Update on Bullion, Base Metals and Energy Levels 15th November 2017
Gold futures ended higher on Tuesday due to a weak US dollar against a basket of major currencies and sluggish stock market helped pull the precious metal off a one-week low hit, while traders also said uncertainty over the fate of a US tax cut prompted some safe-haven buying of gold.
Crude oil futures plunged on Tuesday to settle near two-week lows after the International Energy Agency (IEA) revised down its forecast for global demand growth and said it expects U.S producers to ramp up output. The IEA cut its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and 2018, to an estimated 1.5 million bpd and 1.3 million bpd, respectively, as warmer temperatures were expected to weigh on consumption while rising output might add to glut in the crude supplies. Traders largely overlooked the other report that OPEC member compliance with deal to curb output improved, rising to 96% in October from 87% in September.
Comex copper futures ended lower on Tuesday, while London copper prices too fell, despite the Indonesian unit of Freeport-McMoRan Inc closed the main access road to its giant copper mine in the eastern province of Papua for the second time in three days after another shooting.
Technical Level
Gold
Support at 29450 and Resistance at 29730
Trading in range either side breakout with volumes will decide further.
Silver
Support at 39500 and Resistance at 40100
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3580 and Resistance at 3645
Break and sustain below 3580 will take it to 3530—3500 mark else could touch its resistance level of 3645 mark.
Fresh buying can be initiated above 3645
Natural Gas
Support at 199 and Resistance at 204
Break and sustain below 199 will take it to 195.50—193 mark else could touch its resistance level of 204
Fresh buying can be initiated above 204
Trade with levels only.
Copper
Yesterday on our blog we clearly indicated looks weak below 449…it crashed vertically and made low of 436.75.
Now what to expect???
Below 436 panic remain continue till 430—428 and then 425.
Hurdle at 443.50
Nickel
Below 750 panic remain continue till 738—732 and then to 725 mark, else could touch its resistance level of 772.
Fresh buying can be initiated above 772.
Zinc
Support at 205 and Resistance at 208
Below 205….panic remain continue till 202.50—199 mark else could touch its resistance level of 208.
Fresh buying can be initiated above 208
Lead
Support at 158 and Resistance at 161
Break and sustain below 158 will take it to 153—151 mark else could touch its resistance level of 161.
Fresh buying can be initiated above 161
Aluminum
Support at 134.50 and Resistance at 137
Trading in range either side breakout with volumes will decide further.
Economic Data
07:00 P.M CPI m/m: Previous 0.5%, Expected 0.1%, Actual??
Increase in CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.
07:00 P.M Core CPI m/m: Previous 0.1%, Expected 0.2%, Actual??
Increase in Core CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.
07:00 P.M Core Retail Sales m/m: Previous 0.9%, Expected 0.2%, Actual??
Increase in Core Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:00 P.M Retail Sales m/m: Previous 1.6%, Expected 0.0%, Actual??
Increase in Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
More will update soon!!!
