Updates on Bullion, Base Metal and Energy Levels 31st October 2017
Gold futures ended higher on Monday ahead of a series of central bank meetings and US President Donald Trump's expected announcement of the next Federal Reserve chair amid a slightly weaker US dollar.
Crude oil futures extended their gains to the new week, on speculation that Opec will agree to extend output cuts beyond March. Traders even overlooked the concerns over an uptick in Iraqi exports and continued their march higher, rising to an eight-month high amid bullish talk from Opec and non-Opec members on output-cut agreement. OPEC Secretary General Mohammad Barkindo said Russian-Saudi backing for an extension cleared the fog ahead of the group's meeting in Vienna on Nov. 30. Meanwhile, Iraq's southern ports ramp up export capacity by 900,000 barrels per day (bpd) to 4.6 million bpd.
Comex copper futures ended higher on Monday, while London copper prices too rose as a retreat in the dollar after its biggest one-week gain this year, tempted buyers back to the metal.
Technical Level
Gold
Support at 29200 and Resistance at 29420
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 29420.
Silver
Support at 38950 and Resistance at 39350
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 39350
Crude
Support at 3470 and Resistance at 3550
Trading in range either side breakout with volumes will decide further.
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 449.00
Fresh buying can be initiated above 449.00
More will update soon!!!
