Updates on Bullion, Base Metals and Energy Levels 9th February 18
Gold futures settled marginally higher on Thursday, as softer dollar and concerns over recent volatility on global stock markets supported yellow metal price. A weak dollar makes dollar-priced gold cheaper for non-US investors.
Extending southward journey for yet another day, Crude oil futures slipped to their lowest in five weeks due to a stronger dollar and demand concerns. Rising U.S. stockpiles also contributed to the recent decline in oil prices, which have fallen from 4-year highs in the past few weeks. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.9 million barrels from the previous week. Total motor gasoline inventories increased by 3.4 million barrels last week, and are in the middle of the average range. Moreover, Organization of the Petroleum Exporting Countries (OPEC) and Russia may extend their supply quota deal into 2019.
Technical Level
Gold
Support at 29800 and Resistance at 30250
Break and sustain below 29800 will take it to 29500---29300 mark else could touch its resistance level of 30250 mark.
Fresh buying can be initiated above 30250
Silver
Support at 37550 and Resistance at 38150
Break and sustain below 37550 will take it to 37000---36800 mark else could touch its resistance level of 38150
Fresh buying can be initiated above 38150
Crude
Support at 3880 and resistance at 3950
Break and sustain below 3880 will take it to 3800—3780 mark in days to come else could touch its resistance level of 3950
Fresh buying can be initiated only above 3950
Trade with levels only.
Natural Gas
Support at 169, Break and sustain below 169 will take it to 163---160 mark else could touch its resistance level of 175.
Fresh buying only above 175
More Will Update Soon!!!
