Updates on Bullion, Base Metals and Energy Levels 17th October 2017
Gold futures ended lower on Monday as the US dollar strengthened against a basket of major currencies, but lingering uncertainty about the pace and scope of US interest-rate hikes beyond December kept the yellow metal above the key $1,300 level for a second session in a row.
MCX Crude may witness choppy trade in line with international market but bias may be on the upside. NYMEX crude trades in a narrow range above $51 per barrel amid mixed cues. Supporting price are supply concerns amid tensions between Iraqi and Kurds. Iraqi troops clashed with Kurdish forces in an Iraqi offensive to regain control in the disputed area. Also supporting price is expectations of another decline in US crude oil stocks. Also supporting price is optimism about US economy as is evident from gains in equity market. Focus today will be on development relating to Iraq, US economic data and comments from central bank officials. API weekly report is expected to note a 3.8 million barrels decline in US crude oil stocks.
Copper futures ended higher on Monday, marked a more than three-year high as upbeat Chinese economic data lifted demand prospects for the industrial metal. Data showed China's producer prices beat market expectations, rising 6.9 percent in September from a year earlier. Last week, data showed that the country’s imports rose 18.7 percent in September from a year earlier.
Technical Level
Gold
Support at 29650 and Resistance at 29800
Break and sustain below 29650 will take it to 29400—29300 and then to 29100 mark else could touch its resistance level of 29800 mark.
Fresh buying can be initiated above 29800
Silver
Support at 39800 and Resistance at 40250
Break and sustain below 39800 will take it to 39400—39150 and then to 38800 mark else could touch its resistance level of 40250 mark.
Fresh buying can be initiated above 40250
Crude
Support at 3350 and Resistance at 3400
Break and sustain above 3400 will take it to 3440—3460++ mark else could touch its support level of 3350 mark.
Fresh selling can be initiated below 3350
Natural Gas
Support at 191 and Resistance at 195
Above 195 will take it to 198—200 and then to 205++ mark else could touch its support level of 191.
Fresh selling can be initiated below 191
Copper
Support at 458 and Resistance 467
Break and sustain below 458 will take it to 453---450 and then to 445 mark else could touch its resistance level of 467 again,
Fresh buying can be initiated above 467
More will update soon!!!
