Gold futures ended lower on Wednesday as concerns over a potential US government shutdown eased and the dollar strengthened against a basket of major currencies.
Crude oil futures extended their gaining streak on Wednesday, amid expectations for demand for crude oil from refineries in Texas, as they get back normal operations after Hurricane Harvey. Meanwhile, the development of Storm Irma, which made landfall in the Caribbean earlier on Wednesday, continued to garner investor attention, as the Category 5 storm could knock out other refineries and add to concerns over fuel shortages. Prices also got some support with report that Russia and Saudi Arabia would be open to extending their output cut agreement.
Copper futures ended higher on Wednesday after early-day profit-taking threatened to derail the industrial metal's recent run. Besides, a weaker dollar against some major basket of currencies after the vice chair of the US Federal Reserve announced his resignation also added support to copper futures.
Technical Level
Gold
Support at 29900 and Hurdle at 30300
Trading in range either side breakout with volumes will decide further.
Silver
Support at 41150 and Resistance 41650
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3130 and Resistance at 3175
Break and sustain below 3130 will take it to 3080---3050 mark else it could touch its resistance level of 3175 again.
Fresh buying can be initiated above 3175
Natural Gas
Below 192.00 panic remain continue till 189.00—187.00 mark.
Hurdle at 195.00.
Fresh buying can be initiated above 195.00
Copper
Support at 442.50, break and sustain below 442.50 will take it to 436--432 mark.
Hurdle at 448.00
Economic Data
06:00 P.M Unemployment Claims: Previous 236K, Expected 245K, 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 30B, Expected 63B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
08:30 P.M Crude Oil Inventories: Previous -5.4M, Expected 4.1M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!
