Update on Bullion, Base Metal and Energy Levels 11th December 2017
Gold futures traded flat on Monday, after hitting a four-month low last week, as dollar firms underpinned by expectations of higher U.S. interest rates, while bitcoin seized the spotlight as futures of the crypto currency began trading.
Crude oil futures traded marginally lower on MCX after participants reduced their exposure in tune with a weak trend in Asian markets and as last week's rise in the US rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets. Further, a statement by Kuwait's oil minister that OPEC and other oil producers will study before June next year the possibility of exiting their global oil supply-cut agreement also weighed on prices.
Copper futures edged down on MCX, in line with weak base metal market and on profit booking by the investors. The red metal also dripped as market players curtailed their stock holdings amid muted demand.
Technical Level
Gold
Below 28450, panic remain continue till 28150---28000 mark else could touch its resistance level of 28800.
Fresh buying can be initiated above 28650
Silver
Support at 36850 and Resistance at 37200
Break and sustain below 36850 will take it to 36300--36000 mark in days to come else could touch its resistance level of 37200 again.
Fresh buying can be initiated above 37200
Crude
Support at 3650 and Resistance 3690
Break and sustain below 3650 will take it to 3620--3600 mark else could touch its resistance level of 3690 mark.
Fresh buying can be initiated above 3690.
Natural Gas
Support at 178.50 and Resistance at 184.00
Break and sustain above 184.00 will take it to 190.00—192.00 mark in days to come else could touch its support level of 178.50
Fresh selling can be initiated below 178.50.
Copper
Support at 423 and Resistance at 430.50
Trading in range either side breakout with volumes will decide further.
More will update soon!!!
