Update on Bullion, Base Metal and Energy Levels 04th January 2018
Gold futures declined on MCX after the minutes from the Federal Reserve’s December meeting showed that officials discussed a faster pace of rate increases this year. Besides, a firming dollar also fueled the downtrend.
Crude oil futures traded marginally higher on MCX as speculators widened their bets on the back of a firm trend overseas ahead of the inventory data and as ongoing anti-government protests in Iran raised the prospect of supply disruptions.
Copper futures ended lower on Wednesday, weighed down by firmer US currency, which when it rises makes dollar-denominated commodities more expensive for non-US firms.
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
Above 3950 will rally remain continue till 4020—4050 mark in days to come else could touch its support level of 3880.
Fresh selling can be initiated below 3880
Natural Gas
Support at 188 and Resistance at 197
Trading in range either side breakout with volumes will decide further.
Copper
Support at 455 and resistance at 465---472
Trade in a range with strict stop loss and wait for confirmation
Economic Data
05:45 P.M ADP Non-Farm Employment Change: 190K, Expected 191K, Actual??
Increase in ADP Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
07:00 P.M Unemployment Claims: Previous 245K, Expected 241K, Actual??
Increase in Unemployment claim – will have negative impact on dollar index and positive impact on bullion or vice versa.
09:00 P.M Natural Gas Storage: Previous -112B, Expected -221B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
09.30 P.M Crude Oil Inventories: Previous -4.6M, Expected -5.2M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
