16/5/2018

Updates on Bullion, Base Metals and Energy Levels 16th May 18

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Gold prices hit a fresh low for the year as a surge in both the dollar and bond yields on mostly upbeat economic data reduced investor appetite to hold the precious metal. A report on retail sales pointing to underlying U.S. economic growth sent bond yields soaring, helping the dollar to hit a fresh high for the year. The Commerce Department stated, that retail sales fell 0.3% last month that missed economists forecast for a 0.5% rise but retail sales for March was revised higher to 0.8%.


Oil prices retreated from its recent peak reached in the prior session as markets focused on rising U.S. crude stockpiles along with the potential impact of U.S. sanctions on Iranian oil exports. Investors looked ahead to fresh weekly 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 31050--31000 and Resistance at 31200


Break and sustain below 31000 will take it to 30850—30700 mark else could touch its resistance level of 31200


Fresh buying can be seen on close above 31200 marks


Trade with levels only



Silver


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Support is 39700 and Resistance is 40100 


Break and close below 39700 will take it to 39300—39000 mark else could touch its resistance level of 40100


Fresh buying can be seen on close above 40100


Trade with levels only.




Copper


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Support at 455 and resistance at 463-467


Buy on decline. Likely to touch 467. Break and sustain above the same will see more upside in it


Fresh selling can be seen on close below 455


Trade with levels only



Crude oil


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Support is 4780 and Resistance is 4850


Break and sustain below 4780 will take it 4730—4650 mark else could touch its resistance level of 4850.


Fresh buying can be seen on above 4850 only.


Trade with levels only.



Major economic data for the day


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06:00 Building permit Expected (1.35M), Previous (1.35M), Actual (??)


 (‘Actual' greater than 'Forecast' is good for currency)


06:00 Housing Starts Expected (1.32M), Previous (1.32M), Actual (??)


(Actual' greater than 'Forecast' is good for currency)


08:00 Crude oil Inventories Expected (-1.1M), Previous (-2.2M), Actual (??)


( Rise in inventory will have negative impact on its prices)




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

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