Bullion closed lower as better-than-expected U.S. data provided more clues for an interest rate hike at the Federal Reserve policy meeting later this year. Base metals were mostly higher. Oil prices gained as U.S. crude inventory came lower than expected and as OPEC will debate oil output cut of 4.0-4.5 % for all of its members except Libya and Nigeria next week but deal’s success hinges on agreement from Iraq and Iran, which are far from certain to give full backing. Natural gas closed higher after data showing less than expected U.S. storage.
Gold prices wobbled Wednesday, headed for their lowest close since February and undercut as the dollar rallied in the wake of largely upbeat economic data
Oil futures climbed Wednesday after U.S. crude supplies saw their first weekly decline in a month, but traders remained cautious as top producers prepared for a meeting next week aimed at curbing output.
Gold showed bearish movement and found the important support level of 28800. Now if it will close below the important support level of 28800 then 28500 will act as next support level. On higher side 29000 will act as vital resistance level.
Silver showed bearish movement and found the important support level of 40000. Now if it will close above the important resistance level of 41000 then 42000 will act as next resistance level. On lower side 40000 will act as vital support level.
Crude showed bullish movement and found the important resistance of 3340. Now if it will break the 3300 then next resistance level is seen around 3360. On the other hand 3230 will act as a major support level; if it breaks the prices could visit 3150 level.
Copper showed sideways to bullish movement and found the important resistance level of 397. Now if it will break the resistance level of 397 then 410 will act as next resistance level. On the other hand 380 will act as a major support level.
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