Updates on Bullion, Base Metals and Energy Levels 04th October 17
Gold futures ended lower on Tuesday pressured by record highs in US stock benchmarks, as recent strength in the dollar and Treasury yields lured some investors away from the precious metal. Yellow metal prices further declined due to expectations that the Federal Reserve will soon raise interest rates.
Crude oil futures traded lower on MCX amid speculation EIA’s weekly supply data due later in the day will show a large build in US fuel supplies. Meanwhile, the American Petroleum Institute said that US oil inventories declined by 4.0 million barrels in the week ended September 29 as refiners raised output.
Copper futures ended little changed on Monday, while London copper prices improved despite news that Indonesia’s giant Grasberg mine can continue to export copper concentrate even if permit talks are not resolved this month.
Technical Level
Gold
Below 29500 panic remain continue till 29250—29100 mark else could touch its resistance level of 29750 again.
Fresh buying can be initiate above 29750.
Silver
Support at 39250 and Resistance 39650
Break and sustain below 39250 will take it to 38800—38600 and then to 38100 mark else could touch its resistance level of 39600 mark.
Fresh buying can be initiated above 39650
Crude
Support at 3260 and Resistance at 3300
Break and sustain below 3260 will take it to 3200—3180 mark else could touch its resistance level of 3300 mark.
Fresh buying can be initiated above 3300
Natural Gas
Support at 191.00 and Resistance at 195.00
Break and sustain below 191.00 will take it to 187—185 mark else could touch its resistance level of 195.00.
Fresh buying can be initiated below 195.00
Copper
Below 426, panic remain continue till 422—418 mark else could touch its resistance level of 430.
Fresh buying can be initiated above 430 mark.
Economic Data
05:45 P.M ADP Non-Farm Employment Change: Previous 237K, Expected 131K, Actual??
Increase in ADP Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
07:30 P.M ISM Non-Manufacturing PMI: Previous 55.3, Expected 55.5, Actual??
Increase in ISM Non-Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
08:30 P.M Crude Oil Inventories: Previous -1.8M, Expected -0.5 M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
