Update on Bullion, Base Metal and Energy Levels 18th December 2017
Copper futures traded marginally lower on MCX, as investors trimmed their positions owing to muted demand from consuming industries. However, the red metal leaped out gains in overseas market, despite its weak trend in domestic spot market.
Crude oil futures traded up on MCX as speculators widened their positions on the back of a firm trend overseas, followed by an ongoing North Sea pipeline outage and over signs that booming US crude output growth may be slowing, although the outlook for oil markets cites ample supplies despite ongoing production cuts led by OPEC.
Copper futures traded marginally lower on MCX, as investors trimmed their positions owing to muted demand from consuming industries. However, the red metal leaped out gains in overseas market, despite its weak trend in domestic spot market.
Technical Level
Gold
Support at 28200 and Hurdle at 28450
Trading in range either side breakout with volumes will decide further.
Silver
Support at 37100 and Resistance at 37450
Break and sustain above 37450 will take it to 37850—38000++ mark in days to come else could touch its support level of 37100 again.
Fresh selling can be initiated above 37100
Crude
Support at 3650 and Resistance 3700
Above 3700 rally remain continue 3750—3780++ mark else could touch its support level of 3650.
Fresh selling can be initiated below 3650.
Natural Gas
Support at 169 and Resistance at 173
Above 173 rally remain continue till 178---180++ mark else could touch its support level of 176.00
Fresh selling can be initiated below 169
Copper
Support at 440 and Resistance at 446.50
Break and sustain above 446.50 will take it to 451---454+ mark else could touch its support level of 440.
Fresh selling can be initiated below 440
More will update soon!!!
