Updates on Bullion and Energy Levels 16th October 2017
Mixed US economic data and comments from Fed officials has increased uncertainty about Fed’s monetary policy. Geopolitical tensions are high as the US and South Korean navies on Monday began a joint drill. Tensions in Middle-east rose as Iraqi soldiers moved late Sunday to take over oil fields in the northern city of Kirkuk. Catalan President faces a deadline to clarify to the Spanish government whether he’s actually declared independence for the region. However, weighing on gold is continuing firmness in US equity market. ETF outflows also show weaker investor interest in gold.
Gold import surges over 2-fold to $16.95 billion in first half of 2017-18
Crude oil futures moved higher on Friday on signs of bullish demand from China and the US. Chinese crude imports rose by roughly 1 million barrels a day in September to 9 million barrels a day, while US consumer sentiment and retail sales were up last month, data showed this morning. That eased investor concerns that global demand is set to weaken over the next year. Traders also got some support with Baker Hughes report that the number of active U.S. rigs drilling for oil fell by 5 to 743 this week after posting a fall of 2 rigs last week.
Copper futures traded higher on MCX as speculators raised bets, amid a firming global trend and pick up in spot demand. Further, rising demand from consuming industries at domestic spot markets also supported the upside.
Technical Level
Gold
Support at 29650 and Resistance at 29900
Above 29900 rally remain continue till 30150—30300++ mark in days to come else could touch its support level of 29650.
Fresh selling can be initiate below 29650
Silver
Above 40500, rally remain continue till 40850—41000 and then to 41300++ mark else could touch its support level of 40200 mark.
Fresh selling can be initiate below 40200.
Crude
Support at 3335 and Resistance at 3400
Break and sustain above 3400 will take it to 3450—3480++ mark else could touch its support level of 3335 mark.
Fresh selling can be initiated below 3335
Natural Gas
Support at 191 and Resistance at 195
Break and sustain below 191 will take it to 189—186 mark else could touch its resistance level of 195.
Fresh buying can be initiate above 195
More will update soon!!!
