Updates on Bullion, Base Metals and Energy Levels 11th October 2017
Gold futures ended higher on Tuesday supported by a softer dollar and geopolitical tensions in Spain and North Korea, though gains were capped by expectations of another US interest rate increase. Traders were keeping a close eye on Europe, where a region of Spain threatens to break away from the nation. Also there is speculation that the European Central Bank may consider reducing its asset purchase program.
Crude oil futures surged on Tuesday after Saudi Arabia vowed to reduce monthly crude exports amid expectations that market rebalancing is underway. Saudi Arabia pledged to cut its November crude oil exports by 7% or 560,000 barrels a day, compared with the same period last year in order to strengthen the market rebalancing process. OPEC Secretary General Barkindo said that 'We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle'.
Copper futures edged down on MCX as speculators cut down their bets following sluggish demand from consuming industries at the domestic spot markets. Though, some losses were capped by firming trend in the overseas market.
Technical Level
Gold
Support at 29600 and Resistance at 29900
Trading in range either side breakout with volumes will decide further.
Silver
Support at 39900 and Resistance 40450
Break and sustain above 40450 will take it to 41000—41250++ mark else could touch its support level of 39900 again
Fresh selling can be initiated below 39900
Crude
Yesterday on our blog we clearly indicated that looks positive above 3270… Just made high of 3360.
Now what to expect??
Hurdle at 3370….Above 3370 rally remain continue till 3420—3450 and then to 3500+++ mark else could touch its support level of 3320
Fresh selling can be initiated below 3320
Natural Gas
Yesterday on our blog we clearly indicated that Natural Gas looks positive above 188…if flared and made high of 192.20.
Now what to expect??
Hurdle at 193, Break and sustain above 193 will take it to 198—200++ mark else could touch its support level of 189.50
Fresh selling can be initiated below 189.50
Economic Data
11:30 P.M FOMC Meeting Minutes
More will update soon!!!
