Updates on Bullion, Base Metals and Energy Levels 26th October 2017
Gold futures ended higher on Wednesday as the dollar slipped against a basket of major currencies ahead of a European Central Bank meeting on Thursday. Though, some gains were capped on reports that Republican senators favoured John Taylor to become the next head of the US Federal Reserve, which drove US bond yields to multi-month highs.
Crude oil futures fell on Wednesday for the first time in three days, as concerns over a surge in US production weighed on upside momentum while a mixed report from the Energy Information Administration (EIA) showing crude stockpiles rose for the first time in five weeks and gasoline supplies fell more-than-expected failed to lift sentiment. EIA said that inventories rose by 900,000 barrels for the week ended Oct. 20. Gasoline stockpiles dropped by 5.5 million barrels for the week, while distillate stockpiles fell 5.2 million barrels.
Technical Level
Gold
Support at 29300 and Resistance at 29600
Trading in range either side breakout with volumes will decide further.
Silver
Support at 39350 and Resistance at 39700
Break and sustain below 39350 will take it to 39000—38800 mark else could touch its resistance level of 39700 mark.
Fresh buying can be initiated above 39700
Crude
Support at 3360 and Resistance at 3435
Trading in range either side breakout with volumes will decide further.
Natural Gas
Support at 185 and Hurdle at 190
Break and sustain below 185 will take it to 181—178 mark else could touch its resistance level of 190
Fresh buying can be initiated above 190
Copper
Support at 452 and Resistance 458
Break and sustain below 452 will take it to 445—442 mark in days to come else could touch its resistance level of 458
Fresh buying can be initiated above 458
Economic Data
06:00 P.M Unemployment Claims: Previous 225K, Expected 235K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
08:00 P.M Natural Gas Storage: Previous 51B, Expected 61B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!!
