Update on Bullion, Base Metal and Energy Levels 2nd January 2018
Gold futures extended gains in early deals on Tuesday, hitting 3-month high in tune with technical factors after the precious metal broke through strong resistance last week. Moreover, yellow metal gaining streak continued as dollar remained out of favor having hit a three-month low price against a basket of its peers.
Crude oil futures traded higher on MCX as speculators widened their bets on the back of a firm trend overseas, where crude prices jumped to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia.
Copper futures traded modestly lower on MCX, as investors trimmed their bets amid muted demand at the domestic spot market. Moreover, red metal eased in tune with the weaker overseas price of copper.
Technical Level
Gold
Support at 29050 and Hurdle at 29200
Break and sustain above 29200 will take it to 29400---29500 mark in days to come else could touch its support level of 29050 again.
Fresh selling can be initiated below 29050
Silver
Support at 38900 and Resistance at 39350
Break and sustain below 38900 will take it to 38500—38200 mark else could touch its resistance level of 39400.
Fresh buying can be initiated above 39400
Crude
Support at 3780 and Resistance 3870
Trading in range either side breakout with volumes will decide further.
Natural Gas
Support at 190.00 and Resistance at 195.00
Break and sustain below 190 will take it to 185—183 mark else could touch its resistance level of 195.00
Fresh buying can be initiated above 195.00
Copper
Support at 460.00 and Resistance at 468.00
Break and sustain below 460 will take it to 453—450 mark else could touch its resistance level of 468.00 mark.
Fresh buying can be initiated only above 468.00
More will update soon!!!
