Update on Bullion and Energy Levels 7th December 2017
Gold futures were marginally in green but still hovered near two-month low on Wednesday, as dollar firmed against basket of major currencies ahead of a vote on the U.S. tax reform plan. The bullion price also remained under pressured by the view that the US Federal Reserve is almost certain to raise interest rates next week at its final monetary policy meeting for the year.
Crude oil futures declined on MCX as speculators trimmed their positions, in tandem with a weakening trend in Asian trade after official data confirmed a huge build in US gasoline supplies, offsetting the data showing crude stockpiles fell for the third straight week. Energy Information Agency (EIA) inventory report showed crude stockpiles fell more-than-estimated, Crude inventories fell 5.6 million barrels in the week to December 1. Gasoline inventories rose by 6.8 million barrels, while supplies of distillate rose by about 1.7 million barrels.
Copper futures traded lower on MCX, on weak investors' sentiments amid heavy sell-offs in base metals in domestic and overseas market. The red metal also extended downdraft on negative global cues.
Technical Level
Gold
Below 28800, panic remain continue till 28500—28350 mark else could touch its resistance level of 29000.
Fresh buying can be initiated above 29000
Silver
Support at 37300 and Resistance at 37600
Break and sustain below 37300 will take it to 36800--36500 mark in days to come else could touch its resistance level of 37600 mark.
Fresh buying can be initiated above 37600
Crude
Yesterday on our blog we clearly indicated that crude look weak below 3690..it crashed vertically and made low of 3604.
Now what to expect??
Support at 3600 and Resistance 3665
Below 3600 panic remain continue till 3530—3500 mark else could touch its resistance level of 3665
Fresh buying can be initiated below 3665
Natural Gas
Support at 184.50 and Resistance at 189.00
Break and sustain above 184.50 will take it to 178--175 mark in days to come else could touch its support level of 189.
Fresh buying can be initiated above 189.00
Economic Data
07:00 P.M Unemployment Claims: Previous 238K, Expected 239K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
More will update soon!!!
