Gold prices slipped as investors stayed on sidelines ahead of the crucial Fed and BOJ meeting next week. The short term trend of gold could remain range-bound. Crude oil eased further as U.S. data this week concerned the feeling of glut in petroleum, while Iraqi and Russian crude exports are also on the rise. Base metals are mostly flat. Zinc is holding higher as the global zinc market is in deficit.
1). Gold fell on Friday as investors cashed in profits following a 1.2 percent gain in the previous session on improving demand for the metal on signs U.S. and European central banks will continue loose monetary policies in the medium term.
2). Crude oil prices traded mostly lower Friday, giving up overnight gains as prospects for Libyan supply added to this week’s concerns that a glut of oil products will cut demand for crude by refiners.
Gold showed sideways movement and touched the support level of 30800. Now if it will close below the important support level of 30800 then 30600 will act as next support level. On higher side 31150 will act as vital
Silver showed sideways movement all the day. Now if it will break the support level of 46000 then 45500 will act as next support level. On higher side 46800 will act as vital resistance level.
Crude oil showed bearish movement and also closed below its important support level of 3000. Now if it will sustain below 2950 then 2850 will be next support level. On the other hand 3050 will act as important resistance
Copper showed bearish movement and drag towards the support level of 332. Now if it will break the support level of 332 then 328 will act as next support level. On the other hand 336 will act as a major resistance level.
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