Update on Bullion, Base Metal and Energy Levels 08th January 2018
Gold futures traded flat on Monday, after marking a 3-1/2-month high last week, amid growing expectations of further US interest rate hikes to come this year.
Crude oil futures traded marginally higher on MCX as speculators widened their bets on account of output cut by OPEC and Russia, freezing weather in the US which has fuelled demand for heating oil and falling crude oil inventories.
Copper futures traded marginally higher on MCX, as market players widened their holdings tracking firm demand in base metals in the domestic spot markets. Moreover, firming trend of copper in overseas market also supported the commodity prices.
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 3865 and Resistance 3930
Break and sustain below 3865 will take it to 3800—3780 mark else could resistance level of 3930
Fresh buying can be initiated above 3930 only.
Natural Gas
Support at 175.00 and Resistance at 182.50
Break and sustain above 182.50 will take it to 190—193 and then and then to 198++ mark else could touch its support level of 175.00
Fresh selling can be initiated only below 175.00
Copper
Support at 452 and resistance at 456
Break and sustain below 452 will take it to 448—445 and then to 442 mark in days to come else could touch its resistance level of 456
Fresh buying can be initiated above 456
More will update soon!!!
