Update on Bullion, Base Metal and Energy Levels 1st December 2017
Gold futures ended at their lowest level in more than a week on Thursday, as dollar firmed against a basket of currencies. The yellow metal deepened its cut as a round of US economic data did little to sway markets from expectations for an interest-rate hike later this month.
Crude oil futures made a bounce back and ended modestly higher on Thursday, after OPEC announced it would extend cuts in oil output by nine months through 2018. However, the impact of the announcement remained mostly muted as the extension was said to be mostly priced in, but reports that both Nigeria and Libya decided to cap production added a positive slant on the outcome of the meeting. There was speculation that certain OPEC members will renege on promised supply cuts. The next OPEC ministerial meeting is set for June 2018.
Comex copper futures ended lower on Thursday, while London copper prices too fell more than one percent on concerns over slowing demand from China, though the metal held steady into the close on Thursday on the back of upbeat manufacturing data from the world's largest metals consumer.
Technical Level
Gold
Support at 29100 and Resistance at 29350
Break and sustain below 29100 will take it to 28800--27650 mark else could touch its resistance level of 29350.
Fresh buying can be initiated above 29350
Silver
Support at 38250 and Resistance at 38850
Below 38250 panic remain continue till 37750—37500 mark else could touch its resistance level of 38850 mark.
Fresh buying can be initiated above 38850.
Crude
Support at 3690 and Resistance 3750
Above 3750 rally remain continue till 3800—3820 and then to 3850++ mark else could touch its support level of 3690
Fresh selling can be initiated below 3690
Natural Gas
Yesterday on our blog we clearly indicate that natural gas looing weak below 200.50,,, it crashed vertically and made exactly low of 196 and bounced back again.
Now what to expect??
Hurdle at 201. Above 201 rally remain continue till 205—208 and then to 210++ mark.
Support intact at 196
Copper
Support at 438 and Resistance at 445
Trading in range either side Breakout with volumes will decide further.
Economic Data
08:30 P.M ISM Manufacturing PMI: Previous 58.70, Expected 58.40, Actual??
Increase in ISM Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!!
