Gold futures ended lower on Tuesday as easing US-North Korea tensions fuelled demand for riskier assets lifting global stocks to record highs for a second straight day.
Crude oil futures recovering from early lows settled higher on Tuesday, after a report showed Opec output fell in August. Opec said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria. The report also highlighted a dip in non-Opec output, after several refineries along the Gulf Coast shut down as Hurricane Harvey tore through the U.S. oil heartland of Texas in August. However, gains were capped as investors braced for U.S. crude inventory due data expected to show a large build in stockpiles.
Technical Level
Gold
Support at 29800 and Resistance 30100
Break and sustain above 30100 will take to 30300---30450 else it could test it's support again.
Fresh selling will do on close below 29800 mark.
Trade with levels only.
Silver
Support at 40900 and Resistance 41700---42000
Either side break or close with volume will decide further.
Trade with levels only
Crude
Support at 3080 and Resistance at 3130
Break and sustain above 3130 will take it to 3180—3200 and then to 3240++ mark else could touch its support level of 3080 mark.
Fresh selling can be initiated below 3080 mark.
Natural Gas
Hurdle at 195.50, Above, rally remain continue till 198--200++ mark.
Support at 192.00
Fresh selling can be initiated below 189.00
Economic Data
06:00 P.M PPI m/m: Previous -0.1%, Expected 0.3%, Actual??
Increase in PPI m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.
06:00 P.M Core PPI m/m: Previous -0.1%, Expected 0.2%, Actual??
Increase in PPI m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.
08:30 P.M Crude Oil Inventories: Previous 4.6M, Expected 4.1M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon !!!
