Updates on Bullion, Base Metals and Energy Levels (12th March 18)
Gold futures traded lower due to upbeat February US job data boosted the sentiment of its rate hike prospects in upcoming meeting this month added pressure on the yellow metal prices. The U.S. economy added 313,000 jobs last month, beating economists’ forecasts of 200,000. It was the largest monthly increase in one-and-a-half years. However, the report also showed that average hourly earnings rose by just 0.1% in February for an annual rate of 2.6%, down from 2.8% in January.
Crude oil futures traded higher as speculators enlarged their positions on the back of a drop in the number of US rigs drilling for more production and as the US economy continued to create jobs, which industry hopes will drive higher fuel demand. Reports showing that US energy companies last week cut oil rigs for the first time in almost two months, with drillers cutting back four rigs, to 796.
Support at 30250 and Resistance at 30500
Break and sustain below 30250 will take it to 30000—28800 else could it can touch its resistance level of 30500 again
Fresh buying can be initiated above 30500
Support at 38400 and Resistance at 39400
Break and sustain below 38400 will take it to 37800—37300 else could it can touch its resistance level of 39400.
Fresh buying can be initiated above 39400
Support at 3980 and resistance at 4050
Overall trend is looking weak any sharp rise will be a selling opportunity in it.
Break and sustain below 3980 will take it to 3920—3880 mark else could touch its resistance level of 4050.
Fresh buying can be initiated 4050 only.
Trade with levels only.
Support at 176 and Resistance at 182
Break and sustain below 176 will take it to 170---168 mark else could touch its resistance level of 182 again
Fresh buying can be initiated above 182 mark
Support at 446---442.00 and resistance at 454.00
Trade in a range with strict stop loss and wait for confirmation
No major economic data for the day.