Updates on Bullion, Base Metal and Energy Levels 2nd November 2017
Gold futures edged higher on MCX amid a weaker dollar, on increased demand from Chinese retail investors and as the market waited for the announcement of a new chair of the US Federal Reserve, expected later in the day.
Crude oil futures got a halt to their rally despite data showing supplies of U.S crude oil and gasoline declined more-than-expected, as the Energy Information Agency (EIA) reported that US oil production grew by 46,000 barrels a day (bpd) to 9.55 million barrels a day, not far off the June. 5, 2015 record high of 9.61 million barrels per day, while weekly U.S. crude oil exports rose to an all-time high of 2.13 million barrels per day. The report overshadowed a separate report from EIA showing crude and gasoline stockpiles declined more than expected while distillate fell less-than-expected. Inventories of US crude fell by roughly 2.4 million barrels in the week ended Oct. 27. Gasoline inventories fell by 4 million barrels, while supplies of distillate fell by about 320,000 barrels.
Copper futures traded higher on MCX as speculators widened positions amid increased demand from consuming industries at the domestic spot markets. Moreover, firming trend in the overseas market too fuelled the uptrend.
Technical Level
Gold
Support at 29050 and Resistance at 29350
Break and sustain above 29350 will take it to 29550—29700++ mark else could touch its support level of 29050 mark.
Fresh selling can be initiated below 29050.
Silver
Support at 39200 and Resistance at 39800
Break and sustain above 39800 will take it to 40350---40500++ mark else could touch its support level of 39200 mark.
Fresh selling can be initiated below 39200.
Crude
Support at 3480 and Resistance at 3570
Trading in range either side breakout with volumes will decide further.
Natural Gas
Support at 185 and Hurdle at 190.50
Break and sustain above 190.50 will take it to 195—198+++ mark else could touch its support level of 185.
Fresh selling can be initiated below 185
Copper
Support at 445.50 and Hurdle at 450
Below 445.50 panic remain continue till 442—440 and then to 438 mark else could touch its resistance level of 450.
Economic Data
06:00 P.M Unemployment Claims: Previous 233K, Expected 235K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
08:00 P.M Natural Gas Storage: Previous 64B, Expected 63B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!!
