Updates on Bullion, Base Metals and Energy Levels 27th October 2017
Gold futures ended lower on Thursday as the dollar strengthened against a basket of major currencies after the European Central Bank said it would extend the lifespan of its bond-buying program.Crude oil futures rallied on Thursday, nearing their multi-month highs amid optimism the global supply glut will end in 2018. Prices moved higher also on growing expectations that Opec would extend its supply-cut agreement amid bullish comments from Saudi Arabian Crown Prince Mohammed bin Salman. He insisted that Opec need to continue stabilizing the market. The bullish comments helped turn sentiment on oil prices positive amid investor concerns over recent data showing both U.S. crude supplies and domestic production jumped last week. Copper futures ended marginally lower on Thursday as the dollar edged up following the European Central Bank's policy statement. Meanwhile, the industrial metal sits near three-year highs, buoyed by global growth and a strong demand outlook from China, the world's largest consumer.
Technical Level
Gold
Support at 29200 and Resistance at 29600
Below 29200 panic remain continue till 29000—28800 mark else could touch its resistance level of 29600.
Fresh buying can do only close above 29600 mark
Silver
Support at 38800 and Resistance at 39500
Break and sustain below 38800 will take it to 38300—38000 and then to 37300 mark else could touch its resistance level of 39500 mark.
Fresh buying can be initiated above 39500
Crude
Support at 3370 and Resistance at 3435
Break and sustain above 3435 will take it to 3480—3520++ mark else could touch its support level of 3370.
Fresh selling can be initiated below 3370
Natural Gas
Support at 196 and Hurdle at 201
Break and sustain below 196 will take it to 192--190 mark else could touch its resistance level of 201.
Fresh buying can be initiated above 201
Break and sustain below 196 will take it to 192--190 mark else could touch its resistance level of 201.
Fresh buying can be initiated above 201
Copper
Below 442 panic remain continue till 441—438
Revise stop loss at cost to cost
More will update soon!!!
