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Gold bars

Market Outlook:

Gold closed higher yesterday as weaker-than-expected orders for U.S. durable goods raised some uncertainty over an interest rate hike before the end of the year. Silver closed higher after participants raised their bets amid firming global trends. Base Metals were mostly higher. Oil edged above $50 a barrel as a further drop in U.S. crude inventories countered investor doubts that OPEC will be able to implement a production cut. Crud inventories posted an unexpected drop of 553,000 barrels last week, and stocks of gasoline and distillates fell more than expected, raising hopes that a long-awaited market re balancing is finally under way.

comdex

Fundamental News:

1). Gold futures found a little traction on Thursday as weaker-than expected orders for U.S. durable goods raised some uncertainty over an interest-rate hike before the end of the year and helped to slow down the dollar’s advance.

2). Oil edged higher on Thursday, lifted by a reported drop in U.S. crude inventories stored at the Cushing, Oklahoma, delivery hub, and as commitments from Gulf OPEC members assuaged lingering doubts in the market about cooperation from other producers.

imp-data

gold

Gold showed sideways movement and found the important resistance level of 29965. Now if it will close above the important resistance level of 30000 then 30400 will act as next resistance level. On lower side 29700 will act as vital support level.

silver

Silver showed sideways movement and found the important resistance level of 42320. Now if it will close above the important resistance level of 42600 then 43000 will act as next resistance level. On lower side 41500 will act as vital support level.

crude

Crude showed bullish movement and breached the important resistance of 3350. Now if it will break the next resistance level of 3370 then 3400 will act as next key resistance level. On the other hand 3300 will act as a major support level, if it breaks the prices could visit 3350 level.

copper

Copper showed bullish movement and found the important resistance level of 321.30. Now if it will break the support level of 316 then 313 will act as next support level. On the other hand 324 will act as a major resistance level.

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