Updates on Bullion, Base Metal and Energy Levels 1st November 2017
Gold futures ended lower on Tuesday as the US dollar was firm for much of the session and precious metals investors turned cautious ahead of central bank meetings this week, US payrolls data and the announcement of the next US Federal Reserve chair. The Fed is scheduled to release its statement following its meeting on Wednesday. Market participants were awaiting the Bank of England policy meeting on Thursday and more data, including US payrolls figures on Friday.
Crude oil futures extending their bull run ended at eight month high on Tuesday, as investors looked ahead to inventory data expected to show crude supplies fell last week amid ongoing optimism that Opec will agree to extend output cuts. OPEC Secretary General Mohammad Barkindo said that 'OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018.' Saudi Arabia Crown Prince Mohammed bin Salman said last week, the kingdom would support extending output cuts in order to rid the market of excess supplies.
Copper futures traded higher on MCX as speculators widened positions amid uptick in demand from consuming industries at the spot market.
Technical Level
Gold
Support at 29200 and Resistance at 29420
Break and sustain above 29420 will take it to 29600—29750++ mark else could touch its support level of 29250 mark.
Fresh selling can be initiated below 29200.
Silver
Support at 39000 and Resistance at 39500
Break and sustain above 39500 will take it to 40000—40200++ mark else could touch its support level of 39000 mark.
Fresh selling can be initiated below 39000.
Crude
Support at 3500 and Resistance at 3550
Above 3550 rally remain continue till 3600-3630++ mark else could touch its support level of 3500.
Fresh selling can be initiated below 3500
Natural Gas
Support at 187 and Hurdle at 190
Break and sustain above 190 will take it to 193—195 and then to 198++ mark else could touch its support level of 187.
Fresh selling can be initiated below 187
Copper
Support at 448.50 and Hurdle at 454.50
Break and sustain above 454.50 will take it to 460—463++ mark else could touch its support level of 448.50.
Fresh selling can be initiated below 448.50
Economic Data
05:45 P.M ADP Non-Farm Employment Change: 135, Expected 200K, Actual??
Increase in ADP Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
07:30 P.M ISM Manufacturing PMI: Previous 60.8, Expected 59.5, Actual??
Increase in ISM Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
08:30 P.M Crude Oil Inventories: Previous 0.9M, Expected -1.5M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
11:30 P.M FOMC Statement
More will update soon!!!
