HIGHLIGHT
Gold gains in Asia as Yellen comments on rate outlook shrugged off.
Gold prices shrugged off a mildly hawkish views on the prospect for interest rate hikes by the Fed Chief and rose in Asia on Thursday with investors looking to sharper policy guidelines from President-elect Donald Trump in his inaugural address at the end of the week. Gold for February delivery on the Comex division of the New York Mercantile Exchange dropped 0.93% at $1,200.85 a troy ounce, while silver futures for March delivery fell 1.57% to $17.002 a troy ounce.
Late Wednesday in the U.S., Fed Chair Janet Yellen said she sees rate hikes "a few times a year" as the economy continues to recover until it reached the neutral rate which she expects by the end of 2019. "As the economy approaches our objectives, it makes sense to gradually reduce the level of monetary policy support," Yellen said in a speech prepared for the Commonwealth Club in San Francisco, adding "changes in monetary policy take time to work their way into the economy."
SHFE Copper to See Range-Bound Trading.
LME copper is expected to move at USD 5,700-5,790/mt during Asian trading hours on Thursday and SHFE 1703 copper will move at RMB 46,200-47,000/mt. In China’s domestic market, spot copper should trade at discounts of RMB 150-50/mt on Thursday.
Attention should be on US’s economic data on Thursday, including API crude oil inventory from the week ending January 13, 2017, December building permits, initial jobless claims from the week ending January 13, 2017 and housing starts in December. Eurozone will release main refinancing rate in January 2017 and asset purchase on Thursday. Base metals are greatly affected by economic data recently, and market players are suggested to be wary. US’s initial jobless claims from the week ending January 13 will increase and building permits and housing starts will increase slightly in December. US Federal Reserve Chairwoman Yellen released comments on interest rate again on Thursday morning. This, combined with positive real estate data, will send US dollar index up.
SHFE Copper to See Range-Bound Trading.
LME copper is expected to move at USD 5,700-5,790/mt during Asian trading hours on Thursday and SHFE 1703 copper will move at RMB 46,200-47,000/mt. In China’s domestic market, spot copper should trade at discounts of RMB 150-50/mt on Thursday.
Attention should be on US’s economic data on Thursday, including API crude oil inventory from the week ending January 13, 2017, December building permits, initial jobless claims from the week ending January 13, 2017 and housing starts in December. Eurozone will release main refinancing rate in January 2017 and asset purchase on Thursday. Base metals are greatly affected by economic data recently, and market players are suggested to be wary. US’s initial jobless claims from the week ending January 13 will increase and building permits and housing starts will increase slightly in December. US Federal Reserve Chairwoman Yellen released comments on interest rate again on Thursday morning. This, combined with positive real estate data, will send US dollar index up.
PRECIOUS LEVEL
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CS GOLD (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2: 28850
RESIST 1: 28750
SUP 1: 28450
SUP 2: 28350
CS SILVER (MARCH) OVERVIEW:
TREND : BEARISH
RESIST 2: 42100
RESIST 1: 41750
SUP1: 41000
SUP2: 40700
BASE METAL LEVELS
CS COPPER (FEB) OVERVIEW:
TREND : BEARISH
RESIST 2:405
RESIST 1:400
SUP1:394
SUP2:390
CS NICKEL (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2: 709
RESIST 1: 698
SUP1:680
SUP2:675
CS ZINC (JAN)OVERVIEW:
TREND : BULLISH
RESIST 2:191.00
RESIST 1:190.00
SUP1:185.00
SUP2:183.00
CS LEAD (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2: 160.00
RESIST 1: 158.00
SUP1: 154.00
SUP2: 152.00
CS ALUMINIUM (JAN) OVERVIEW:
TREND : BULLISH
RESIST 2: 127.00
RESIST 1: 126.00
SUP1: 123.00
SUP2: 122.00
ENERGY LEVELS
CS CRUDE OIL (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:3600
RESIST 1:3550
SUP1:3480
SUP2:3450
CS NATURAL GAS (JAN) OVERVIEW:
TREND : BEARISH
RESIST 2:233.00
RESIST 1:230.00
SUP1:222.00
SUP2:220.00
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
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