Gold futures edged higher as the US dollar weakened ahead of the Federal Reserve's highly-anticipated monthly policy decision due later in the day. 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. US President Donald Trump escalated his standoff with North Korea over its nuclear challenge, threatening to "totally destroy" the country and mocking its leader, Kim Jong Un as a rocket man. Geopolitical risks tend to boost demand for safe-haven assets such as gold and the Japanese Yen.
WTI oil prices hovering near five-month highs ahead of a meeting between key oil producers on the outlook for further supply cuts. The market, however, remained buoyant ahead of Friday's meeting between the Organization of the Petroleum Exporting Countries and non-OPEC producers to discuss the state of their 1.8-million barrel-per day supply cut deal. OPEC's second-biggest producer Iraq said that the group was discussing several options for its supply pact, including an extension beyond March and a further output cut.
Technical Level
Gold
Support at 29550 and Resistance 29930
Looks weak on chart and any rise close to 29930 will be a selling opportunity in it till 29550. Break and close below 29550 will take it to 29400—29250 mark in near term
Trade with levels only.
Silver
Support at 40000 and Resistance 40550.
Upside only can be seen on sustainable move above 40550 else downside correction likely to take place till 40000.Break and sustain below 40000 will take it to 39700--39450 mark.
Trade with levels only
Copper
Support at 423 and Resistance at 428
Looks positive and likely to touch 428 .Break and sustain above 428 rally remain continue till 432—438 and then 443+++ mark else could touch its support level of 423 mark.
Fresh selling can be initiated below 417(Major support).
Trade with levels only.
Crude (Oct)
Support at 3230 and Resistance at 3280
Looks positive and likely to touch 3280 .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
Read our special report as big move ahead…
US Economic Data for today
US Crude Oil Inventories Forecast (2.8M) Previous (5.9M) Actual (???).
(Impact: Rise in inventory will have negative impact on price)
US FOMC Economic Projection
(Impact: More hawkish than expected is good for Dollar)
US FOMC Statement
(Impact: More hawkish than expected is good for Dollar)
US Federal Funds Rate Forecast (<1.25%) Previous (<1.25%) Actual (???)
(Impact: ‘Actual greater than forecast’ is good for Dollar and Negative for Bullion)
More will update soon!!
