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 continued their upmove on Wednesday, extending 4-year highs amid further signs the global oil market is tightening. Traders cheered an unexpected drop in US production while data showing crude stockpiles fell for the eighth-straight week lifted sentiment. EIA reported that US crude inventories fell by roughly 4.95 million barrels for the week ended Jan. 5. Gasoline inventories rose by 4.14 million barrels, while supplies of distillate rose by 4.3 million barrels.
Comex copper futures ended higher on Wednesday, While London copper prices too improved by a fall in the dollar against a basket of currencies after a report that China was ready to slow or halt its US treasury purchases.
Technical Level
Gold
Support at 29200 and Hurdle at 29450
Break and sustain above 29450 will take it to 29650---29800 mark in days to come else could touch support level of 29200 again
Fresh selling can be initiated below 29200 mark.
Silver
Support at 38700 and Resistance at 39400
Trading in range either side breakout with volumes will decide further.
Crude
Crude oil overall trend looks positive….Above 4055 rally remain continue till 4100---4130++ mark.
Support and stop loss below 4000
Natural Gas
Support at 183.50 and Resistance at 189.00
Break and sustain above 189 will take it to 195—198+++mark else could touch its support level of 183.50
Fresh selling can be initiated only below 183.50
Copper
Support at 456 and resistance at 460
Break and sustain below 456 will take it to 452---449 mark else could touch its resistance level of 460
Fresh buying can be initiated above 460 again
Economic Data
07:00 P.M PPI m/m: Previous 0.4%, Expected 0.2%, Actual??
Increase in PPI m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.
07:00 P.M Core PPI m/m: Previous 0.3%, Expected 0.2%, Actual??
Increase in Core PPI m/m – will have negative impact on bullion index and positive impact on dollar or vice versa.
07:00 P.M Unemployment Claims: Previous 250K, Expected 246K, 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 -206B, Expected -318B, Actual??
Increase in Natural Gas Storage – will have negative on natural gas prices or vice versa.
More will update soon!!
