Updates on Bullion, Base Metals and Energy Levels 09th March 18
Gold futures prices traded moderately lower as market sentiment improved following news of an upcoming meeting between the US and North-Korean leaders and as concerns over a potential global trade war slightly eased boosted the sentiment of yen and yellow metals. Market participants were looking ahead to the monthly US nonfarm payrolls report due later the day which will decide bullions next move ahead.
Crude looks to have peaked and is set for further decline with inventories at US refineries still piling up amid the overproduction glut flowing from American oil producers and the US Dollar advancing in global trade capped the gain in near term. The Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.
Support at 30300 and Resistance at 30500
Break and sustain below 30300 will take it to 30050—29900 else could it can touch its resistance level of 30500.
Fresh buying can be initiated above 30500.
Support at 38600 and Resistance at 38900
Break and sustain below 38600 will take it to 38200—38000 else could it can touch its resistance level of 38900.
Fresh buying can be initiated above 38900
Support at 3920 and resistance at 4000
Break and sustain below 3920 will take it to 3860—3830 mark else could touch its resistance level of 4000 mark.
Fresh buying can be initiated above 4000
Trade with levels only.
Support at 177.00 and Resistance at 183
Break and sustain below 177.00 will take it to 173---170 mark else could touch its resistance level of 183
Fresh buying can be initiated above 183.
Support at 442 and resistance at 450
Break and sustain below 442 will take it to 435—432 mark else could touch its resistance level of 450 again
Fresh buying can be initiated above 450
07:00 P.M Non-Farm Employment Change: Previous 205K, Expected 200K, Actual??
Increase in Non-Farm Employment Change – will have positive impact on dollar index and negative impact on bullion or vice versa.
07:00 P.M Unemployment Rate: Previous 4.1%, Expected 4.0%, Actual??
Increase in Unemployment Rate– will have negative impact on dollar index and positive impact on bullion or vice versa.