Gold edged higher on Wednesday as the dollar weakened, but remained on course to snap two months of gains. Industrial metals are trading higher on International market today, we expect prices to trade range bound for the day as the market waits on U.S. non-farm payrolls data later this week for further clues on the timing of any U.S. rate hike. Crude oil prices slid today by 3.90 percent closing at Rs. 3003 per barrel, as it was pressured by high stocks of oil, though prices remained on track for a monthly gain of more than 7 percent.
Gold futures on Wednesday retreated to a two-month low as a private-sector hiring snapshot was seen boosting the chance for an interest-rate hike from the Federal Reserve.
Oil prices fell this morning amid fears there is still too much supply in the world market combined with the dampening effect of a strong US dollar.
Gold showed bearish movement and found support of 30670. Now if it will close below the important support level of 30650 then 30500 will act as next support level. On higher side 3850 will act as vital resistance level.
Silver showed sideways to bearish movement in today’s session. Now if it will sustain below its support level of 43500 then 43000 will act as next support level. On the other hand 44500 will act as important resistance level.
Crude oil showed bearish movement. Now if it will maintain above 3100 then 3200 will be next resistance level. On the other hand 2990 will act as important support level.
Copper showed bearish movement and drag towards the support level of 312. Now if it will break the support level of 312 then 309 will act as next support level. On the other hand 315 will act as a major resistance level.
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