Updates on Bullion, Base Metals, and Energy Levels (30th Dec 2019)

Gold traded slightly higher on Monday highest in more than two months on Monday in thin year-end trading as the dollar dipped and U.S. military strikes in the Middle East supported safe haven buying. On the other hand Crude oil traded sideways on the upper level supported by the positive expectation over the US and China trade deal and positive industrial data while traders being cautious on the Middle East following U.S. airstrikes in Iraq and Syria

Today. traders should concentrate on the Goods Trade Balance along with Prelim Wholesale Inventories m/m and Chicago PMI from the house of the US which will impact on Bullions and Base Metals. If the forecast figure match with the actual data then the possible impact are as follows:

Technical Levels

Gold (Feb)

Support at 38900 and Resistance at 39100.

Break and sustain below 38900 will take it to 38650-38500 or else it could test its resistance again.

Fresh buying will do on a close above 39100.

Trade with the levels only.

Silver (March)

Support is at 46450 and resistance is at 47250.

Break and sustain below 46450 will take it to 46000-45800 or else it could test its resistance again.

Fresh buying will do on a close above 47250

Trade with the levels only.

Crude Oil (Dec)

Immediate support at 4370 and resistance at 4450.

Break and sustain above 4450 will take it to 4530 -4550 or else it could test its support again.

Fresh selling will co on a close below 4370.

Trade with the levels only.

Natural Gas (Jan)

Support at 156 and resistance at 163.

Trade within the range and wait for the confirmation.

Nickel (Jan)

Support at 1025 and Resistance at 1060.

Trade within the range and wait for the confirmation.

Copper (Jan)

Support at 443 and Resistance at 448.

Break and close above 446 will take it to 449-451 or else it could test its support again.

Fresh selling will do on a close below 443.

Trade with the levels only.

More will update soon.