Updates on Bullion, Base Metals and Energy Levels 28th November 17
Gold futures ended higher on Monday, toughing a six week high as the dollar weakened. The bullion edged up as investors looked ahead to congressional testimony by the nominee to chair the U.S. Federal Reserve and a meeting between US President Donald Trump and Senate Republicans on tax reform.
Crude oil futures snapping their gaining streak ended lower on Tuesday, as uncertainty concerning Russia’s willingness to extend output curbs beyond March ahead of the OPEC meeting this week weighed on sentiment. Russia is said to be on board with extending the supply quota plan through 2018, but is pushing for OPEC assurances that all members of the cartel will comply with the plan.
Comex copper futures ended lower on Monday. While London copper prices too fell amid signs of resilience in China's industrial sector, even though LME copper hit $7,024 a tonne, it’s highest in a month and is on track for a 26 percent annual gain, which would be its biggest since 2010.
Technical Level
Gold
Support at 29250 and Resistance at 29550
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 its resistance level of 39500.
Fresh buying can be initiated above 39500 mark.
Crude
Yesterday on our blog we clearly indicated that Crude oil looks weak below 3770… it crashed vertically and just made low of 3711.00
Now what to expect?
Below 3710 panic remain continue till 3670—3650 and then to 3630 mark.
Hurdle at 3745.
Natural Gas
Support at 197 and resistance at 200
Above 200 rally remain continue till 205—208++ mark else could touch its support level of 197.0
Fresh selling only below 197.00
Copper
Yesterday on our blog we clearly indicated that copper looks weak below 445… it crashed vertically and just made low of 437.30.
Now what to expect??
Support at 435.50
Below 435.50 panic remain continue till 430 –428 and then to 425 mark.
Hurdle at 442.00
Economic Data
09:45 P.M Fed Chair Designate Powell Speaks
10:30 P.M CB Consumer Confidence: Previous 125.90, Expected 123.9, Actual??
Increase in CB Consumer Confidence – will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
More will update soon!!
