Updates on Bullion, Base Metals and Energy Levels 14th February 18
Gold futures settled slightly higher on Tuesday, as traders anticipated the release of impending US inflation data that may offer some clues on the pace of future U.S. interest rate increases. Further, the yellow metal rose as dollar weakened against a bucket of currencies.
Crude oil futures traded lower on MCX as investors trimmed their holdings due to signs of lingering oversupply, including rising US inventories and ample physical flows globally. Though, ongoing weakness in the US dollar, which potentially stokes demand from countries using other currencies at home, as well as healthy economic growth were capping losses in crude oil prices.
Copper futures traded lower on MCX, due to offloading of positions by participants owing to slackened demand in domestic spot markets. However, red metal rose in overseas market in tandem with weaker dollar amid impending US inflation data.
Technical Level
Gold
Gold
Support at 30100 and Resistance at 30350
Break and sustain below 30100 will take it to 29800—29600 mark else could touch its resistance level of 30350 mark.
Fresh buying can be initiated above 30350
Silver
Support at 38000 and Resistance at 38350
Break and sustain below 38000 will take it to 37700—37550 mark else could touch touch its resistance level of 38350.
Fresh buying can be initiated above 38350
Crude
Support at 3750 and resistance at 3825
Break and sustain below 3750 will take it to 3680—3650 mark in days to come else could touch its resistance level of 3825
Fresh buying can be initiated above 3825
Trade with levels only.
Natural Gas
Support at 164.00, Break and sustain below 164.00 will take it to 158--155 mark else could touch its resistance level of 170.50
Fresh buying only above 170.50
Copper
Hurdle at 450, above 440 rally remain continue till 458—460+++ mark else could touch its support level of 443.00
Fresh selling can be initiated below 443.00
Economic Data
07:00 P.M Core Retail Sales m/m: Previous 0.4%, Expected 0.5%, Actual??
Increase in Core Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:00 P.M Retail Sales m/m: Previous 0.4%, Expected 0.2%, Actual??
Increase in Retail Sales m/m– will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:00 P.M CPI m/m: Previous 0.1%, Expected 0.3%, Actual??
Increase in CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.
07:00 P.M Core CPI m/m: Previous 0.3%, Expected 0.2%, Actual??
Increase in Core CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.
09.00 P.M Crude Oil Inventories: Previous 1.9M, Expected 2.8M, Actual??
Increase in Crude Oil Inventories – will have negative on crude oil prices or vice versa.
More Will update Soon!!!!
