Update on Bullion, Base Metal and Energy Levels 21st December 2017
Gold futures ended higher on Wednesday, touching a two-week high as US data witnessed solid home sales but a dip in mortgage applications pushed the dollar to a two-week low. However, a rise in US bond yields and Congress passing a biggest tax overhaul, restricted further gains in the bullion rates.
Crude oil futures ended higher on Wednesday, extending their gain after data showed crude stockpiles fell for the fifth straight week, while the ongoing North Sea Forties pipeline outage continued to support sentiment. The Energy Information Administration (EIA) said crude inventories fell by 6.5 million barrels (bbl) in the week to Dec. 15. Gasoline inventories rose by 1.2 million barrels, while supplies of distillate fell by 769,000 barrels. The EIA figures on Wednesday showed US oil production jumped to 9.79 million barrels a day, while exports rose 1.86 million barrels a day, near record highs.
Comex copper futures ended higher on Wednesday, while London copper prices too improved as the dollar fell and investors remained upbeat about global growth prospects as a US tax overhaul neared completion and China’s economy remained on a firm footing.
Technical Level
Gold
Support at 28400 and Hurdle at 28550
Break and sustain above 28550 will take it to 28750---28900+++ mark in days to come else could touch its support level of 28400 again.
Fresh selling can be initiated below 28400 again
Silver
Support at 37400 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 37400 again.
Fresh selling can be initiated below 37400
Crude
Support at 3650 and Resistance 3730
Above 3730 rally remain continue till 3780—3820 mark else could touch its support level of 3650
Fresh selling can be initiated below 3650.
Natural Gas
Support at 167.50 and Resistance at 170.50
Above 170.50 rally remain continue till 174—176++ mark else could touch its support level of 167.50
Fresh selling can be initiated below 167.50
Copper
Hurdle at 457.00, Close above 457 will take to 462—465+++ mark else could touch its support level of 450.00
Fresh selling can be initiated below 450.00
Economic Data
07:00 P.M Final GDP q/q: Previous 3.3%, Expected 3.3%, Actual??
Increase in Final GDP q/q – will have positive impact on dollar index and negative impact on bullion or vice versa.
07:00 P.M Unemployment Claims: Previous 235K, Expected 232K, 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 -69B, Expected -168B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!!
