Update on Bullion, Base Metal and Energy Levels 20th December 2017
Gold futures traded higher on MCX as optimism over a major US tax overhaul quickly waned and offered no support to the dollar. Though, some gains were capped as the trading volumes were expected to become more and more thin throughout the week, ahead of the Christmas holiday.
Crude oil futures bounced back and ended higher on Tuesday, amid mixed signals on global production next year. OPEC says it will continue to curb production in an effort to re-balance oil markets, but US shale output may surge. Also, the investors mulled over the prospect of fresh Middle East supply disruptions amid rising geopolitical tensions in the region after reports Saudi air defences intercepted a missile fired at Riyadh. Meanwhile, traders will be keeping a close eye on weekly U.S. inventories data over the next 24 hours.
Copper futures traded higher on MCX, as investors triggered fresh buying in line with firm trend in stock and futures market. Moreover, high demand of the commodity from industrial consumers and upward trend of the base metals overseas has pulled the rate of red metal to further heights.
Technical Level
Gold
Support at 28350 and Hurdle at 28500
Break and sustain above 28500 will take it to 28650—28730 mark in days to come else could touch its support level of 28350 again.
Fresh selling can be initiated below 28350
Silver
Support at 37300 and Resistance at 37700
Break and sustain above 37700 will take it to 38000—38250 mark in days to come else could touch its support level of 37300 again.
Fresh selling can be initiated below 37300
Crude
Support at 3650 and Resistance 3730
Trading in a range with strict stop loss. Either side break or close with volume will decide further.
Natural Gas
Support at 173 and Resistance at 179
Above 179 rally remain continue till 184—188++ mark else could touch its support level of 173.00
Fresh selling can be initiated below 173
Copper
Above 452 rally remain continue till 456---460+++ mark else could touch its support level of 447.00
Fresh selling can be initiated below 447 mark
Economic Data
09.00 P.M Crude Oil Inventories: Previous -5.1M, Expected -3.6M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
