Gold and Silver rose as the dollar weakened on lower expectations of a U.S. Federal Reserve interest rate hike this year. In coming session buying would be profitable with the negative economic result. Oil prices remained near five-week highs, fulled by talk of producers taking action to prop up the market. Base Metals are trading mixed.
1). Gold prices extended overnight gains in North American trade on Tuesday, as disappointing U.S. inflation data tempered expectations of a near-term interest rate hike by the Federal Reserve, weighing on the dollar.
2). Crude oil prices had their best rally over the last three sessions, surging by more than 10% following comments from the oil ministers of the two largest crude oil exporting countries, Saudi Arabia and Russia. Regarding the upcoming informal meeting amongst the largest oil producers, both ministers showed their intention of stabilizing crude oil prices.
Gold showed sideways to sideways movement. Now if it will close below the important support level of 31250 then 31000 will act as next support level. On higher side 31600 will act as vital resistance level.
Silver showed sideways movement in today’s session. Now if it will break the support level of 46000 then 45500 will act as next support level. On the other hand 47500 will act as important resistance level.
Crude oil showed bullish movement. Now if it will maintain above 3130 then 3200 will be next resistance level. On the other hand 3000 will act as important support level.
Copper showed bullish movement and bounce back towards the resistance level of 322. Now if it will break the support level of 319 then 316 will act as next support level. On the other hand 325 will act as a major resistance level.
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