Updates on Bullion, Base Metals and Energy Levels 26th September 2017
Gold futures ended higher on Monday as declines in the US stock market and growing tensions between the US and North Korea lifted prices for the yellow metal to the highest settlement in more than a week.
Crude oil futures extended their gains on Monday, amid growing expectations that producers will extend output cuts sooner rather than later. Traders also cheered signs that the market is starting to rebalance. Opec members expressed an eagerness to reach a decision this year, fuelling expectations that an extension to the global accord to curb production beyond the March 2018 will be agreed sooner rather later. Though, traders were keeping a close eye on North Korea tensions. North Korean Foreign Minister Ri Yong Ho claimed recent comments by President Donald Trump represent a 'declaration of war.'
Comex copper futures ended lower on Monday, while London copper prices too fell marginally after touching a one-month low on Friday. The red metal has been under heavy selling pressure after Federal Reserve members said they planned to raise rates one more time this year.
Technical Level
Gold
Support at 29900 and Resistance 30200
Break and sustain below 29900 will take it to 29650—29500 mark else could touch its resistance level of 30200 mark.
Fresh buying can be initiated above 30200.
Silver
Support at 40000 and Resistance 40600
Either side break or close with volume will decide further. Till then trade in a range with levels only and wait for confirmation
Crude
Support at 3370 and Resistance at 3430
Break and close above 3430 will take it to 3490—3550 mark else could touch its support level of 3370
Fresh selling can be initiated below 3370 mark.
Natural Gas
Support at 195.00 and Resistance at 200
Break and sustain above 200 will take it to 205---208+++ mark else could touch its support level of 195.00.
Fresh selling can be initiated below 195.00
Economic Data
07:30 P.M CB Consumer Confidence: Previous 122.9, Expected 119.9, Actual??
Increase in CB Consumer Confidence – will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:30 P.M New Home Sales: Previous 571K, Expected 585K%, Actual??
Increase in New Home Sales – will have positive impact on dollar Index and base metal or vice versa.
10:15 P.M Fed Chair Yellen Speaks
More will update soon !!
