Updates on Bullion, Base Metal and Energy Levels 30th October 2017
Gold futures traded marginally higher on Monday despite investors remaining cautious ahead of the naming of the next US Federal Reserve chair and ahead of a two-day Federal Open Market Committee (FOMC) meeting, both this week.
Crude oil futures surged on Friday to their highest since February, with global benchmark Brent crude rising above $60 per barrel, on support among the world's top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks. Saudi Arabia and Russia declared their support for extending an OPEC-led deal to cut supplies for another nine months. Traders even over looked report from oil services firm Baker Hughes, which said that the number of rigs drilling for oil in the US rose this week by one to 737.
Copper futures traded marginally lower on MCX as participants indulged in reducing exposure tracking subdued demand at the domestic spot markets as some industrial metals fell due to low demand and weak overseas cues.
Technical Level
Gold
Support at 29200 and Resistance at 29350
Break and sustain below 29200 will take it to 29000—28800 mark else could touch its resistance level of 29350 mark.
Fresh buying can be initiated above 29350.
Silver
Support at 38950 and Resistance at 39300
Break and sustain below 38950 will take it to 38650--38500 and then to 38300 mark else could touch its resistance level of 39300 mark.
Fresh buying can be initiated above 39300
Crude
Support at 3470 and Resistance at 3530
Break and sustain above 3530 will take it to 3580—3600++ mark else could touch its support level of 3470.
Fresh selling can be initiated below 3470
Natural Gas
Support at 192 and Hurdle at 196
Break and sustain below 192 will take it to 188—185 mark else could touch its resistance level of 196
Fresh buying can be initiated above 196
Copper
Below 442 panic remain continue till 438—435 and then to 432 mark else could touch its resistance level of 448.00
Fresh buying can be initiated above 448.00
More will update soon!!!
