17/4/2018

Updates on Bullion, Base Metals and Energy Levels 17th Apr 18

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Gold prices rises a bit during the session due to softer dollar which weakened as fears of an escalating conflict in Syria faded. The Fed hiked rates last month and stuck to its projection for two more rate hikes this year. Traders are currently pricing in around a 95% chance of a rate hike in June. Now market eyeing on scheduled meet between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe will begin today till tomorrow where possibilities of two-way free trade agreement likely to discussed.


Oil prices edged higher as investors looked ahead to fresh data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise.




Technical Level for the day



Gold


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Support at 31250 and Resistance at 31400


Break and sustain above 31400 will take it to 31550—31800 mark else could touch its support level of 31250 mark.


Fresh selling can be seen on close below 31250


Trade with levels only



Silver


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Support at 38800 and Resistance at 39350.


Decisive move above 39350 will take it to 39750—39900 mark else could touch its support level of 38800


Fresh selling can be seen on close below 38800 


Trade with levels only




Crude


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Support at 4325 and resistance at 4385--4420.


Below 4325 will take it to 4260—4230 mark else could touch its resistance level of 4385.


Fresh buying only can be seen on close above 4420 mark.


Trade with levels only




Natural Gas


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Support at 178 and Resistance at 182.


Below 178 will take it to 174—172 mark in coming days. 


Hurdle and stop loss will remain above 182 mark


Trade with levels only



Copper


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Support at 443 and resistance at 450


Buy and accumulate. Break and sustain above 450 will take it to 456—461 mark. 


Fresh selling only can be seen on close below 443.


Trade with levels only




Economic Data


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06:00 PM U.S Building Permits m/m , Expected (1.33 M), Previous (1.30M), Actual (??)


Impact: Actual' greater than 'Forecast' is good for base metals and Dollar


06:00 PM US Housing Starts, Expected (1.27 M), Previous (1.24M), Actual (??)


Impact: Actual' greater than 'Forecast' is good for currency



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Tags:Gold And Silver, Basemetal, Crude And Natural Gas, Full MCX

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