Update on Bullion and Energy Levels 10th November 2017
Gold futures ended higher on Thursday as dollar fell against a basket of major currencies as investors balked at emerging details of the US Senate Republicans' version of a tax cut plan.
Crude oil futures bounced back and ended higher on Thursday despite a report tempering expectation for further supply cuts from OPEC. Traders got some support with the ongoing unrest in the Middle East, while Saudi Arabia’s plan to slash crude exports too lifted sentiment. It was reported that Saudi Arabia plans to cut its crude exports by 120,000 barrels per day in December compared with November, slashing allocations to all regions. In recent days oil has jumped to the highest in two years on speculation the global oil market will re-balance in the near future.
Copper futures edged higher on MCX due to a firming trend in the London Metal Exchange (LME) as a weaker dollar broadly lifted base metals. Though, some gains were capped on subdued demand at domestic spot markets.
Technical Level
Gold
Support at 29450 and Resistance at 29730
Break and sustain above 29730 will take to 30000—30150 mark else could touch its support level of 29450.
Fresh selling can be initiated below 29450
Silver
Support at 39400 and Resistance at 40100
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3665 and Resistance at 3765
Trading in range either side breakout with volumes will decide further.
Natural Gas
Support at 206 and Resistance at 210.50
Break and sustain above 210.50 will take it to 215—218++mark else could touch its support level of 206
Fresh selling can be initiated below 206
Economic Data
US Bank Holiday
More will update soon!!!
