Updates on Bullion, Base Metals and Energy Levels 09th October 2017
Gold futures edged higher on Monday with China back after a week-long break bringing some heft to the market even as Japan, South Korea and Taiwan are shut for holidays. In this week ahead, Wednesday’s Fed minutes will be in focus for fresh indications on the timing of the next US rate hike. Friday’s US data on inflation and retail sales will also be in focus. Markets will also be eyeing a speech by ECB head Mario Draghi for clues on when the central bank will shift away from its ultra-easy policy.
Crude oil futures traded lower on MCX due to the Columbus Day holiday in the United States. Though, some losses were capped as number of rigs drilling for new oil in the United States dipped and on expectations that Saudi Arabia would continue to restrain its output to support the market.
Copper futures edged lower on MCX as speculators trimmed positions to book profits amid a weak trend in global markets. Moreover, muted demand from consuming industries at domestic spot market too fuelled the downtrend.
Technical Level
Gold
Support at 29600 and Resistance at 29800
Break and sustain above 29800 will take it to 29900---300000 mark else could touch its support level of 29600 mark.
Fresh selling can be initiated below 29600. Major support at 29300
Silver
Support at 39500 and Resistance 40000
Above 40000 rally remain continue till 40600—40800++ mark else could touch its support level of 39500 mark.
Fresh selling can be initiated below 39500.
Crude
Below 3220... panic remain continue till 3180—3150 mark else could touch its resistance level of 3270
Fresh buying can be initiated above 3270.
Natural Gas
Support at 186.00 and Resistance at 192.00
Trading in range either side breakout with volumes will decide further.
Copper
Support at 437.00 and Resistance 442.00
Break and sustain below 437.00 will take it to 432--428 else could touch its resistance level of 442.00
Fresh buying can be initiated above 442.00
More will update soon!!!
