Gold closed lower as a better-than-expected data of the U.S. services sector helped dull the metal’s investment appeal. Silver closed lower as participants engaged in trimming their positions taking weak cues from global market. Base metals were mostly lower and Copper was flat as holidays in China muted trade. A flurry of data from China in coming weeks is expected to point to modest improvement in economy as government infrastructure spree and housing boom boosts demand from steel which will affect metal prices. Oil prices rose towards $50, hitting their highest level since June, supported by report that U.S. inventories data of crude stockpiles fell unexpectedly, for a fifthstraight week and OPEC’s supply cut deal.
1). Gold and silver prices tumbled sharply at the bullion market in Mumbai on Wednesday due to heavy selling pressure from stockists in view of sharp fall in global market.
2). Brent crude topped $52 a barrel for the first time since June on Wednesday after government data showed a fifth straight weekly decline in U.S. crude inventories.
Gold showed bearish movement and near to its support level of 29800. Now if it will close above the important resistance level of 30000 then 30250 will act as next resistance level. On lower side 29750 will act as vital support level.
Silver showed weak movement in today’s session. Now if it will maintain above its resistance level of 42750 then 43250 will act as next resistance level. On the other hand 41800 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3330 then 3400 will be next resistance level. On the other hand 3280 will act as important support level.
Copper showed sideways to bearish movement and found the important support of 320.50. Now if it will break the support level of 320 then 317 will act as next support level. On the other hand 324.50 will act as a major resistance level.
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