Update on Bullion, Base Metal and Energy Levels 8th December 2017
Gold futures fell to its lowest in four months on Thursday, as a bounce in the dollar sparked by optimism over US tax reform plans pushed the metal out of its recent narrow trading range. The yellow metal slumped also on concerns that the rising US interest rates will increase the opportunity cost of holding non-yielding bullion.
Crude oil futures moved higher on Thursday after a threat of strike in Nigeria and growing Middle East political tensions stoked fears of supply disruptions also as the traders bet this week's decline was overdone. One of Nigeria’s two main oil unions on Thursday threatened to launch a nationwide strike from Dec. 18 should the government fail to force the management of domestic oil and gas companies to recall laid-off union members.
Comex copper futures ended higher on Thursday, while London copper prices too rose as bargain hunters took advantage of recent losses, but copper still remains under pressure due to weaker demand from China.
Technical Level
Gold
Below 28500, panic remain continue till 28150---28000 mark else could touch its resistance level of 28800.
Fresh buying can be initiated above 28800
Silver
Support at 36900 and Resistance at 37400
Break and sustain below 36900 will take it to 36300--36000 mark in days to come else could touch its resistance level of 37400 again.
Fresh buying can be initiated above 37400
Crude
Support at 3630 and Resistance 3690
Break and sustain above 3690 will take it to 3750—3780++ mark else could touch its support level of 3630 mark.
Fresh selling can be initiated below 3630
Natural Gas
Support at 178.50 and Resistance at 182.50
Break and sustain below 178.50 will take it to 173.00—171.00 mark in days to come else could touch its resistance level of 182.50
Fresh buying can be initiated above 182.50
Copper
Support at 423 and Resistance at 430.50
Break and sustain above 430.50 will take it to 438.00—440++ mark else could touch its support level of 423
Fresh selling can be initiated below 423
Economic Data
07:00 P.M Non-Farm Employment Change: Previous 261K, Expected 198K, Actual??
Increase in Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
06:00 P.M Unemployment Rate: Previous 4.1%, Expected 4.1%, Actual??
Increase in Unemployment Rate– will have negative impact on dollar index and positive impact on bullion or vice versa.
More will update soon!!!
