Update on Bullion, Base Metal and Energy Levels 09th January 2018
Gold futures ended marginally lower on Monday, notching their first decline after a record streak of 11 straight gains as US dollar rose against a bucket of currencies. Traders await key readings on U.S. inflation due out later this week for hints on the Federal Reserve's pace of interest-rate increases.
Crude oil futures traded higher on MCX after US oil prices hit their highest since 2015 again as speculators bet on further price rises amid OPEC-led production cuts and a dip in American drilling activity, though some warned the rally could run out of steam.
Copper futures traded moderately higher on MCX, despite its weak trend in overseas market as investors started accumulating fresh bet amid firm demand of the red metal in physical markets.
Technical Level
Gold
Support at 29050 and Hurdle at 29300
Trading in range either side breakout with volumes will decide further.
Silver
Support at 38900 and Resistance at 39400
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3900 and Resistance 3955
Break and sustain above 3955 will take it to 4000—4030++ mark in days to come else could touch its support level of 3900.
Fresh selling can be initiated below 3900.
Natural Gas
Support at 180.00 and Resistance at 186.50
Break and sustain above 186.50 will take it to 193--195 and then and then to 198++ mark else could touch its support level of 180.00
Fresh selling can be initiated only below 180.00
Copper
Support at 452 and resistance at 460
Break and sustain below 452 will take it to 445---442 and then to 438 mark in days to come else could touch its resistance level of 460
Fresh buying can be initiated above 460
More will update soon!!!
