Gold prices dipped as dollar pushed higher after upbeat U.S. economic reports supported case for higher interest rates. U.S. third quarter growth was revised up to 3.2%, its strongest rate in two years. Base metals were trading mixed. Oil jumped more than 8% after OPEC agreed to cut daily production by 1.2 million barrels a day to a ceiling of 32.5 million barrels. The reductions will take effect at the start of the year 2017. OPEC’s last production cut was implemented in January 2009.
Gold slipped on Wednesday, adding to its deepest monthly losses in over three years as strong U.S. economic data buoyed the dollar and further cemented the case for hiking rates in December.
Oil surged after OPEC approved the first supply cuts in eight years in an effort to ease a record glut and stabilize global markets. Futures jumped as much as 9.2 percent in New York. OPEC has agreed to reduce collective production to 32.5 million barrels a day, Iranian Oil Minister Zanganeh told reporters in Vienna.
Gold showed bearish movement and found the important support level of 28400. Now if it will close below the important support level of 28250 then 28000 will act as next support level. On higher side 28600 will act as vital resistance level.
Silver showed bearish movement and found the important support level of 40200. Now if it will close above the important resistance level of 40900 then 41500 will act as next resistance level. On lower side 39750 will act as vital support level.
Crude showed bullish movement and found the important resistance of 3390. Now if it breaks 3400 then next support level is seen around 3475. On the other hand 3300 will act as a major resistance level; if it breaks the prices could visit 3200 level.
Copper showed sideways to bearish movement and found the important support level of 389. Now if it will break the resistance level of 405 then 415 will act as next resistance level. On the other hand 395 will act as a major support level.
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