Update on Bullion, Base Metal and Energy Levels 21st November 2017
Gold futures ended lower on Monday as the dollar gained and the euro weakened amid German political turmoil that left Chancellor Angela Merkel’s prospects of serving a fourth term in doubt. Traders expect that the Federal Reserve will raise interest rates in December, further diminishing gold's shine.
Crude oil futures declined on Monday, as traders turned cautious ahead of the OPEC meeting in Vienna, where it’s widely expected that OPEC and non-OPEC producers will agree to extend output curbs. OPEC meets next week to determine whether they will extend their supply quota plan through 2018. Oil has come under pressure of late due to speculation that global supplies will continue to outpace demand.
Comex copper futures ended higher on Monday, while London copper prices too improved amid falling inventories and a monthly upturn in China’s property prices. However, some gains were capped by a firmer dollar as it makes dollar-denominated metals like copper more expensive for holders of other currencies.
Technical Level
Gold
Support at 29350 and Resistance at 29750
Break and sustain below 29350 will take it to 29050—28900 mark else could touch its resistance level of 29750.
Fresh buying can be initiated above 29750.
Silver
Support at 39200 and Resistance at 39600
Break and sustain below 39200 will take it to 38800—38600 mark else could touch its resistance level of 39600.
Fresh buying can be initiated above 39600
Crude
Support at 3630 and Resistance at 3730
Trend looks positive and could touch its resistance level of 3730, Break and sustain above 3730 will take it to 3780—3800++ mark else could touch its support level of 3630 mark.
Fresh selling can be initiated only below 3630.
Natural Gas
Below 197.50 panic remain continue till 193.00—191.00 mark else could touch its resistance level of 200.00
Fresh buying can be initiated above 200.00
Trade with levels only.
Copper
Above 444.00 rally remain continue till 450—453 +++ mark else could touch its support level of support level 438.00
Fresh selling can be initiated below 438.00
More will update soon!!!
