Update on Bullion, Base Metal and Energy Levels 05th January 2018
Gold futures ended higher on Thursday as the US dollar hit a four-month low against the euro amid optimism about the euro zone economy. Though, some gains were capped as prospects for further US interest rate increases.
Crude oil futures extended their gains on Thursday after data showed crude stockpiles fell for the seventh-straight week. Energy Information Agency (EIA) inventory report showed that crude stockpiles fell more-than-estimated but gains were capped somewhat as both distillates and gasoline inventories rose. Inventories of US crude fell by roughly 7.4 million barrels for the week ended Dec. 29. Gasoline inventories rose by 4.8 million barrels, while supplies of distillate rose by 8.9 million barrels.
Comex copper futures ended higher on Thursday, while London copper prices too improved after upbeat Chinese data supported growth expectations in the world’s biggest metals consumer. A private sector survey on Thursday showed Chinese service sector activity expanded at its fastest pace in more than three years in December.
Technical Level
Gold
Support at 29050 and Hurdle at 29300
Break and sustain below 29050 will take it to 28900—28750 mark in days to come else could touch its resistance level of 29300.
Fresh buying can be initiated 29300.
Silver
Support at 38900 and Resistance at 39350
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3880 and Resistance 3950
Break and sustain below 3880 will take it to 3830—3780 mark else could resistance level of 3950
Fresh buying can be initiated above 3950 only.
Natural Gas
Support at 175.00 and Resistance at 179.50
Break and sustain above 179.50 will take it to 185—187 and then to 190++ mark else could touch its support level of 175.00
Fresh selling can be initiated only below 175.00
Copper
Support at 454 and resistance at 460
Break and sustain below 454 will take it to 448—445 and then to 442 mark in days to come else could touch its resistance level of 460
Fresh buying can be initiated above 460
Economic Data
07:00 P.M Non-Farm Employment Change: Previous 228K, Expected 190K, Actual??
Increase in Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
07:00 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.
08:30 P.M ISM Non-Manufacturing PMI: Previous 57.4, Expected 54.60, Actual??
Increase in ISM Non-Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!!
