All the precious metals are looking stronger again after they climbed yesterday – a weaker dollar and fairly dovish FOMC minutes are providing a tailwind for gold prices, which is providing a lift to the silver price that had started to look oversold last week. Oil prices slipped on Thursday as U.S. fuel inventories rose and despite efforts by OPEC to cut production. The trends in the base metals are upward, the metals in or near the high ground are having to absorb selling, which is capping the upside and leading to some pullbacks. Copper and nickel prices that are still some way below their peaks seem to be working higher easily.
Gold gained in Asia as the Fed appears on track for a December rate hike, but set a somewhat overall dovish tone on the track for 2018 in minutes released overnight.
Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output.
Gold consolidate after gap-up opening and trading near resistance level of 29900 and trade in a bearish trend. After that, we will found the next important resistance level of 30000. If it will be closed below 29700 then next support level will be 29605.
Silver showed consolidate movement after positive opening. It is trading near important resistance level of 40500. After breaking 40500 next important resistance level will be 40750. On the other side, 40000 will act as a major support level.
Crude oil gave gap-down opening today and trade sideways to bearish and found the important support level of 3265. If it will be close below the support level of 3265 then next support level will be 3210. On another hand, next resistance level will be 3345.
Copper showed a bullish trend and it will found new resistance level of 453. Now if it will close above the important resistance level of 455 then 458 will act as next resistance level. On the other hand, 443 acts as a strong support level.
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