Update on Bullion, Base Metal and Energy Levels 26th December 2017
Gold futures traded higher on Tuesday, witnessing an upside move in low-volume trade due to bargain buying and firm undertone in crude oil prices. Moreover, the yellow metal rose as dollar went weaker against a bucket of currencies.
Crude oil futures traded marginally higher on MCX as speculators enlarged their positions, with Brent crude lingering near 2015 highs on the back of an outlook for healthy demand amid ongoing production cuts led by OPEC and Russia.
Copper futures traded higher on MCX, as participants raised their bets in tune with high demand in spot domestic and overseas market against tight supply of scrap copper. Moreover, the positive cues in base metal overseas also triggered the uptrend.
Technical Level
Gold
Support at 28550 and Hurdle at 28900
Trade in a range with levels only and wait for confirmation
Silver
Support at 37450 and Resistance at 38400
Either side break or close with volume will decide further. Till then wait for confirmation
Crude
Support at 3700 and Resistance 3780
Trading in range either side breakout with volumes will decide further.
Copper
Support at 459 and Resistance at 464
Above 464 rally likely to remain continue till 467 and then to 476---482++ mark in days to come else could touch its support level of 459.00
Fresh selling can be initiated below 459.00
Today we will expect sluggish move in metal and energy segment because of Christmas Holiday in US, Europe and Japan.
Trade with less quantity
More will update soon!!!
