Updates on Bullion, Base Metals and Energy Levels 13th March 18
Gold futures prices traded moderately lower as upbeat U.S. payrolls data sparked a fresh rally in equities, shoring up expectations that the U.S. Federal Reserve would press ahead with further interest rate rises this year. Moreover, the yellow metal also dipped as traders remained concerned about a potential trade war between United States and other major economies.
Crude oil futures traded marginally higher as speculators enlarged their positions even after the inexorable rise in US crude output. According to the latest report of IEA, US crude oil production soared past 10 million barrels a day in late 2017, overtaking output by top exporter Saudi Arabia. US production is expected to rise above 11-million barrels a day by late 2018, taking the top spot from Russia.
Support at 30250 and Resistance at 30500
Break and sustain below 30250 will take it to 30000—29850 else could it can touch its resistance level of 30500.
Fresh buying can be initiated above 30500
Support at 38400 and Resistance at 38900—39400.
Break and sustain below 38400 will take it to 37800---37500 else could it can touch its resistance level of 38900.
Fresh buying can be initiated above 38900.
Support at 3970 and resistance at 4050
Break and sustain below 3970 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 177 and Resistance at 183
Break and sustain above 183 will take it to 188---190++ mark else could touch its support level of 177 again
Fresh selling can be initiated below 177 mark
Support at 447 and resistance at 454
Break and sustain above 454 will take it to 460—463 mark else could touch its support level of 447
Fresh selling can be initiated below 447
06:00 P.M CPI m/m: Previous 0.5%, Expected 0.2%, Actual??
Increase in CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.
06:00 P.M Core CPI m/m: Previous 0.3%, Expected 0.2%, Actual??
Increase in Core CPI m/m – will have negative impact on bullion and positive impact on dollar Index or vice versa.