Gold prices slipped as dollar firmed after the Non-farm payrolls and employment data. Bullion may take correction after this heavy breakdown in prices. Base metals closed mixed in which Copper faced its biggest weekly fall while Nickel also looked fragile. Oil prices closed lower on Friday, over doubts that an OPEC-led plan to cut output would rein in a global oversupply that has dogged markets for over two years. OPEC and Non- OPEC producers plan to meet informally in Istanbul on Oct 8- 13th to review Algiers agreement implementation.
1). Gold futures saw volatile trading on Friday, giving up earlier gains from weaker-than-expected U.S. employment data as some strength in the dollar helped the yellow metal push its weekly losses to more than 5%.
2). Oil fell nearly 2 percent on Friday as players took profit on rally with little pause over the past week that propelled prices to four month highs on hopes of OPEC crude output cuts.
Gold showed sideways movement and near to its support level of 29500. Now if it will close above the important resistance level of 29800 then 30100 will act as next resistance level. On lower side 29400 will act as vital support level.
Silver showed bullish movement in today’s session. Now if it will maintain above its resistance level of 42300 then 42750 will act as next resistance level. On the other hand 41000 will act as important support level.
Crude oil showed sideways movement. Now if it will maintain above 3400 then 3450 will be next resistance level. On the other hand 3300 will act as important support level.
Copper showed sideways to bullish movement and found the important resistance of 323.50. Now if it will break the support level of 320 then 317 will act as next support level. On the other hand 325 will act as a major resistance level.
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