Updates on Bullion, Base Metals and Energy Levels 06th October 17
Gold futures ended lower on Thursday as investors awaited further clues on the US Federal Reserve’s plan for interest rates from the key nonfarm-payrolls report due at the end of the week. The US Department of Labor reported that initial jobless claims fell 12,000 to a seasonally adjusted 60,000 for the week ended September 30, beating forecasts of a 7,000 decline.
Crude oil futures bounced back and ended higher on Thursday, as concerns over an uptick in US and Libyan production were offset by talks of an extension to the Opec-led deal to curb output. The prices were supported by Saudi King Salman’s visit to Moscow that fuelled expectations that the two nations would discuss a possible extension to the global pact to curb output. Investors weighed the possibility of an extension to the Opec-led deal against expectations that growing output in the US and Libya could weigh on oil prices. Though, traders continued weighing this week's U.S. inventories data that capped further gains.
Copper futures ended higher on Thursday after an earthquake in the main copper producing region of Chile prompted traders to chase the metal higher..
Technical Level
Gold
Support at 29300 and Resistance at 29500
Weekly close below 29300 will take it to 29050—28900 mark else could touch its resistance level of 29500 mark.
Fresh buying can be initiated above 29500
Silver
Support at 39000 and Resistance 39400
Break and sustain below 39000 will take it to 38600—38300 and then to 38100 mark else could touch its resistance level of 39400 mark.
Fresh buying can be initiated above 39400
Crude
Support at 3270 and Resistance at 3340
Weekly close above 3340 will take it 3400—3430++ mark else could touch its support level of 3270 mark
Fresh selling can be initiated below 3270
Natural Gas
Support at 189.50 and Resistance at 195.50
Trend looks positive and can touch its resistance level of 195.50, Break and sustain above 195.50 will take it to 198.00—200++ mark else could touch its support level of 189.50
Fresh selling can be initiate below 189.50
Copper
Support at 439.50 and Resistance 445.50
Break and sustain below 439.50 will take it to 435—432 and then to 428 mark else could touch its resistance level of 445.50.
Fresh buying can be initiated above 445.50
Economic Data
06:00 P.M Unemployment Rate: Previous 4.4%, Expected 4.4%, Actual??
Increase in Unemployment Rate– will have negative impact on dollar index and positive impact on bullion or vice versa.
06:00 P.M Non-Farm Employment Change: Previous 156K, Expected 82K, Actual??
Increase in Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
More will update soon!!!
