Updates on Bullion and Energy Levels 25th October 2017
Gold futures ended at a more than two-week low on Tuesday, with strength in the US stock market dulling demand for the precious metal amid uncertainty surrounding the leadership for the US Federal Reserve.
Crude oil futures extended their gains on Tuesday after Saudi Arabia signalled its determination to end the global supply glut, also on data expected to show crude oil supplies fell for the fifth-straight week lifted sentiment. Saudi oil minister Khalid al-Falih said Saudi Arabia is willing to "do whatever it takes" to rein in excess supplies. Though, the ongoing fluctuation of output in Iraq, continued to concern investors as crude supplies through Iraq's northern pipeline to Ceyhan in Turkey rose further. Pumping along the pipeline rose to 300,000 barrels per day (bpd) on Tuesday.
Comex copper futures ended higher on Tuesday, while London copper prices also rose as the dollar dipped and investors remained optimistic about global economic growth prospects, although risks of a slowdown remained, especially in top consumer China.
Technical Level
Gold
Support at 29300 and Resistance at 29600
Trend looks weak and could touch its support level of 29300, Break and sustain below 29300 will take it to 29100—29000 and then to 28800 mark else could touch its resistance level of 29600.
Fresh buying can be initiated above 29600.
Silver
Support at 39400 and Resistance at 39700
Break and sustain below 39400 will take it to 39000—38800 mark else could touch its resistance level of 39700 mark.
Fresh buying can be initiated above 39700
Crude
Support at 3380 and Resistance at 3440
Above 3440 rally remain continue till 3480—3500++ mark else could touch its support level of 3380
Fresh selling can be initiated below 3380.
Natural Gas
Support at 190 and Hurdle at 195
Break and sustain below 190 will take it to 187---183 mark else could touch its resistance level of 195
Fresh buying can be initiated above 195
Economic Data
08:00 P.M Crude Oil Inventories: Previous -5.7M, Expected -2.6M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
