Updates on Bullion, Base Metal and Energy Levels 13th November 2017
Gold futures traded higher on MCX as investors looked ahead to key US economic reports to gauge how it will impact the Federal Reserve's view on monetary policy in the months ahead.
Crude oil futures ended in red on Friday, trimming strong recent gains as data showed the US oil rig count jumped last week. Also, as investors fretted over an uptick in US production but losses were limited as expectations grew that Opec would extend its agreement on output curbs. Trade was mainly weighed down by a report from oil services firm Baker Hughes showing the number of oil rigs operating in the US rose to the highest in almost a month by 9 to 738. It was the biggest one-week jump since June.
Copper futures traded higher on MCX as participants enlarged their holdings amid pickup in demand from consuming industries in the spot market.
Technical Level
Gold
Support at 29450 and Resistance at 29730
Trading in range either side breakout with volumes will decide further.
Silver
Support at 39300 and Resistance at 40100
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3665 and Resistance at 3720
Break and sustain above 3720 will take to 3780—3820+++ mark else could touch its support 3665.
Fresh selling can be initiated below 3665
Natural Gas
Support at 206 and Resistance at 210.50
Break and sustain above 210.50 will take it to 215—218++mark else could touch its support level of 206
Fresh selling can be initiated below 206. Below 206 it can touch 201—198 mark.
Trade with levels only.
Copper
Support at 442.00 and Resistance 448
Break and sustain above 448 will take it to 452.00—455.00++ mark else could touch its support level of 442.00 mark.
Fresh selling can be initiated below 442.00
More will update soon!!!
