Updates on Bullion, Base Metal and Energy Levels 9th November 2017
Gold futures ended higher on Wednesday as investors grew more skeptical that the White House will be able to push through its tax overhaul in coming months.
Crude oil futures declined on Wednesday, second day in a row after data showed crude supplies rose unexpectedly, while production jumped to a record all-time high last week offsetting a larger-than-expected draw in refineries. The Energy Information Administration (EIA) reported that inventories of U.S. crude rose by roughly 2.2 million barrels for the week ended Nov. 4. Gasoline inventories fell by 3.3 million barrels, while supplies of distillate fell by about 3.4 million barrels. U.S. crude oil imports averaged about 7.4 million barrels per day last week, down by 194,000 barrels per day from the previous week.
Copper futures ended higher on Wednesday, despite customs data showing a sharp drop in imports by China as the country's winter anti-pollution program cuts down refinery and blast furnace production. China’s unwrought copper imports fell in October from a month earlier to their lowest since April as prices soared to their highest in more than three years, while concentrate arrivals also slipped.
Technical Level
Gold
Support at 29450 and Resistance at 29600
Break and sustain below 29450 will take it to 29250—29150 mark else could touch its resistance level of 29600.
Fresh buying can be initiated above 29600
Silver
Support at 39500 and Resistance at 40100
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3665 and Resistance at 3765
Trading in range either side breakout with volumes will decide further.
Natural Gas
Support at 201 and Resistance at 208
Break and sustain above 208 will take it to 215—218++mark else could touch its support level of 201
Fresh selling can be initiated below 201
Copper
Below 440 panic remain continue till 435—432 mark else could touch its resistance level of 446.50
Fresh buying can be initiated above 446.50
Economic Data
07:00 P.M Unemployment Claims: Previous 229K, Expected 232K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
09:00 P.M Natural Gas Storage: Previous 65B, Expected 15B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!!
