Update on Bullion, Base Metal and Energy Levels 7th November 2017
Gold futures ended higher on Monday, extending gains as geopolitical risks drove investors to safe-haven assets after the metal's third-straight weekly decline. Besides, a weaker US dollar against the major basket of currencies also fuelled the uptrend.
Crude oil futures extended their surge on Monday after Saudi Arabia Crown Prince Mohammed bin Salman, through an anti-corruption crackdown made a series of moves to consolidate his power. The anti-corruption drive led by Saudi Arabia Crown Prince resulted in wave arrests of prominent Saudi Arabian including royals, ministers and investors, fuelling political risk in the region. The anti-corruption crackdown comes as optimism grew for an extension to the output-cut agreement beyond March amid comments from Saudi energy minister Khalid al-Falih.
Comex copper futures ended higher on Monday, while London copper prices too rose on expectations of healthy demand from the electric vehicle sector, a pollution crackdown in China and signs of solid global economic growth.
Technical Level
Gold
Support at 29050 and Resistance at 29420
Forming double bottom pattern on hourly chart….. Break and sustain above 29420 will take it to 29800—29950+++ mark else could touch its support level of 29050.
Fresh selling can be initiated below 29050
Silver
Support at 39300 and Resistance at 39900
Break and sustain above 39900 will take it to 40400-40650 and then to 40900++ mark else could touch support level of 39300.
Fresh selling can be initiated below 39300.
Crude
Support at 3680 and Resistance at 3750
Break and sustain above 3750 will take it to 3800—3830++ mark else could touch its support level of 3680.
Fresh selling can be initiated below 3680 mark.
Natural Gas
Hurdle at 205.00
Above 205 rally remain continue till 209—213 and then to 218 mark else could touch its support level of 201
Fresh selling can be initiated below 201
Copper
Support at 442.00 and Hurdle at 455.00
Trading in range either side breakout with volumes will decide further will decide further.
More will update soon!!!
