Update on Bullion, Base Metal and Energy Levels 28th December 2017
Gold futures ended higher extending gains to eighth straight session on Wednesday, as lack of liquidity and the weakness of the US dollar encouraged some investors to buy into the precious metals.
Crude oil futures turned lower on Wednesday on some profit taking and as the prospect of prolonged supply disruptions in Libya eased following an update from Libyan state oil firm NOC. A day before, prices were lifted by supply interruptions in the North Sea and Libya, where a bomb went off on a major pipeline. The Forties pipeline, which carries 40% of North Sea oil and gas, has been on an outage since Dec. 11.
Copper futures ended nearly four-year highs on Wednesday as data showed a jump in imports to China, a top consumer of the industrial metal, bolstering the view that Beijing demand will remain strong. Reports showing that China's copper imports rose to 329,168 tons in November, up 19 percent year on year.
Technical Level
Gold
Support at 28900 and Hurdle at 29080
Break and sustain above 29080 will take it to 29230—29280 and then to 29400 mark in days to come else could touch its support level of 28900 again.
Fresh selling can be initiated below 28900
Silver
Hurdle at 39000, Break and sustain above 39000 will take it to 39250—39400 mark else could touch its support level of 38500.
Fresh selling can be initiated below 38500
Crude
Support at 3780 and Resistance 3850
Break and sustain above 3850 will take it to 3930—3980 mark in days to come else could touch its support level of 3780 mark.
Fresh selling can be initiated below 3780 mark.
Natural Gas
Yesterday on our blog we clearly indicated that natural gas looks positive above 172 … it flared and made high of 181.20.
Now what to expect???
Support at 178 and Resistance at 181.50
Break and sustain above 181.50 will take it to 188—191 mark else could touch its support level of 178
Fresh selling can be initiated below 178
Copper
Support at 465 and Resistance at 472
Above 472 rally likely to remain continue till 476---478++ mark else could touch its support level of 465
Fresh selling can be initiated below 465
Economic Data
07:00 P.M Unemployment Claims: Previous 245K, Expected 240K, 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 -182B, Expected -115B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
09.30 P.M Crude Oil Inventories: Previous -6.5M, Expected -3.9M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
