Updates on Bullion, Base Metals and Energy Levels 3rd November 2017
Gold futures edged down on MCX amid caution ahead of US jobs data later in the day. Investors observed the usual caution ahead of the US payrolls report which is expected to show a big bounce back from September's hurricane-hit result.
Crude oil futures traded marginally higher on MCX as traders indulged in widening their bets in tandem with a firming trend in global market, as supply cuts by Organization of the Petroleum Exporting Countries (OPEC) and other major exporters tightened the market despite higher production in the United States.
Copper futures traded up on MCX as participants widened their speculative bets amid pickup in demand at the domestic spot market. Moreover, firming trend in base metals at the overseas market too fuelled the uptrend.
Technical Level
Gold
Support at 29050 and Resistance at 29420
Trading in range either side breakout with volumes will decide further.
Silver
Support at 39450 and Resistance at 39900
Looks positive and could touch its resistance level of 39900, Weekly close above 39900 will take it to 40400—40650++ mark else could touch its support level of 39450.
Fresh selling can be initiated below 39450
Crude
Support at 3530 and Resistance at 3580
Break and sustain above 3580 will take it to 3630—3650++ mark else could touch its support level of 3530.
Fresh selling can be initiated below 3530 mark.
Natural Gas
Hurdle at 191.50
Break and sustain above 191.50 will take it to 195—198+++ mark else could touch its support level of 189.
Fresh selling can be initiated below 189
Copper
Support at 442.00 and Hurdle at 455.00
Trading in range either side breakout with volumes will decide further will decide further.
Nickel
Support at 800 and Resistance at 825
Break and sustain above 825 will take it to 845--850 and then to 860++ mark else could touch its support level of 800.
Fresh selling can be initiated below 800
Lead
Support at 158.00 and Resistance at 161.50
Trend looks positive and could touch its resistance level of 161.50… Weekly close above 161.50 will take it to 164---166 and then to 170+++ mark else could touch its support level of 158.
Fresh selling can be initiated below 158.00
Zinc
Support at 208.50 and Resistance at 212.50
Break and sustain above 212.50 will take it to 216.00—218.00++ mark else could touch its support level of 208.50
Fresh selling can be initiated below 208.50
Aluminum
Support at 138.00 and Resistance at 143.00
Trading in range either side breakout with volumes will decide further will decide further.
Economic Data
06:00 P.M Unemployment Rate: Previous 4.2%, Expected 4.2%, Actual??
Increase in Unemployment Rate– will have negative impact on dollar index and positive impact on bullion or vice versa.
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.
07:30 P.M ISM Non-Manufacturing PMI: Previous 55.9, Expected 55.7, Actual??
Increase in ISM Non-Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
07:30 P.M Factory Orders m/m: Previous 1.2%, Expected 1.3%, Actual??
Increase in Factory Orders m/m – will have negative impact on bullion index and positive impact on dollar and base metal or vice versa.
More will update soon!!!
