Gold futures ended higher on Tuesday as the US dollar eased by a Federal Reserve official's comments about low US inflation, hit a one-week low against the Japanese yen and was on track for its biggest decline in eight days against a basket of currencies. Yellow metal prices further improved as the safe-haven buying demand remained robust due to continued concerns over North Korea's nuclear tests.
Crude oil futures extended their gains and surged on Tuesday, as Gulf Coast refineries resumed operations, following the disruptions caused by Hurricane Harvey last week. Prices were supported by a stronger dollar and concerns about rigs in the Gulf of Mexico. Just a week after Hurricane Harvey, Hurricane Irma is bearing down on Caribbean islands and may be heading for the Gulf of Mexico as a category 4 or 5 storm.
Copper futures edged higher on MCX as speculators raised their bets, amid pickup in demand at the domestic markets form consuming industries. Moreover, positive cues from global market too fuelled the uptrend.
Technical Level
Gold
Support at 30150 and Hurdle at 30300---30450
Trend looks positive and could touch its resistance level of 30300---30450.
Fresh selling can be initiated below 30150 for the downside target of 30000---29900. 29900 act as major support.
Trade with levels only
Silver
Support at 41200 and Resistance 41700---42050
Break and close above 41700 will take to 42050 mark else it could test its support again
Fresh selling can do only close below 41200 mark
Crude
Yesterday on our blog we clearly indicated that Crude looks positive above 3080…. it flared and made high of 3147. Holding long from 3050 mark
Now what to expect??
Hurdle at 3150, Break and sustain above 3150 will take it to 3200—3230+++ mark.
Support intact at 3100
Natural Gas
Below 192 panic remain continue till 189—187 mark.
Hurdle at 195.00
Copper
Copper unable to breach its resistance level of 453 and crashed vertically.
Now what to expect??
Support at 445.00, break and sustain below 445 will take it to 442—440 and then to 436 mark.
Hurdle at 449.00
Economic Data
07:30 P.M ISM Non-Manufacturing PMI: Previous 53.9, Expected 55.8, Actual??
Increase in ISM Non-Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!
