Gold futures ended higher on Thursday as the dollar retreated after data showed the pace of US annual inflation slowed, while rising security concerns triggered by tensions on the Korean peninsula provided safe-haven support.
Crude oil futures bounced back from its recent lows on Thursday, after the US Energy Department's release of 1 million barrels a day from the Strategic Petroleum Reserve. The move was made in the wake of Hurricane Harvey which has disrupted refinery operations on the Texas coast. Though, the gasoline futures remained sharply higher, as markets continued to weigh the impact of Tropical Storm Harvey on supply and demand and ahead of the Labor Day weekend that typically brings a surge in driving. Crude prices have been under pressure on concerns U.S. refiners will stay shut and demand less oil, potentially leading to higher US stockpiles and rekindling fears of a global supply glut.
Copper futures ended near three-year highs on Thursday after a measure of China's factory activity came in better than expected. The latest purchasing managers index (PMI), a gauge of factory conditions, came in at 51.7 in August, from the 51.4 reading in July.
Technical Level
Gold
Support at 29600 and Hurdle at 29950
Trend looks positive and could touch its resistance level of 29950, Weekly close above 29950 will take it to 30150—30300+ mark, else could touch its support level of 29600.
Fresh selling can be initiated below 29600
Silver
Support at 39400 and Resistance 39700
Break and sustain above 39700 will take it to 40000 and then to 40300--40450 mark else could touch its support level of 39400 again
Fresh selling can be initiated below 39400
Crude
Support at 2980 and Resistance at 3050
Break and sustain below 2980 will take it to 2950---2930 mark, else could touch its resistance level of 3050
Fresh buying can be initiated above 3050
Natural Gas
Above 195.50 rally remain continue till 200—202++ mark else could touch its support level of 191.50
Fresh selling can be initiated below 191.50
Economic Data
06:00 P.M Non-Farm Employment Change: Previous 209K, Expected 180K, Actual??
Increase in Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
06:00 P.M Unemployment Rate: Previous 4.3%, Expected 4.3%, Actual??
Increase in Unemployment Rate– will have negative impact on dollar index and positive impact on bullion or vice versa.
07:30 P.M ISM Manufacturing PMI: Previous 56.3, Expected 56.5, Actual??
Increase in ISM Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!
