Gold and Silver prices were trading lower yesterday as investors and speculators exited their positions in the precious metal on strong US dollar. Safe haven assets become less attractive for investors amid renewed bets on US Fed interest hike, thus diminishing demand for gold. Base metals are mostly lower as equities faltered and the dollar gained against most currencies. Copper fell to its weakest as investors turn bearish on the metal given prospects for rising supply & fall in demand from consuming industries. Oil closed lower yesterday as investors and speculators exited positions in the energy commodity on strong US dollar and the US crude drillers added more rigs for a tenth week running.
1). Holdings of New York’s SPDR Gold Trust GLD fell 1.12% while the New York’s iShares Silver Trust SLV remained unchanged. Oil rigs have increased for ten out of the last 11weeks, the longest streak of not cutting rigs since 2011.
2). China reported fixed asset investment for August rose 8.1%, better than the 8.0% y/y, industrial production gained 6.3%, , and retail sales increased 10.6%.
Gold showed bearish movement and near to its support level of 30950. Now if it will close above the important resistance level of 31150 then 31300 will act as next resistance level. On lower side 30900 will act as vital support level.
Silver showed bearish movement in today’s session. Now if it will maintain above its resistance level of 45750 then 46250 will act as next resistance level. On the other hand 45000 will act as important support level.
Crude oil showed bearish movement. Now if it will maintain above 3125 then 3225 will be next resistance level. On the other hand 3050 will act as important support level.
Copper showed bullish movement and found the important resistance of 314.50. Now if it will break the support level of 311 then 308 will act as next support level. On the other hand 314.50 will act as a major resistance level.
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