Updates on Bullion, Base Metals and Energy Levels 15th February 18
Gold and Silver showed a strong gains tracking cues from international along with sharp slide in US Dollar and expectation of inflationary pressure following CPI data that showed inflation grew at faster pace. However upbeat risk appetite as is evident from sharp rally across global equity markets along with rising bond yields and rising expectation of faster than previously estimated pace of rate hike by US Fed may cap the upside. US 10-year bond yield hit fresh four year high in early trades today. For the day focus will be on wave of US economic data and its impact on US Dollar. Trend in US Dollar and global risk sentiment will continue to be key factors for gold price movement today.
Crude oil price rises sharply supported by Saudi Arabia's comment that it would rather see an undersupplied market than end an OPEC-led deal to withhold production too soon, and by a weak U.S. dollar. Saudi Energy Minister Khalid al-Falih stated that, Organization of the Petroleum Exporting Countries would do better to leave the market tight than end the deal on cutting output too early.
Technical Level
Support at 30450 and Resistance at 30750
If prices unable to break and close above 30750 then vertical crash can be seen till 30450 mark. Below 30450 further weakness can be seen else northward rally likely to continue.
Fresh buying can be initiated above 30750 mark.
Trade with levels only.
Silver
Support at 38400 and Resistance at 38850
Trading in range. Either side break and close will set the further trend in it.
Fresh buying only can be seen on decisive close above 38850 mark.
Trade with levels only.
Crude
Our buy call from 3825---3933 has proven great.
Now what to expect?
Support at 3850 and resistance at 3935
Break and sustain above 3935 will take it to 4000—4060 mark in days to come else could touch its support level of 3850.
Fresh selling can be initiated below 3850 mark.
Trade with levels only.
Natural Gas
Support at 162, Break and sustain below 162.00 will take it to 158--155 mark else could touch its resistance level of 168 mark.
Fresh buying only can be seen above 168 mark.
Trade with levels only.
Copper
Support is 452 and Resistance is 461
Break and sustain above 461 rally remain continue till 467—472+++ mark else could touch its support level of 452 mark.
Fresh selling can be initiated below 452 mark.
Trade with levels only.
Economic Data
07:00 P.M U.S PPI m/m: Previous -.1%, Expected 0.4%, Actual??
Increase in U.S PPI will have negative impact on bullion and positive impact on dollar Index and base metal or vice versa.
07:00 P.M U.S Unemployment Claim : Previous 221k, Expected 229k, Actual??
Increase in unemployment claim will have positive impact on bullion and negative impact on dollar Index and base metal or vice versa.
09.00 P.M Natural Gas storage: Previous -119 B, Expected -193B, Actual??
Increase in Natural gas Inventories – will have negative on its prices or vice versa.
More Will Update Soon!!!!!
