Updates on Bullion, Base Metals and Energy Levels 27th September 17
Gold futures ended lower on Tuesday pressured by comments from US Federal Reserve Chairwoman Janet Yellen, which reinforced expectations for another interest-rate increase before the end of the year.
Crude oil futures turned weak on Tuesday ahead of the weekly inventory data, which is expected to show crude oil supplies rose for the fourth-straight week. Investors appeared to take profit on the recent rally that has seen oil prices hit multi-month highs. Traders were cautious with threat from Turkey’s president to cut off oil exports from a Kurdish region of Iraq. Turkey’s President Recep Tayyip Erdogan on Monday warned his country could 'close the valves' on the pipeline that carries 500,000-600,000 barrels of crude per day from northern Iraq to the Turkish port of Ceyhan.'
Comex copper futures ended lower on Tuesday, while London copper prices too fell as oil prices retreated from the previous session's more than two-year high and the dollar strengthened.
Technical Level
Gold
Support at 29700 and Resistance 30000
Break and sustain below 29700 will take it to 29500—29400 mark else could touch its resistance level of 30000 again.
Fresh buying can be initiated above 30000 mark
Actual seeing... No clarity on daily chart. We will wait for clear direction
Silver
Support at 39400 and Resistance 40000---40600
No clear trend... Trade within a range and wait for confirmation
Crude
Hurdle at 3450, Break and sustain above 3450 will take it to 3490—3530 and then to 3580++ mark in days to come else could touch its support level of 3370.
Fresh selling can be initiated below 3370.
Natural Gas
Support at 195 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
Copper
Hurdle at 430, Break and sustain above 430 will take it to 434—438 and then to 442++
Support intact at 426.00
Economic Data
06:00 P.M Core Durable Goods Orders m/m: Previous 0.6%, Expected 0.2%, Actual??
Increase in Core Durable Goods Orders m/m – will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
06:00 P.M Durable Goods Orders m/m: Previous -6.8%, Expected 1.0%, Actual??
Increase in Durable Goods Orders m/m – will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:30 P.M Pending Home Sales m/m: Previous -0.8%, Expected -0.5%, Actual??
Increase in New Home Sales – will have positive impact on dollar Index and base metal or vice versa.
08:30 P.M Crude Oil Inventories: Previous 4.6M, Expected 2.9M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
Tentative - US President Donald Trump and Republican leaders will reveal their tax plan due later on today. According to a Bloomberg report, Trump will unveil a 35% individual tax rate, and the rate on corporations would be set at 20%, down from the current 35%.
More will update soon !!
