Update on Bullion, Base Metal and Energy Levels 22nd November 2017
Gold futures ended higher on Tuesday as the US dollar headed lower and investors looked to minutes due midweek from the Federal Reserve’s recent meeting for clues on plans for interest rates.
Crude oil futures improved on MCX as speculators raised their bets amid a firm trend overseas as ongoing cuts of piped Canadian crude to the United States added to falling US crude inventories, while expectations of a prolonged OPEC- led production cut also offered support.
Comex copper futures ended higher on Tuesday. Meanwhile, London copper prices too rose on falling stocks in LME-registered warehouses, down more than 25 percent since mid-September to 234,375 tonnes.
Technical Level
Gold
Support at 29250 and Resistance at 29500
Break and sustain below 29250 will take it to 29000—28800 mark else could touch its resistance level of 29500.
Fresh buying can be initiated above 29500.
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 3730 and Resistance at 3780
Trend looks positive and could touch its resistance level of 3780.
Break and sustain above 3780 will take it to 3850 else it could touch its support level of 3730 again
Fresh selling can be initiated only below 3730.
Natural Gas
Support at 195.00
Below 195.00 panic remain continue till 191.00—189.00 mark else could touch its resistance level of 198.00
Fresh buying can be initiated above 198.00
Trade with levels only.
Copper
Above 450.00 rally remain continue till 454—457+++ mark else could touch its support level of support level 444.00
Fresh selling can be initiated below 444.00
Economic Data
07:00 P.M Unemployment Claims: Previous 249K, Expected 241K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
09:30 P.M Crude Oil Inventories: Previous 1.9M, Expected -1.4M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
10:30 P.M Natural Gas Storage: Previous -18B, Expected -51B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!!
