Update on Bullion, Base Metal and Energy Levels 17th November 2017
Gold futures ended higher on Thursday as US economic data fed uncertainty over the Federal Reserve’s path for interest-rate hikes and a rebound in US equities kept prices in a tight trading range. Though, a stronger US dollar against some major basket of currencies capped some gains in gold futures.
Crude oil futures continuing their bearish trend ended lower on Thursday, amid a flurry of U.S. economic data and as investors fretted over a potential uptick in global supply amid reports that Turkey and Iraq discussed resuming exports from the Kirkuk-Ceyhan pipeline. The resumed talk sparked fears of oversupply as many said a possible uptick in exports would forced OPEC to rein in production. Meanwhile, Energy Information Administration (EIA) Energy Agency’s preliminary US production figures showed weekly output rose by 25,000 to an all-time high of 9.65 million barrels per day, as crude oil stockpiles rose for second week in a row.
Comex copper futures ended lower on Thursday, while London copper and most other base metal prices too fell on persistent worries over Chinese demand. Investors are still on worries over a recent spate of data that showed China’s economy cooled in October.
Technical Level
Gold
Support at 29350 and Resistance at 29600
Break and sustain below 29350 will take it to 29100—29000 mark else could touch its resistance level of 29600.
Fresh buying can be initiated above 29600
Silver
Support at 39500 and Resistance at 40100
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3575 and Resistance at 3645
Break and sustain below 3575 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 198 and Resistance at 203.50
Break and sustain above 203.50 will take it to 208—210 ++ mark else could touch its support level of 198
Fresh selling can be initiated below 198
Trade with levels only.
Copper
Support at 436….Below 436 panic remain continue till 430—428 and then 425.
Hurdle at 444
Economic Data
06:00 P.M Building Permits: Previous 1.23M, Expected 1.25M, Actual??
Increase in Building Permits – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!!
