Gold futures ended higher on Tuesday, recording more than a three-week high as investors took support from a weaker dollar and chart signals. Moreover, the yellow metal rose modestly as speculators scooped up commodities amid weak equity gauges on Wall Street. Precious metals markets reopened on Tuesday after being closed for the Christmas holiday.
Crude oil futures surged on Tuesday on reports of an attack on a Libyan oil pipeline. Islamist militants from the Benghazi Defense Brigade were accused of causing a blast that targeted the main pipeline linking the al-Waha company’s Sidrah terminal and oil fields in Libya. Meanwhile, Saudi Arabia expects oil revenue to jump about 80 percent by 2023 thanks to increased production and $75 oil.
Copper futures edged down on MCX, despite rise of red metal in overseas market, as participants curtailed current bets by locking in prevailing profits. Besides, tepid demand in spot domestic market also fuelled the downtrend.
Technical Level
Gold
Support at 28680 and Hurdle at 28900
Break and sustain above 28900 will take it to 29080—29220 mark in days to come else could touch its support level of 28680 again.
Fresh selling can be initiated below 28680
Silver
Hurdle at 38600, above 38600 rally remain continue till 39000—39200++ mark.
Support at 38250
Crude
Support at 3780 and Resistance 3850
Break and sustain above 3850 will take it to 3930—3950++ mark in days to come else could touch its support level of 3780 mark.
Fresh selling can be initiated below 3780 mark.
Natural Gas
Support at 167.50 and Resistance at 172
Break and sustain above 172 will take it to 178—180++ mark else could touch its support level of 167.50
Fresh selling can be initiated below 167.50
Copper
Support at 460 and Resistance at 464—467
Above 467 rally likely to remain continue till 474—478+++ mark else could touch its support level of 460 again
Fresh selling can be initiated below 460 mark
Economic Data
08:30 P.M CB Consumer Confidence: Previous 129.50, Expected 128.2, Actual??
Increase in CB Consumer Confidence – will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
08:30 P.M Pending Home Sales m/m: Previous 3.5%, Expected -0.4%, Actual??
Increase in New Home Sales – will have positive impact on dollar Index and base metal or vice versa.
More will be updates soon!!
