Update on Bullion, Base Metal and Energy Levels 14th December 2017
Gold futures ended higher on Wednesday, as speculators widened their bets on inflation worries after the US Federal Reserve hiked interest rates as expected, but left its outlook unchanged for coming years. Meanwhile, the yellow metal also eked out some gains as dollar eased against a basket of currencies.
Crude oil futures declined further on Wednesday, as traders overlooked the data showing crude stockpiles fell for the second straight week; there was concern of a larger-than-expected build in gasoline supplies. The Energy Information Administration (EIA) reported draw of 5.1 million barrels of crude for the week ended Dec. 8. Gasoline inventories rose by 5.7 million barrels, while supplies of distillate fell by about 1.4 million barrels. Also weighing on crude prices was a rise in production to record highs as data showed weekly U.S. crude production jumped by 73,000 barrels a day to 9.78 million barrels a day.
Comex copper futures ended higher on Wednesday, while London copper too rose as prices extended a correction from last week’s sharp fall, but moves were muted ahead of an expected interest rate increase from the US Federal Reserve. The US dollar weakened after consumer price data showed sluggish inflation, adding to concerns the bank will be less able to execute multiple rate increases next year.
Technical Level
Gold
Support at 28250 and Hurdle at 28450
Break and sustain above 28450 will take it to 28650—28800++ mark else could touch its support level of 28250.
Fresh selling can be initiated above 28250
Silver
Support at 37000 and Resistance at 37550
Break and sustain above 37550 will take it to 37800—38000+++ mark in days to come else could touch its support level of 37000 again.
Fresh selling can be initiated above 37000
Crude
Support at 3640 and Resistance 3680
Break and sustain below 3640 will take it to 3580—3550 mark else could touch its resistance level of 3680 mark.
Fresh buying can be initiated below 3680.
Natural Gas
Support at 171 and Resistance at 174.50
Break and sustain below 171 will take it to 168—165 and mark in days to come else could touch its resistance level of 174.50
Fresh buying can be initiated above 174.50.
Copper
Support at 433 and Resistance at 440.00
Break and sustain above 440 will take it to 444 -- 450++ mark else could touch its support level of 433.
Fresh selling can be initiated below 433.00
Economic Data
07:00 P.M Core Retail Sales m/m: Previous 0.1%, Expected 0.6%, Actual??
Increase in Core Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:00 P.M Retail Sales m/m: Previous 0.2%, Expected 0.3%, Actual??
Increase in Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:00 P.M Unemployment Claims: Previous 236K, Expected 237K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
09:00 P.M Natural Gas Storage: Previous 2B, Expected -55B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!!
