Gold futures ended higher on Tuesday, touching late September highs as dollar index fell to a more than three-month low, posting its biggest annual drop since 2003 in 2017, on expectations of a slower pace of interest rate hikes by the US Federal Reserve. The yellow metal is highly sensitive to rising interest rates because it increases the opportunity cost of holding non-yielding bullion.
Crude oil futures traded marginally higher on MCX as speculators widened their bets as strong demand and ongoing efforts led by OPEC and Russia to curb production tightened the market. However, there were indicators that markets had recently overshot, as US production is set to rise further and doubts are emerging about whether demand growth can continue at current levels.
Copper futures ended lower on Tuesday following gains over 16 sessions in a row through Thursday. That was the longest such streak ever and one that took the industrial metal to four-year highs amid strengthening bets on strong demand from China and what could be a comprehensive US infrastructure bill in the New Year.
Technical Level
Gold
Support at 29050 and Hurdle at 29250
Break and sustain above 29250 will take it to 29450—29600+++ mark in days to come else could touch its support level of 29050 again.
Fresh selling can be initiated below 29050 mark
Silver
Support at 38900 and Resistance at 39350
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3800 and Resistance 3870
Trading in range either side breakout with volumes will decide further.
Natural Gas
Support at 190.00 and Resistance at 195.50
Break and sustain below 190 will take it to 185—183 mark else could touch its resistance level of 195.50
Fresh buying can be initiated above 195.50
Copper
Below 460 panic remain continue till 454—450 mark else could touch its resistance level of 468 mark.
Fresh buying can be initiated only above 468
Economic Data
08:30 P.M ISM Manufacturing PMI: Previous 58.20, Expected 58.10, Actual??
Increase in ISM Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
More will update soon!!
