Update on Bullion, Base Metal and Energy Levels 4th December 2017
Gold futures traded lower early on Monday, as the dollar strengthened against a basket of currencies after Republicans in the U.S. Senate passed a bill to overhaul the country's tax system, moving the process forward.
Crude oil futures traded lower on MCX as speculators reduced their positions amid a weakening trend overseas after US shale drillers added more rigs last week. Further, profit-booking at existing levels too weighed on crude prices. Though, overseas prices still held close to their highest since mid-2015 supported by an extension of output cuts agreed last week by OPEC and other producers.
Copper futures edged up on MCX, on strong physical demand of the metal and on positive cues from overseas market. The red metal also rose as market players widened their positions amid rate hike anticipations in US FOMC December meeting.
Technical Level
Gold
Support at 29000 and Resistance at 29350
Break and sustain below 29000 will take it to 28650--28500 mark else could touch its resistance level of 29350.
Fresh buying can be initiated above 29350
Silver
Support at 38150 and Resistance at 38450
Below 38150 panic remain continue till 37750—37500 mark else could touch its resistance level of 38450 mark.
Fresh buying can be initiated above 38450.
Crude
Support at 3690 and Resistance 3750
Below 3690 panic remain continue till 3630—3600 mark else could touch its resistance level of 3750
Fresh buying can be initiated above 3750
Natural Gas
Support at 198 and Resistance at 203
Break and sustain above 203 will take it to 207—209 and then to 213++ mark in days to come else could touch its support level of 198
Fresh selling can be initiated below 198
Copper
Support at 440 and Resistance at 448
Trading in range either side Breakout with volumes will decide further.
More will update soon!!!
