02/12/2019

Updates on Bullion, Metals and Energy Levels 2nd Dec 2019

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Gold fell on Monday and on the other hand Crude rises after China’s Caixin Manufacturing PMI reported higher than expected suggesting the expansion of the Chinese Factory Sector which made investors invest in riskier assets. 


Today, traders should concentrate on the ISM Manufacturing PMI along with Construction Spending m/m from the house of the US which will impact on metal and Bullions segment. If the forecast figure match with the actual data then the possible impact are as follows:



Time & DataPrevious 
Expected
Forecast
USD 8:30 PM: ISM Manufacturing PMI
(48.3)
(49.2)
The forecast figure is positive for base metals
USD 7:00 PM: Construction Spending m/m
(0.5%)
(0.3%)
Forecast figure is negative for billions



Technical Levels


Gold (Feb)

Image result for Gold

Support at 37750 and Resistance at 38000.

Trade within the range and wait for the confirmation.



Silver (Dec)

Image result for Silver

Support is at 44500 and resistance is at 45200

Trade within the range and wait for the confirmation.



Crude Oil (Dec)

Image result for Crude Oil

Support at 4000 and Resistance at 4070.

Break and close below 4000 will take it to 3930—3880 or else it could touch its resistance again.

Fresh buying will on a close above 4070.



More will update soon

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

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