Gold closed higher yesterday as the U.S. dollar remained moderately challenged by the upcoming US presidential debate and after the missed U.S. housing-sector data. The yellow metal extended its gains and white metal closed lower after the remarkable recovery of China’s economy. Bullion can continue its bearish trend in today’s session. Base metals traded lower and Copper was trading lower in low-volume trade. Oil prices fell on profit-taking after markets rallied due to a draw in U.S. stocks and an expectation of an OPEC-led cut in production. Crude may trade lower today.
1). Gold prices were trading close to two-week highs on Thursday after the European Central Bank indicated that it would wait until December to discuss tapering its asset purchase program, or the possible horizon at which stimulus might end.
2). Copper prices drifted lower by 0.34 per cent to Rs 313 per kg in futures trading today as speculators cut down their positions, tracking a weak trend at spot market on sluggish demand.
Gold showed sideways movement and found the important resistance level of 30070. Now if it will close above the important resistance level of 30100 then 30400 will act as next resistance level. On lower side 29600 will act as vital support level.
Silver showed bearish movement and found the important support level of 41820. Now if it will maintain below its support level of 41800 then 41500 will act as next support level. On the other hand 42500 will act as important resistance level.
Crude showed bearish movement and found the important support level of 3385. Now if it will maintain below its support level of 3380 then 3350 will act as next support level. On the other hand 3465 will act as important resistance level.
Copper showed bearish movement and found the important support of 310.10. Now if it will break the support level of 309.50 then 307 will act as next support level. On the other hand 317 will act as a major resistance level.
(Click to submit your details) Just one step to get best trading tips and Recommendation.