Update on Bullion, Base Metal and Energy Levels 13th December 2017
Gold futures ended lower on Tuesday, touching five-month low rate as investors muted their trades as they braced for a widely expected US interest rate increase this week and looked for clues about further hikes from the Federal Reserve. The bullion also declined as dollar firmed against basket of major currencies.
Crude oil futures snapped their gaining streak and ended lower on Tuesday, mainly due to profit taking, amid reports offering clarity on the duration of the Forties pipeline shutdown, which forced traders to take profits on Monday’s rally in oil prices. Also, investors continued to fear that the widening Brent-WTI spread would boost demand for US exports, encouraging producers to ramp up output. Meanwhile, the Energy Information Administration (EIA) said it expects US crude production to rise by an average of 800,000 barrels a day next year. The EIA now anticipates U.S. oil prices could average $57 a barrel in 2018, about $2 per barrel higher than its previous forecast.
Copper futures ended marginally lower on Tuesday as the US dollar rose to three-week highs against a basket of currencies as the Federal Reserve begins a two-day policy meeting widely expected to result in a hike in interest rates.
Technical Level
Gold
Support at 28050, Break and sustain below 28050 will take it to take it to 27850—27600 mark.
Hurdle at 28250.
Silver
Support at 36750 and Resistance at 37050
Break and sustain below 36750 will take it to 36300--36000 mark in days to come else could touch its resistance level of 37200 again.
Fresh buying can be initiated above 37050
Crude
Support at 3680 and Resistance 3740
Break and sustain below 3680 will take it to 3630—3600 mark else could touch its resistance level of 3740 mark.
Fresh buying can be initiated below 3740.
Natural Gas
Support at 174.50 and Resistance at 178.00
Break and sustain below 174.50 will take it to 170--168 mark in days to come else could touch its resistance level of 178.00
Fresh selling can be initiated below 174.50.
Copper
Support at 433 and Resistance at 438.00
Break and sustain above 438 will take it to 443--445++ mark else could touch its support level of 433.
Fresh selling can be initiated below 433.00
Economic Data
07:00 P.M CPI m/m: Previous 0.1%, Expected 0.4%, Actual??
Increase in CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.
07:00 P.M Core CPI m/m: Previous 0.2%, Expected 0.2%, Actual??
Increase in Core CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.
09.00 P.M Crude Oil Inventories: Previous -3.6M, Expected -5.6M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
