Updates on Bullion and Energy Levels 12th October 2017
Gold futures ended lower on Wednesday amid easing geopolitical uncertainty but losses were capped by dollar weakness following labor market data that undershot expectations.
Crude oil futures extended their gains on Wednesday, after Opec said demand for oil is set to increase in 2018 raising investor expectations that higher demand will rein in excess supplies. Opec indicated that market rebalancing will continue amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018. Also, the Energy Information Administration (EIA) said it expects U.S. crude oil production in 2018 to rise by more than previously expected. The EIA also raised its crude oil price outlook for both West Texas and Brent oil this year and next.
Comex copper futures ended higher on Wednesday, while London copper prices rose to a one-month high amid a weaker dollar ahead of the release of the minutes of a US Federal Reserve meeting, with investors looking to a party congress in top metals consumer China due to begin next week.
Technical Level
Gold
Support at 27650 and Resistance at 29900
Break and sustain above 29900 will take it to 300150—30300 and else could touch its support level of 27650 mark.
Fresh selling can be initiated below 27650.
Silver
Support at 40000 and Resistance 40450
Break and sustain above 40450 will take it to 41000---41250++ mark else could touch its support level of 40000 again
Fresh selling can be initiated below 40000
Crude
Support at 3300 and Resistance at 3370
Break and sustain below 3300 will take it to 3250—3230 else could touch its resistance level of 3370.
Fresh buying can be initiate above 3370 mark.
Natural Gas
Support at 189.50, Break and sustain below 189.50 will take it to 186—183 mark else could touch its resistance level of 190.50
Fresh buying can be initiated above 190.50
Economic Data
06:00 P.M Unemployment Claims: Previous 251K, Expected 260K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
06:00 P.M PPI m/m: Previous 0.2%, Expected 0.4%, Actual??
Increase in PPI m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.
08:00 P.M Natural Gas Storage: Previous 74B, Expected 42B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
08:30 P.M Crude Oil Inventories: Previous -6.0M, Expected -1.9M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
