Updates on Bullion, Base Metals and Energy Levels 5th February 18
Gold futures traded lower on Monday, as anticipations that the Federal Reserve might lift interest rate to fight inflation made investors cautious on bullion investment. Meanwhile, the yellow metal rates also weighed on the strong dollar and treasury yields after the better than expected US job report.
Crude oil futures traded lower on MCX after participants reduced exposure in tune with a weakening trend in Asian trade, where it extended declines since the end of last week amid a wider market sell-off and a stronger dollar, with Brent crude falling to its lowest in nearly a month.
Copper futures edged up on MCX, as traders initiated fresh buying at lower rates amid increased up country demand from consuming industries. However, some gains remained capped tracking weak trend in overseas market.
Technical Level
Gold
Support at 30200 and Resistance at 30450
Break and sustain below 30200 will take it to 30000---29900 mark else could touch its resistance level of 30450 mark.
Fresh buying can be initiated above 30450
Silver
Support at 38400 and Resistance at 38900
Break and sustain below 38400 will take it to 38000---37800 and then to 37400 mark in days to come else could touch its resistance level of 38900
Fresh buying can be initiated above 38900
Crude
Support at 4140 and resistance at 4275
Break and sustain below 4140 will take it to 4040--4000 mark in days to come else could touch its resistance level of 4275.
Fresh buying can be initiated only above 4275
Trade with levels only.
Natural Gas
Support at 182, Break and sustain below 182 will take it to 175—173 and then to 170 mark else could touch its resistance level of 188
Fresh buying can be initiated below 188
Trade with level only.
Copper
Hurdle at 460.00, Above 460 rally remain continue till 468—470++ mark in days to come else could touch its support level of 449
Fresh selling can be initiated below 449 again
Economic Data
08:30 P.M ISM Non-Manufacturing PMI: Previous 55.9, Expected 56.50, Actual???
Increase in ISM Non-Manufacturing PMI – will have negative impact on bullion index and positive impact on dollar or vice versa.
09:30 ECB President Draghi Speaks
More will update soon!!
