06/4/2018

Updates on Bullion, Base Metals and Energy Levels 6th Apr 18

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Gold prices struggling for direction despite rising trade war issues… 


Gold prices traded with gain and loss during the session after news that the U.S. is planning to slap another $100 billion tariffs on China. Trump ordered trade representative Robert Lighthizer to consider additional tariffs on $100 billion of Chinese imports, escalating the trade conflicts between the world’s two largest economies added gain in gold as a safe heaven.


Oil prices traded lower as geopolitical tensions continued between the U.S. and China. OPEC has been cutting crude output by 1.8 million barrels per day to prop up oil prices. The pact began in January 2017 and is set to expire at the end of 2018 but de-facto leader Saudi Arabia is pushing for the cuts to extend into 2019. In an unusual move, Saudi Arabia announced it would raise its official selling price for May crude sold to Asia.



Technical Level for the day



Gold


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Support at 30500 and Resistance at 30700


Sustain below 30500 will take it to 30250---30100 mark else could touch its resistance level of 30700.


Fresh buying can be initiated above 30700.


Trade with levels only



Silver


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Support at 37800 and Resistance at 38400.


Break and sustain below 37800 will take it to 37400---37150 mark else could touch its resistance level of 38400


Fresh buying can be initiated above 38400


Trade with levels only





Crude


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Support at 4090 and resistance at 4140


Below 4090 will take it to 4050—4030 mark else could touch its resistance level of 4140.


Fresh buying only can be seen on close above 4140 mark.

Trade with levels only




Natural Gas


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Support at 174 and Resistance at 179.


Break and sustain above 179 will take it to 183—187+++ mark else could touch its support level of 174 again


Fresh selling can be initiated below 174 mark




Copper


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Support at 433 and resistance at 440---444


Three consecutive close + weekly close above 444 will see sharp upside rally till 456 mark


Any sharp downside panic will be buying opportunity with stop below 428 on closing basis





Economic Data


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06:00 PM US Non-Farm Employment Change Expected (188k), Previous (313K), Actual (??)


Impact: Actual' greater than 'Forecast' is negative for U.S Dollar and positive for Bullion or vice versa



08:00 PM Unemployment Rate Expected (4.0% ), Previous (4.1%), Actual??


Impact: Actual is less than Forecast is good for U.S Dollar and negative for Bullion or vice versa



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

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