Updates on Bullion, Base Metals and Energy Levels 27th November 17
Gold futures traded flat on Monday, as dollar hovers near 2 month low hit in the previous session against a basket of major currencies. The bullion also muted as investors are looking to the Congressional hearing on Fed Chair nominee Jerome Powell on Tuesday.
Crude oil futures ended at a fresh two week high on Friday on a report suggesting OPEC and Russia agreed on a plan to extend output curbs lifted sentiment. Traders also got some support with tighter supplies amid ongoing disruption to the Keystone pipeline. The Keystone pipeline leak has kept shipments from Canada's oil sands from reaching US Gulf refineries, but should be allievated soon. Meanwhile, OPEC meets November 30 to decide whether to process with supply quotas.
Copper futures declined on MCX as participants cut down their bets amid weak demand from consuming industries at the spot market. However, a firming trend at the London Metal exchange (LME) capped some losses in copper futures.
Technical Level
Gold
Support at 29250 and Resistance at 29550
Trading in range either side breakout with volumes will decide further.
Silver
Support at 39150 and Resistance at 39650
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3770 and Resistance at 3820
Break and sustain below 3770 will take it to 3730—3700 mark else could touch its resistance level of 3820.
Fresh buying can be initiated above 3820
Natural Gas
Support at 192 and resistance at 197
Above 197 rally remain continue till 203—205 and then to 208++ mark else could touch its support level of 192.00
Fresh selling only below 192.00
Copper
Support at 445 and resistance at 453
Break and sustain below 445 will take it to 440—438 and then to 432 mark in days to come else could touch its resistance level 453
Fresh buying can be initiated above 453
Economic Data
08:30 P.M New Home Sales: Previous 667K, Expected 627K, Actual??
Increase in New Home Sales – will have positive impact on dollar Index and base metal or vice versa.
More will update soon !!
