Gold-trading in a tight range ahead of the FOMC meeting as investors are waiting for clarity on whether the next round of US tariffs on Chinese goods will come into effect this weekend, On the other hand, Crude oil also traded lower on Wednesday after US industry data reported unexpected build up in Crude inventories and also investors or waiting for on whether a fresh round of US tariffs on Chinese goods would take effect on Sunday.
Today traders should .concentrate on the Core CP m/m and Crude Oil inventories from the house of US which wl impact metal Bullions, and Energy segments. If the forecast figure match with the actual data then the possible impact are as follows
Technical Levels
Gold (Dec)
Support at 37500 and Resistance at 37750.
Trading in a tight range. Either side break and sustain will decide the further direction of Gold.
Till then trade safely within the range and wait for the confirmation.
Silver (March)
Support is at 43400 and resistance is at 43900.
Trading in a tight range. Either side break and sustain will decide the further direction of the Silver.
Till then trade safely within the range and wait for the confirmation.
Crude Oil (Dec)
Support at 4130 and resistance at 4230.
Crude oil trading in a range. One can sell Crude oil on the rise around 4200-4210
Resistance and stop loss will remain above 4230.
Trade safely with the levels only.
Natural Gas (Dec)
Support at 156 and resistance at 163
Break and sústain above 163 will take it to 167 =169 or else it could test its support again.
Fresh selling will do on a close below 156.
Trade with the levels only
Nickel (Dec)
Support at 990 and Resistance to 1005.
Break and close 1005 will take it to 1020
1025 or else it could test its support again.
Fresh selling will do on a close below S/6.
Trade safely with the levels only
Copper (Dec)
at 438.50 and Resistance al 441.50
Break and close above 441.50 will take it to 446
447 or else it could test its support again
Fresh selling will do on a close below 438.50.
Trade with the levels only.
More will update soon.
