Gold futures ended traded moderately lower as the dollar strengthened against a basket of major currencies and US Treasury yields rose ahead of a two-day Federal Reserve meeting, while a world stock market index surged to a record and Wall Street also hit new highs. The Fed is expected to hold steady on policy this month, amid persistent concerns over weak inflation. While the August inflation data were slightly warmer, the overall trend remains troubling.
Crude oil prices traded almost flat with positive bias as traders braced for a potential stockpile build, expected later this week. Even as oil refineries restart, imports at reopened ports are likely to drive up stockpiles. Oil refineries across the Gulf of Mexico and the Caribbean were restarting after being shut as hurricanes Harvey and Irma battered the region over the past three weeks. U.S. shale production for October is expected to rise by 79,000 barrels per day (bpd) to 6.09 million bpd, the U.S. EIA reported in its monthly report.
Gold imports in India recorded a three-fold jump to USD 15.24 billion during the April-August period of the current fiscal, commerce ministry data showed. In August this year, imports of the precious metal rose to USD 1.88 billion from USD 1.11 billion in the same month of the previous fiscal.
Technical Level
Gold
Support at 29500 and Resistance 29750
If prices unable to breach 29500 then we can see sharp recovery till 29750.Break and sustain above 29750 will take it to 29930—30050 mark else could touch its support level of 29500 mark.
Fresh selling can be initiated below 29500 mark only.
Trade with levels only.
Silver
Support at 39600 and Resistance 40000
Break and sustain above 40000 will take it to 40250--40500 mark else could touch its support level of 39600 mark.
Fresh selling can be initiated below 39600 mark.
Crude (Oct)
Support at 3230 and Resistance at 3280
Looks positive .Break and sustain above 3280 will take it to 3340—3400 else could touch its support level of 3230 mark.
Fresh selling can be initiated below 3230 mark.
Natural Gas
Support is at 198 and Resistance is 205
Looks positive and likely to touch 205. Break and sustain above205.00 rally remain continue till 209---212++ mark.
Support at 198 on closing basis.
Trade with levels only.
US Economic Data for today
US Build Permit Forecast (1.22M) Previous (1.23M) Actual (??).
(Impact: Actual is greater than forecast is good for Dollar and Base metals)
US Current Account Forecast (-115B) Previous (-117B) Actual (??)
(Impact: Actual is greater than forecast is good for Dollar and Negative for Bullion)
US Housing Starts Forecast (1.17M) Previous (1.16M) Actual (??).
(Impact: Actual is greater than forecast is good for Dollar and Base metals)
More will update soon!!
