Updates on Bullion, Base Metals and Energy Levels 12th February 18
Gold futures traded higher on MCX, as the US dollar slipped after last week’s rally though investors are watching for inflation data from the United States later this week for signs of the intensity of expected US interest rate increases.
Crude oil futures traded higher on MCX, as speculators widened their bets amid a firm trend overseas where oil prices rose one percent today, recovering at least some of last week’s steep losses as Asian stock markets found their footing after days of chaotic trading. However, some gains were capped by rising production in the United States which is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten markets and prop up prices.
Copper futures surged on MCX, in line with the release of stronger-than-expected US industrial output data.
Technical Level
Gold
Support at 29800 and Resistance at 30200
Break and sustain above 30200 will take it to 30450—30550++ mark else could touch its 29800 level again
Fresh selling can be initiated below 29800 only.
Silver
Support at 37550 and Resistance at 38150
Trading in range either side breakout with volumes will decide further.
Crude
Support at 3840 and resistance at 3910
Break and sustain above 3910 will take it to 3970—4020++ mark in days to come else could touch its support level of 3840.
Fresh selling can be initiated only below 3840
Trade with levels only.
Natural Gas
Support at 164.50, Break and sustain below 164.50 will take it to 158--155 mark else could touch its resistance level of 172
Fresh buying only above 172
Copper
Hurdle at 440, above 440 rally remain continue till 448—450+++ mark else could touch its support level of 432.00
Fresh selling can be initiated below 432.00
Economic Data
No Major economic data today.
More Will update Soon!!!!
