Update on Bullion, Base Metal and Energy Levels 29th November 2017
Gold futures edged higher on MCX as investors firmed their bets on positive outlook from global markets. Rise in precious metal prices at overseas market also influenced bullion's prices at the futures.
Crude oil futures traded marginally lower on MCX as speculators reduced bets amid a weak trend overseas, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed.
LME Copper prices slipped sharply lower as strict crackdown by Chinese state planning agency on railway infrastructure projects to prevent "disguised" debt issuance by local government via public - private partnership (PPP) projects weighed on Steel demand, hurt nonferrous metals. Besides, consistent decline in LME inventories could not help the metal. LME Copper stocks have plunged by 18 % since last week, pushing cancelled warrants up to around 40%.
Technical Level
Gold
Support at 29350 and Resistance at 29550
Break and sustain below 29350 will take it to 29100—29000 mark else could touch its resistance level of 29550.
Fresh buying can be initiated above 29550
Silver
Support at 38500 and Resistance at 39000
Break and sustain below 38500 will take it to 38200—38000 and then to 37800 mark else could touch its resistance level of 39000
Fresh buying can be initiated above 39000 mark.
Crude
Support at 3700 and Resistance 3740
Below 3700 panic remain continue till 3650—3630 mark, else could touch its resistance level of 3740 mark.
Fresh buying can be initiated above 3740
Natural Gas
Yesterday on our blog we clearly indicated natural gas looks positive above 200, it flared and hit 205 mark.
Now what to expect??
Above 205 rally remain continue till 210—212 and then to 215++ mark.
Support intact at 200.00
Copper
Support at 432.00 and Resistance at 438.00
Below 432 panic remain continue till 428—425 and then to 423 mark.
Fresh buying can be initiated above 438
Economic Data
All Day - OPEC Meetings
07:00 P.M Prelim GDP q/q: Previous 2.6%, Expected 2.7%, Actual??
Increase in Prelim GDP q/q – will have positive impact on dollar index and negative impact on bullion or vice versa.
07:00 P.M FOMC Member Dudley Speaks
08:30 Fed Chair Yellen Testifies
09.00 P.M Crude Oil Inventories: Previous -1.9M, Expected -2.5M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
