Update on Bullion, Base Metal and Energy Levels 10th January 2018
Gold futures ended lower on Tuesday, as traders adopted cautious approach on expectations for more US interest rate hikes this year. The yellow metal also declined as US dollar strengthened against a basket of major currencies on the back of concerns about political uncertainty in Europe, while a buoyant stock market also drained enthusiasm for bullion.
Crude oil futures traded higher on MCX as speculators created fresh positions, supported by firm trend overseas where crude surged to over three-year high, backed by OPEC-led output cuts, a dip in the US rig count and expectations US crude inventories fell for an eighth week.
Copper futures traded moderately higher on MCX, as traders widened their bets in line with the firming trend of red metal in overseas market. Moreover, an uptick in demand in spot market also triggered the upward trend.
Technical Level
Gold
Support at 29050 and Hurdle at 29300
Trading in range either side breakout with volumes will decide further.
Silver
Support at 38700 and Resistance at 39400
Trading in range either side breakout with volumes will decide further.
Crude
Yesterday on our blog we clearly indicated crude looks positive above 3955, just made high of 4051.
Now what to expect??
Hurdle at 4055, above 4055 rally remain continue till 4100—4130++ mark.
Support and stop loss below 4000
Natural Gas
Support at 187.50 and Resistance at 191.50
Break and sustain above 191.50 will take it to 198—200++ mark else could touch its support level of 187.50
Fresh selling can be initiated only below 187.50
Copper
Support at 452 and resistance at 458
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 458
Fresh buying can be initiated above 458
Economic Data
09.30 P.M Crude Oil Inventories: Previous -7.4M, Expected -3.9M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More will update soon!!!
