Gold futures ended higher on Tuesday as investors bought bullion as insurance against falling prices of other assets after North Korea tested a ballistic missile over Japan. Besides, a weaker dollar against some major basket of currencies also added support to gold prices’ uptrend.
Crude oil futures once again ended lower on Tuesday, as investor concerns grew over a fall in demand for U.S. oil, after Hurricane Harvey tore through Texas, shutting down more than 16% of overall U.S. capacity. Traders were awaiting inventory data for further cues, expecting the API to report another drawdown in oil inventories last week. However, inventories are likely rise from this week due to interruptions at refineries near Houston.
Comex copper futures ended higher on Tuesday, while London copper prices too rallied to its highest in three years as inventories in London and Shanghai fell and the dollar sank after North Korea raised geopolitical tensions by launching a missile that flew over northern Japan.
Technical Level
Gold
Support at 29450 and Hurdle at 29750
Break and sustain below 29450 will take it to 29150—29000 else could touch its resistance level of 29750.
Fresh buying can be initiated above 29750
Silver
Support at 39500 and Resistance 40000---40300
Break and sustain below 39500 will take it to 39250—39100 mark else could touch its resistance level of 40000---40300 again
Trade with levels only
Crude
Support at 2950 and Resistance at 3015
Break and sustain below 2950 will take it to 2900--2880 mark, else could touch its resistance level of 3015
Fresh buying can be initiated above 3015
Natural Gas
Support at 187 and resistance at 192
Trading in range either side breakout with volumes will decide further.
Copper
Below 432.50 panic remain continue till 428—425 mark in days to come.
Hurdle at 436.50.
Economic Data
08:00 P.M Crude Oil Inventories: Previous -3.3M, Expected -1.8M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!
