Updates on Bullion, Base Metals and Energy Levels 29th September 17
Gold futures ended higher on Thursday as the dollar slipped against a basket of major currencies and ushered in short-covering. Bullion was earlier pressured on proposed US tax reforms and strong economic data that supported the case for another US interest rate hike this year.
Crude oil futures turned lower on Thursday, as investors appeared to take profit on the recent rally which has seen oil prices hit multi-month highs on expectations that higher global demand would nudge the market closer toward rebalancing. Traders unwound some of their bullish bets on crude but sentiment on oil remained positive following inventory data on Wednesday showing a surprise draw in crude oil supplies. Also, the geopolitical tensions, limited downside momentum as Turkey vowed to deal only with the Iraqi government on crude oil exports after Iraqi Kurdistan voted overwhelmingly in favour of independence earlier this week.
Comex copper futures ended higher on Thursday, while London copper prices too rose as speculators regarded prices as good value after recent losses and sentiments were lifted by hopes of steady economic growth in top metals consumer China.
Technical Level
Gold
Support at 29500---29400 and Resistance 29750
Trading in range either side breakout with volumes will decide further.
Silver
Support at 39400 and Resistance 40000---40600
Trend in range either side breakout with volumes will decide further.
Crude
Support at 3350 and Resistance at 3400
Break and sustain above 3400 will take it to 3450—3480++ mark else could touch its support level of 3350
Fresh selling can be initiated below 3350 mark.
Natural Gas
Support at 197.00 and Resistance at 200
Break and sustain above 200 will take it to 204-208++ mark else could touch its support level of 197.00.
Fresh selling can be initiated below 197.00
Copper
Support at 430.00 and Resistance 434
Break and sustain below 430.00 will take it to 426.00---422.00++ mark else could touch its resistance level of 434.00
Fresh buying can be initiated above 434.00
More will update soon!!
