Update on Bullion, Base Metal and Energy Levels 6th November 2017
Gold futures traded lower on Monday as the dollar firmed after upbeat US economic data strengthened the prospect of further interest rate hikes by the Federal Reserve. However, heightened political risk in the Middle East with a surprise shakeup of Saudi Arabia's leadership, capped some losses.
Crude oil futures traded higher on MCX as traders indulged in widening their bets in tandem with a firm trend in global market where prices hit their highest levels since July 2015 as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.
Copper futures edged higher on MCX as participants enlarged their holdings amid increased demand from consuming industries in domestic spot markets. Further, a firming trend in base metals in global market also added support to copper futures.
Technical Level
Gold
Support at 29050 and Resistance at 29420
Trading in range either side breakout with volumes will decide further.
Silver
Support at 39000 and Resistance at 39500
Break and sustain below 39000 will take it to 38500-38350 mark else could touch resistance level of 39500.
Fresh buying can be initiated above 39500.
Crude
Support at 3580 and Resistance at 3650
Break and sustain above 3650 will take it to 3700—3730++ mark else could touch its support level of 3580.
Fresh selling can be initiated below 3580 mark.
Natural Gas
Cleary indicated looks positive above 191.50….it flared and made made high of 199.80.
Now what to expect?
Hurdle at 200.00
Break and sustain above 200.00 will take it to 205.00—208.00++ mark else could touch its support level of 194.00.
Fresh selling can be initiated below 194.00
Copper
Support at 442.00 and Hurdle at 455.00
Trading in range either side breakout with volumes will decide further will decide further.
More will update soon!!!
