliver speeches on Friday, on the outlook for monetary policy and interest rates. .
Crude oil futures extended their gains on Wednesday after the government report said crude oil prices dropped for the eighth consecutive week. Data showed US supplies of crude oil fell for an eighth-straight week while fears of falling demand for gasoline eased, following a bigger-than-expected decline in gasoline inventories. Energy Information Administration (EIA) showed US crude-oil inventories were down 3.3 million barrels last week. Gasoline inventories fell by roughly 1.2m barrels, while distillate stockpiles rose by 28,000 barrels.
Copper futures ended marginally lower on Wednesday, after settling at their highest settlement since November 2014. Bullish traders were betting that China’s better-than-expected economic growth figures so far this year will translate into stronger demand for the industrial metal.
Technical Level
Gold
Support at 29035 and Resistance at 29240
Trade in range either side breakout with volumes will decide further.
Silver
Support at 38600 and Resistance 39150
Trade in range either side breakout with volumes will decide further.
Crude
Support at 3080 and Resistance at 3135
Break and sustain below 3080 will take it to 3025----2970 mark else it could touch its resistance level of 3135 again
Fresh buying can be initiated above 3135 on closing basis
Natural Gas
Support at 186.00 and resistance at 190.00
Break and sustain below 186.00 will take it to 183—180 mark else could touch its resistance level of 190
Fresh buying can be initiated above 190
Copper
Support at 420 and Resistance at 428
Break and sustain below 420 will take it to 413---410 mark else could touch its resistance level of 428 again.
Fresh buying can be initiated above 428
Economic Data
06:00 P.M Unemployment Claims: Previous 232K, Expected 237K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
08:00 P.M Natural Gas Storage: Previous 53B, Expected 44B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!
