Update on Bullion, Base Metal and Energy Levels 23rd November 2017
Gold futures ended higher on Wednesday on the back of a weaker dollar against some major basket of currencies, and moved up in electronic trading after minutes from the Federal Reserve’s November meeting hinted that the central bank may not be as aggressive in raising interest rates next year as expected.
Crude oil futures extended their gains on Wednesday, after data showed crude stockpiles fell for the first time in three weeks, while a disruption to a major pipeline in Canada too lifted sentiment. The Energy Information Administration (EIA) said that stockpiles dwindled by 1.9 million barrels for the week to November 17. Gasoline inventories rose by 44,000 barrels, while supplies of distillate unexpectedly rose by about 269,000 barrels. Prices have been rising in anticipation of OPEC's November 30 meeting. The cartel is expected to extend its supply quota plan through 2018, but Russia may not follow suit.
Comex copper futures ended higher on Wednesday, while London copper prices too improved on concerns of supply disruptions after workers at Southern Copper Corp’s mines in Peru went on strike. The red metal was also buoyed by the news that the global refined copper market had logged a 50,000-tonne deficit through August, primarily due to weak supply growth from major producer nations such as Chile.
Technical Level
Gold
Support at 29250 and Resistance at 29550
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 29550.
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
Break and sustain below 3730 will take it to 3670—3650 mark else could touch its resistance level of 3780
Fresh buying can be initiated above 3780
Natural Gas
Yesterday on our blog we clearly indicated that natural gas looks weak below 195.00, just made low of 191.10.
Now what to expect???
Below 191 panic remain continue till 187—184 mark else could touch its resistance level of 195.00
Fresh buying can be initiated above 195.00
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
More will update soon!!!
