Update on Bullion, Base Metal and Energy Levels 24th November 2017
Gold futures traded flat after rising nearly 1% in the previous session as the dollar extended its swoon amid reduced expectations for US interest rate hikes next year. Trading was lighter than usual, with Japanese financial markets shut for a public holiday and US markets closed for the Thanksgiving holiday. The US dollar came under broad selling pressure after the minutes of the Fed's most recent meeting showed that some policymakers remain concerned over persistently low inflation. The report also showed that the Fed expects to raise interest rates in the "near term", adding to expectations for a December rate hike. However, the central bank added that economic data will determine the timing of future rate hikes, which could mean a slower pace than expected for 2018.
U.S. crude oil hit fresh two-year highs as the shutdown of a major crude pipeline from Canada to the United States tightened North American markets. The closure of the 590,000 barrels per day (bpd) Keystone pipeline following a spill last week has helped drive up U.S. crude as it reduces stocks in the storage hub of Cushing, Oklahoma. Markets have also been tightening globally due to an effort by the Organization of the Petroleum Exporting Countries (OPEC) and a group of other producers, including Russia, to withhold 1.8 million bpd of production. The deal to restrict output expires in March 2018, but OPEC will meet on Nov. 30 to discuss its policy, and it is expected to extend the cuts.
Technical Level
Gold
Support at 29250 and Resistance at 29550
Trading in range either side breakout with volumes will decide further, till then traders can trade in range with strict stop loss.
Silver
Support is 39200 while Resistance is 39600.
Weekly close below 39200 will see sharp downside panic till 38500---38200 and then to 37500 mark
Hurdle and stop loss above 39600 on closing basis.
Trade with levels only.
Crude
Support at 3780 and Resistance at 3815
Break and sustain above 3815 will take it to 3850++++ mark else could touch its support level of 3780 again
Fresh selling can be initiated below 3780. Major support seen at 3730
Trade with levels only.
Natural Gas
Support at 185 and Resistance 190
Break and sustain below 185 will take it to 180-178 mark, else could touch its resistance level of 190.
Fresh buying can be initiated above 190.
Trade with levels only.
Copper
Above 450.00 rally remain continue till 454—457 and then 461+++ mark else could touch its support level of support level 448 mark
Fresh selling can be initiated below 448 mark
Trade with levels only
US Economic Calendar:
08:15 PM
Flash Manufacturing PMI Prior (54.6) Forecast (55.10) Actual (??)
Flash Services PMI Prior (55.3) Forecast (55.5) Actual (??)
(Impact : Actual greater than 'Forecast' is good for Dollar)
More will update soon!!!
