Gold futures ended higher on Thursday as North Korea threatened the United States and Japan, and the dollar softened despite strong US consumer inflation data, which could allow further interest rate increases from the Federal Reserve. The Labour Department released a report showing its Consumer Price index rose 0.4% last month after edging up 0.1% in July. The uptick in consumer prices in August was the largest monthly gain in seven months and lifted the year-on-year increase in the CPI to 1.9% from 1.7% in July.
Crude oil futures rallied on Thursday, with Nymex crude surging above $50 a barrel for the first time in a month. The prices were buoyed by a pair of reports earlier in the week suggesting that rising global oil demand could stem the glut in crude supplies. Also, investors continue to cheer an International Energy Agency (IEA) report released Wednesday estimating global oil demand this year will climb by the most since 2015.
Comex copper futures ended lower on Thursday, while London copper prices too fell to a four-week low after some weaker than expected data from China pointed to slowing demand from the metal’s top consumer.
Technical Level
Gold
Support at 29750 and Resistance 30050
Break and sustain above 30060 will take it to 30300—30450++ mark else could touch its support level of 29750.
Fresh selling can be initiated below 29750.
Silver
Support at 40800 and Resistance 41250
Break and sustain below 40800 will take it to 40300—39800 mark else could touch its resistance level of 41250 mark.
Fresh buying can be initiated above 41250 mark.
Crude
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Natural Gas
Hurdle at 198.00, Above 198 rally remain continue till 203---205++ mark.
Support at 195.00
Fresh selling can be initiated below 195.00
Economic Data
06:00 P.M Core Retail Sales m/m: Previous 0.5%, Expected 0.5%, Actual??
Increase in Core Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
06:00 P.M Retail Sales m/m: Previous 0.6%, Expected 0.1%, Actual??
Increase in Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
More will update soon!!
