Gold changed its track as the U.S. economy created fewer jobs than expected in August & U.S. nonfarm payrolls fell 151,000. Gold may continue its bearish trend as concern about the interest rate change is still there among investors. Base metals were mostly high as the UK’s PMI data showed strong economy activity. Oil prices rose 3 percent on Friday as weaker U.S. jobs growth in August suppressed the dollar, pushing up commodities, but crude remained on track for a big weekly loss on glut concerns. Oil price may remain volatile over the coming weeks.
Gold prices rose to a one-week high following the release of economic data that showed hiring in August was weaker than expected, undermining the case for the Federal Reserve to raise interest rates in the coming months.
U.S. oil futures bounced off three-week lows on Friday, helped by fresh hopes of a production freeze, although gains were limited by investors’ cautious stance before a U.S. employment report due later in the day.
Gold showed bullish movement and found resistance of 31100. Now if it will close above the important resistance level of 31100 then 31500 will act as next resistance level. On lower side 30500 will act as vital support level.
Silver showed bullish movement in today’s session. Now if it will maintain above its resistance level of 46000 then 47000 will act as next resistance level. On the other hand 45000 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3000 then 3100 will be next resistance level. On the other hand 2870 will act as important support level.
Copper showed bearish movement and drag towards the support level of 310.50. Now if it will break the support level of 310 then 308 will act as next support level. On the other hand 314 will act as a major resistance level.
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