Gold prices rose as the dollar slipped but gains were restricted amid U.S. Federal Reserve monetary policy meeting and a rise in U.S. government bond yields. Base metals are trading mix with copper trading lower, as concerns about persistent oversupply outweighed upbeat Chinese economic data. Nickel prices gained after announcement by minister of mining to suspend at least 10 more Mines under an environmental crackdown in Philippines. Oil prices rose after Venezuela said OPEC and non-OPEC producers were close to reaching an output deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted.
1). Gold rebounded from its lowest close this month as traders pulled back bets on further declines before meetings of the U.S. Federal Reserve and Bank of Japan this week.
2). Oil futures climbed Monday after Venezuela said a deal to stabilize the global oil supply is imminent between nations inside and outside the Organization of the Petroleum Exporting Countries.
Gold showed sideways to bearish movement and near to its support level of 30850. Now if it will close above the important resistance level of 31000 then 31250 will act as next resistance level. On lower side 30750 will act as vital support level.
Silver showed bullish movement in today’s session. Now if it will maintain above its resistance level of 46500 then 47000 will act as next resistance level. On the other hand 45500 will act as important support level.
Crude oil showed sideways to bearish movement. Now if it will maintain above 2975 then 3050 will be next resistance level. On the other hand 2850 will act as important support level.
Copper showed sideways to bullish movement and found the important resistance of 323.50. Now if it will break the resistance level of 325 then 328 will act as next resistance level. On the other hand 321 will act as a major support level.