Gold prices surged above $1300 on Friday supported by a dip in the dollar following inflation data that fell short of expectations sparking uncertainty about the outlook for tighter monetary policy. Crude oil prices settled higher on signs of bullish Chinese demand while geopolitical uncertainty in the Middle East raised the threat of supply disruptions. As we pointed out earlier in the week, copper and nickel had room on the upside and prices are climbing accordingly; while the base metals in or near the high ground are having to absorb selling, which is keeping prices range-bound, albeit in high ground.
Gold prices were on track to snap a four-week losing streak befitting from a weaker dollar and a dip in Treasury yields amid data showing inflation remained subdued last month.
Chinese crude imports rose by roughly 1 million barrels per day (bpd) to 9 million bpd in September, data showed on Friday. That eased investor concerns that global demand is set to weaken over the next year.
Gold showed sideways movement and found the support level of 29720 and upside it took resistance level of 29870. Now if price sustains above 29870 then 30000 will act as a next resistance level and downside 29500 will act as a next support level.
Silver showed sideways to bullish movement and found the major resistance level of 40500. Now if price sustains on a higher level then it will test next resistance level of 40900. On the lower side, 40050 will be a major support level.
Crude oil gave some positive movement but it was not showed strength on a higher level. Now for upcoming session price sustains on the lower side than 3250 will act as a major support level and upward side it has a major resistance level of 3375.
Copper showed bullish movement and found important resistance level of 452. If price sustains above 452 then 456 will act as next resistance level and downside it will test major support level of 444.
(Click to submit your details) Just one step to get best trading tips and Recommendation.