Update on Bullion, Base Metal and Energy Levels 22nd December 2017
Gold futures ended almost flat near an earlier two-week high on Thursday, after US data on gross domestic product, jobless claims and regional business activity left market players’ outlook on a stable economy unchanged and on a steady dollar.
Crude oil futures extended their gains on Friday, as investors continued to cheer mostly positive EIA inventory data. US oil inventories have been declining for four weeks despite robust production. However, the upside especially of Brent crude were capped on report Forties pipeline could restart as soon as January. Ineos, operator of the Forties pipeline, which had been on outage since Dec. 11, said it expected the pipeline to resume operations in early January.
Copper futures ended higher on Thursday, with investors growing more positive as the year draws to a conclusion. However, the Industrial metals overall came under pressure from a firm US currency, which when it rises makes dollar-denominated commodities more expensive for non-US firms.
Technical Level
Gold
Support at 28400 and Hurdle at 28580
Break and sustain above 28580 will take it to 28750—28850++ mark in days to come else could touch its support level of 28400 again.
Fresh selling can be initiated below 28400
Silver
Support at 37350 and Resistance at 37750
Break and sustain above 37750 will take it to 38000—38250++ mark in days to come else could touch its support level of 37350 again.
Fresh selling can be initiated below 37350
Crude
Support at 3690---3650 and Resistance 3740
Trading in range either side breakout with volumes will decide further.
Natural Gas
Support at 164.50 and Resistance at 169.00
Below 164.50 panic remain continue till 160—158 mark else could touch its resistance level of 169.00
Fresh buying can be initiate above 169.00
Copper
Hurdle at 460. Weekly close above 460 will take to 466—469++ mark else could touch its support level of 452.00
Fresh selling can be initiated below 452.00
Economic Data
07:00 P.M Core Durable Goods Orders m/m: Previous 0.9%, Expected 0.5%, Actual??
Increase in Core Durable Goods Orders m/m – will have positive impact on dollar index and negative impact on bullion or vice versa.
More will update soon!!!
