Bullion closed higher yesterday as a fall in the U.S. service sector index to its weakest level in over six years appeared to diminish the likelihood of a U.S. interest-rate hike this month, fueling a drop in the dollar. Bullion may continue bullish trend. Base metals were mixed. Aluminum, Nickel rose while Zinc, Lead dropped.
Copper remained flat with its previous closing as strike at Codelco’s copper deposit in Chile are affecting production, is acting as a positive factor while low demand as negative factor.
Crude oil closed lower as hopes waned for an agreement between two of the biggest oil producers to freeze output to tackle a global supply glut.
1). Gold prices rose to their highest level in more than a week Tuesday, lifted by a weaker dollar and expectations that the Federal Reserve is unlikely to raise interest rates this month.
2). Oil slipped below $47 a barrel on Tuesday, falling further from the previous session’s one-week high on receding hopes for imminent action to tackle a global supply glut.
Gold showed bullish movement and near to its resistance level of 31350. Now if it will close above the important resistance level of 31370 then 31500 will act as next resistance level. On lower side 31150 will act as vital support level.
Silver showed bullish movement in today’s session. Now if it will maintain above its resistance level of 47500 then 48000 will act as next resistance level. On the other hand 47000 will act as important support level.
Crude oil showed bearish movement. Now if it will maintain above 3000 then 3100 will be next resistance level. On the other hand 2900 will act as important support level.
Copper showed bearish movement and found the important support of 309.50. Now if it will break the support level of 309.50 then 308 will act as next support level. On the other hand 313 will act as a major resistance level.
(Click to submit your details) Just one step to get best trading tips and Recommendation.