Update on Bullion, Base Metal and Energy Levels 14th November 2017
Gold futures ended higher on Monday as the US dollar steadied and uncertainty over a US tax reform plan stoked risk aversion, pulling equities from their recent record highs. Meanwhile, investors awaited more clues on the path of US interest rates.
Crude oil futures made mostly a flat closing on Monday, as investors weighed the prospect of supply disruptions amid rising Middle East tensions. Middle East tensions grew over the weekend, fueling expectations of supply disruptions in the region after Bahrain said Iran was behind an explosion to its main oil pipeline. The commodity traded in a narrow range with growing expectations of a ramp up in US crude output capping upside momentum.
Comex copper futures ended higher on Monday, while London copper prices too rose after the Indonesian unit of Freeport-McMoRan Inc closed the main supply route to its huge Grasberg copper mine on Sunday following a shooting incident, but it was reopened on Monday.
Technical Level
Gold
Support at 29450 and Resistance at 29730
Break and sustain below 29450 will take it to 29150—29000 mark else could touch its resistance level of 29730.
Fresh buying can be initiated above 29730.
Silver
Support at 39300 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 203 and Resistance at 206.50
Break and sustain below 203 will take it to 200—198 and then to 196 mark else could touch its resistance level of 206.50
Fresh buying can be initiated above 206.50
Trade with levels only.
Copper
Support at 449.00 and Resistance 455
Break and sustain below 449.00 will take it to 445—442 and then to 438 mark else could touch its resistance level of 442.00 mark.
Fresh buying can be initiated above 454.50
Economic Data
07:00 P.M PPI m/m: Previous 0.4%, Expected 0.1%, Actual??
Increase in PPI m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.
07:00 P.M Core PPI m/m: Previous 0.4%, Expected 0.2%, Actual??
Increase in Core PPI m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!!
