Update on Bullion, Base Metal and Energy Levels 12th January 2018
Gold futures ended higher on Wednesday, hitting its highest in nearly four months as dollar index fell sharply after a report that Chinese officials recommended slowing or halting purchases of US Treasury securities.
Crude oil futures traded lower on MCX after hitting their highest levels overseas. Although traders have been warning of the risks of a downward price correction since the start of the year, they point out that the overall market conditions remain strong, largely due to ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.
Copper futures edged down on MCX, as traders engaged in locking in prevailing profits despite firming trend of red metal in overseas market. Further, eased demand in spot market also boosted the down trend.
Technical Level
Gold
Support at 29300 and Hurdle at 29600
Break and sustain above 29600 will take it to 29850--30000++ mark in days to come else could touch support level of 29300 mark.
Fresh selling can be initiated below 29300
Silver
Support at 38700--38650 and Resistance at 39350
Trend looking positive and could touch its resistance level of 39350.00, Weekly close above 39350 will take it to 39800—40000++ mark in days to come else could touch its support level of 38700--38650 mark.
Crude
Support at 4020 and Resistance at
If unable to breach its support level of 4020 , then it can touch its resistance level of 4100—4130 mark, Further upside rally will see above 4130.
Below 4020, panic remain continue till 3970—3950 mark.
Trade with levels.
Natural Gas
Yesterday on blog we clearly indicated the Natural Gas looks positive above 189.00, It flared and hit 200.50 mark.
Now what to expect???
Hurdle at 200.50, above 200 rally remain continue till 208—210+++ mark.
Support intact at 193.00—190.00
Copper
Support at 452.50 and resistance at 458.50
Overall trend looks weak, Break and sustain below 452.50 will take it to 448—445 and then to 443 mark in days to come else could touch its resistance level of 458.50
Fresh buying can be initiated above 458.50
Economic Data
07:00 P.M Core Retail Sales m/m: Previous 0.1%, Expected 0.3%, Actual??
Increase in Core Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:00 P.M Retail Sales m/m: Previous 0.8%, Expected 0.5%, Actual??
Increase in Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:00 P.M CPI m/m: Previous 0.4%, Expected 0.1%, Actual??
Increase in CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.
07:00 P.M Core CPI m/m: Previous 0.1%, Expected 0.2%, Actual??
Increase in Core CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.
More will update soon!!!
