Precious metals are still under pressure as the dollar rally resumed amid a pickup in hiring by employers. US private employers added 216k jobs in November, well above expectations of 165k. Base metals were mixed as the dollar strength capped rallies with industrial metal tracking weak cues from global markets doubts post US election rally has much further to run while better manufacturing data out of China supported prices. Crude oil closed lower in the wake of OPEC’s production-cut deal. Doubts remained over whether OPEC’s members will stick to the agreement though the OPEC plans to establish a committee.
Gold prices rose Friday, as investors positioned themselves in the safe-haven metal on rising political concerns in Europe.
Oil prices rallied for their best week in at least five years on Friday, steadying above $51 a barrel, following OPEC’s decision to cut crude output to rein in a global glut that has weighed on prices for more than two years.
Gold showed sideways movement and found the important support level of 27900. Now if it will close below the important support level of 27900 then 27500 will act as next support level. On higher side 28200 will act as vital resistance level.
Silver showed bullish movement and found the important resistance level of 41500. Now if it will close above the important resistance level of 41600 then 42000 will act as next resistance level. On lower side 41000 will act as vital support level.
Crude showed bullish movement and found the important resistance of 3550. Now if it breaks 3550 then next resistance level is seen around 3650. On the other hand 3435 will act as a major support level; if it breaks the prices could visit 3350 level.
Copper showed sideways to bearish movement and found the important support level of 393. Now if it will break the resistance level of 405 then 415 will act as next resistance level. On the other hand 390 will act as a major support level.
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