Update on Bullion, Base Metal and Energy Levels 16th November 2017
Gold futures dropped on Wednesday in a see-saw trade, though it initially rose to the highest since October 20. The yellow metal dragged and hanged near session lows as US dollar trimmed losses on inflation data.
Crude oil futures continued their weakness and slid to their fresh two week low on Wednesday, after government data showed a more modest build in U.S. oil stockpiles and as Russia is said to be less than convinced that OPEC should extend output curbs in a meeting this month. There were reports that the Russian government has yet to reach a consensus with the nation’s oil companies on extending the deal. Meanwhile, the Energy Information Administration (EIA) said domestic inventories rose by about 1 million barrels. Crude exports rose by 260,000 barrels a day, while inventories at the key Cushing, Oklahoma, pipeline hub fell by 1.5 million barrels.
Copper futures ended lower on Wednesday, followed by disappointing Chinese data on industrial output and housing sales prompted concerns about slowing growth the world's second-largest economy.
Technical Level
Gold
Support at 29400 and Resistance at 29750
Trading in range either side breakout with volumes will decide further.
Silver
Support at 39500 and Resistance at 40100
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3580 and Resistance at 3645
Break and sustain below 3580 will take it to 3530—3500 mark else could touch its resistance level of 3645 mark.
Fresh buying can be initiated above 3645
Natural Gas
Support at 199 and Resistance at 205
Break and sustain below 199 will take it to 195.50—193 mark else could touch its resistance level of 204
Fresh buying can be initiated above 205
Trade with levels only.
Copper
Support 438 and Resistance at 445
Overall trend looks weak…. Break and sustain below 438 will take it to 432—430 and then to 427 mark in days to come else could touch its resistance level of 445
Fresh buying can be initiated above 445
Economic Data
07:00 P.M Unemployment Claims: Previous 239K, Expected 235K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
07:00 P.M Philly Fed Manufacturing Index: Previous 1.6%, Expected 0.0%, Actual??
Increase in Philly Fed Manufacturing Index – will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
09:00 P.M Natural Gas Storage: Previous 15B, Expected -15B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!!
