Updates on Bullion, Base Metals and Energy Levels 16th February 18
Gold futures ended slightly lower on Thursday, retreating from the highest finish in nearly three weeks, taking cues from a rally in stocks. Moreover, expectations that the US Federal Reserve will raise interest rates to fight inflation make gold less attractive since it is not interest-yielding.
Crude oil prices rallied for second day Thursday, rising back near January's 4-year highs, on the back of weakness in dollar. Prices are back above $60 despite expectations that U.S. shale production will remain robust this year and next. Meanwhile, Organization of the Petroleum Exporting Countries (OPEC) is reportedly telling its members to produce enough oil that to buffer the market in the case of a surge in demand. OPEC does not want to see oil prices rise so fast that U.S. production gets even more rampant.
Comex copper futures ended higher on Thursday, while London copper prices improved as the dollar fell and concerns over inflation prompted a move into hard assets, sparking an early rally across base metals that also saw zinc hit its highest in more than a decade and nickel a near three-year peak.
Technical Level
Support at 30650 and Resistance at 30850
Break and sustain above 30850 will take it to 31050—31300++ mark else could touch its support level of 30650 mark.
Fresh selling can be initiated below 30650
Silver
Support at 38200 and Resistance at 38850
Break and sustain above 38850 will take it to 39200—39450++ mark else could touch its support level of 38200.
Fresh selling can be initiated below 38200
Crude
Support at 3920 and resistance at 3980
Break and sustain above 3980 will take it to 4050—4080++ mark else could touch its support level of 3920.
Fresh selling can be initiated below 3920
Trade with levels only.
Natural Gas
Support at 162.50. Break and sustain below 162.50 will take it to 155--153 mark else could touch its resistance level of 170.50
Fresh buying only above 170.50
Copper
Hurdle at 463, Above 463 rally remain continue till 468—472 mark else could touch its support level of 455 again
Fresh selling can be initiated below 455 only.
More Will Update Soon!!!
