Updates on Bullion, Base Metals and Energy Levels 30th November 17
Gold futures traded higher on MCX , on account of some demand from jewellers, retailers and investors on positive notes from firm trend at the global market. The yellow metal also rose as dollar fell against a basket of currencies.
Crude oil futures traded higher on MCX as speculators raised their bets, ahead of an OPEC meeting in Vienna at which producers are expected to extend a supply-cut deal that came into effect in January with the goal of tightening supplies and propping up prices.
Copper futures traded higher on MCX as market players went on covering-up of short positions, as today being the last day of November series expiry but a weak trend in overseas market, capped some gains. The red metal also edged up on spot demand.
Technical Level
Gold
Support at 29150 and Resistance at 29350
Break and sustain below 29150 will take it to 28800--27650 mark else could touch its resistance level of 29350.
Fresh buying can be initiated above 29350
Silver
Support at 37500 and Resistance at 38400
Below 37500 panic remain continue till 37200—36800 mark else could touch its resistance level of 38400 mark.
Fresh buying can be initiated above 38400.
Crude
Support at 3680 and Resistance 3750
Trend looks positive and could touch its resistance level of 3750, above 3750 rally remain continue till 3790—3820++ mark, else could touch its support level of 3680 mark.
Fresh selling can be initiated below 3680.
Natural Gas
Support at 200.50 and Resistance at 204.50
Break and sustain below 200.50 will take it to 196.00—194.00 mark else could touch its resistance level of 204.50
Fresh buying can be initiated above 204.50
Copper
Support at 430.00, if unable to breach its support level then we can expect it to touch 435.00,
Above 435 it can touch 440—443.00 mark in days to come, else could touch its support level of 430.00 again.
Fresh selling can be initiated below 430.00 only.
Economic Data
07:00 P.M Unemployment Claims: Previous 239K, Expected 241K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
More will update soon!!
