11/4/2018

Updates on Bullion, Base Metals and Energy Levels 11th Apr 18

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Possibility of a U.S. military strike on Syria turned investors towards safe heaven…


Gold prices traded sharply higher as a combination of concerns over ongoing trade tensions between the U.S. and China and the prospect of a U.S. military strike in Syria bolstered haven demand for the precious metals. U.S. President Donald Trump focused on a response to a suspected chemical weapons attack in Syria, the White House reported. Trump said he will respond to the attacks this week, once it was established who was responsible. A missile or air-to-ground attack could provoke a response from Russia, which has added to investor concern.


Oil held traded persistently higher supported by political tension in the Middle East, although evidence of rising U.S. crude supply acted as a counterbalance. Pan-European air traffic control agency Eurocontrol said, that air-to-ground and/or cruise missiles could be used within the next 72 hours, warning of intermittent disruption of radio navigation equipment.




Technical Level for the day



Gold


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Support at 30950--30800 and Resistance at 31300


Break and sustain above 31300 will take it to 31800---32200 mark else could touch its support level of 30800.


Fresh selling can be initiated below 30800.


Trade with levels only



Silver


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Support at 38500 and Resistance at 39100.


Break and sustain above 39100 will take it to 39500---39800 mark else could touch its support level of 38500


Trade with levels only




Crude


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Support at 4240 and resistance at 4330


Break and sustain above 4330 will take it to 4400—4460 mark else could touch its support level of 4240.


Fresh selling only can be seen on close below 4240 mark.


Trade with levels only




Natural Gas


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Support at 172 and Resistance at 176.


Break and sustain below 172 will take it to 168—165 mark else could touch its resistance level of 176 again


Fresh buying can be initiated on close above 176 mark


Trade with levels only




Copper


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Support at 447 and resistance at 453


Break and sustain above 453 will take it to 456—459 mark else could touch its support level of 447 mark.


Trade with levels only




Economic Data


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6:00 PM U.S CPI m/m Expected (0.0%), Previous (0.2%), Actual (??)


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


08:00 PM US Crude Oil Inventories   Expected (-06 M), Previous (-4.6 M), Actual (??)


Impact: Actual' is greater than 'Forecast' is negative for Crude oil.


11:30 PM US FOMC minutes



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

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