Updates on Bullion, Base Metals and Energy Levels 10th October 17
Gold futures ended higher on Monday by a dip in the dollar as an uptick in geopolitical uncertainty increased demand for safe-haven gold but growing expectations that the US Federal Reserve will hike interest rates for the third time this year capped gains.
Crude oil futures made some recovery in the last session and ended modestly higher on Monday, after oil production platforms in the Gulf of Mexican began returning to service as Storm Nate had little impact on oil infrastructure while bullish comments from Opec lifted sentiment. More than 90% percent of crude oil production capacity in the Gulf of Mexico was shut in, the Bureau of Safety and Environmental Enforcement said on Sunday. Trade for the day remained light as many of the traders were away from their desks in observation of Columbus Day in the U.S.
Copper futures traded higher on MCX as speculators raised bets amid rising demand from domestic consuming industries at the spot markets.
Technical Level
Gold
Support at 29750 and Resistance at 29900
Break and sustain above 29900 will take it to 30050—30200+ mark else could touch its support level of 29750.
Fresh selling can be initiated below 29600
Silver
Support at 39900 and Resistance 40400
Break and sustain above 40400 will take it to 41000—41250++ mark else could touch its support level of 39900 again
Fresh selling can be initiated below 39900
Crude
Hurdle at 3260….Above 3260 rally remain continue till 3300—3330 and then to 3380 mark else could touch its support level of 3215
Fresh selling can be initiated below 3215
Natural Gas
Support at 185 and Resistance at 188
Break and sustain above 188 will take it to 191—193 and then to 195 mark else could touch its support level of 185.00
Fresh selling can be initiate below 185
Copper
Support at 437 and Resistance 442
Break and sustain below 437 will take it to 433—429 mark else could touch its resistance level of 442
Fresh buying can be initiated above 442
More will update soon!!!
