Updates on Bullion, Base Metals and Energy Levels 23rd October 2017
Gold futures edged lower on Monday as the dollar showed strong gains after Japan's Premier Shinzo Abe resoundingly won re-election, signalling continued easy policy. In the week ahead, investors will be watching the European Central Bank meeting for further details on plans to scale back its massive stimulus program. Markets will keep an eye on a preliminary reading of third-quarter US growth to further assess the impact of recent hurricanes on economic activity and how it could affect the Federal Reserve’s view on monetary policy.
Crude oil futures traded higher on MCX as speculators raised their bets amid a firm trend overseas. Crude oil prices rose further over supply concerns in the Middle East and as the US market showed further signs of tightening while demand in Asia keeps rising.
Copper futures edged lower on MCX as speculators cut down their bets amid a weak trend in industrial metals following sluggish demand from consuming industries at the domestic spot markets.
Technical Level
Gold
Support at 29300 and Resistance at 29500
Trend looks weak and could touch its support level of 29300, Break and sustain below 29300 will take it to 29100—29000 and then to 28800 mark else could touch its resistance level of 29500.
Fresh buying can be initiated above 29500.
Silver
Support at 39500 and Resistance at 40000
Break and sustain below 39500 will take it to 39150---39100 and then to 38800 mark else could touch its resistance level of 40000
Fresh buying can be initiated above 40000.
Crude
Support at 3370 and Resistance at 3410
Break and sustain below 3370 will take it to 3330--3310 mark else could touch its resistance level of 3410 mark.
Fresh buying can be initiated above 3410
Natural Gas
Support at 191 and Resistance at 194.50
Above 194.50 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 452 and Resistance 460
Above 456 will take it to 460 and then to 463---465 mark else could touch its support level of 452 again,
Fresh selling can be initiated below 452
Economic Data
No major economic data today.
More will update soon!!!
