Updates on Bullion, Base Metals and Energy Levels 28th September 17
Gold futures ended lower on Wednesday on heightened expectations that the US Federal Reserve will raise interest rates again this year. Yellow metal prices declined further as stocks and the dollar moved higher and traders watched the rollout of a Republican plan to overhaul the US tax code.
Crude oil futures moved higher on Wednesday after data from the US Energy Information Administration (EIA) showed domestic crude stockpiles declined for the first time in four weeks as refiners raised output. The EIA said in its weekly report that crude oil inventories fell by 1.8 million barrels in the week ended September 22. The report also showed that gasoline inventories rose by 1.1 million barrels, while distillate inventories including diesel, declined by 814,000 barrels. Total U.S. crude oil inventories stood at 471.0 million barrels as of last week, which the EIA considered to be at the upper half of the average range for this time of year.
Comex copper futures ended higher on Wednesday, while London copper prices too improved after five straight days of decline as expectations that buoyant demand would outstrip supply in the longer term tempted some buyers back to the market. Prices were also supported by appetite for cyclical assets in the wider markets, with world stocks rising as Republicans rolled out their US tax reform plan. However, a stronger dollar capped some gains.
Technical Level
Gold
Support at 29580 and Resistance 29760
Break and sustain below 29580 will take it to 29420--29350 mark else could touch its resistance level of 29760 mark.
Fresh buying can be initiated above 29760
Silver
Support at 39400 and Resistance 40000---40600
Trend in range either side breakout with volumes will decide further.
Crude
Hurdle at 3450, Above 3450 rally remain continue till 3490—3530 and then to 3580++ mark in days to come else could touch its support level of 3400.
Fresh selling can be initiated below 3400.
Natural Gas
Support at 198.00 and Resistance at 204
Break and sustain above 204 will take it to 208---210++ mark else could touch its support level of 198.00.
Fresh selling can be initiated below 198.00
Copper
Support at 424.00 and Resistance 430
Break and sustain above 430 will take it to 438 ---442 mark else it could touch its support level of 424.00
Fresh selling can be initiated below 424.00 for the downside target of 421---417 mark.
417 act as major support
Economic Data
06:00 P.M Final GDP q/q: Previous 3.00%, Expected 3.00%, Actual??
Increase in Final GDP q/q – will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
06:00 P.M Unemployment Claims: Previous 269K, Expected 259K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
08:00 P.M Natural Gas Storage: Previous 77B, Expected 97B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon !!
