Bullion prices fell; hitting their lowest in more than three months after upbeat U.S. manufacturing data stoked expectations that the Federal Reserve would hike interest rates by year end and the stronger dollar also played its role. Bullion may trade sideways today, to stabilize the fall. Base metals closed lower. The activity is also dull due to the Chinese holiday this week. Oil prices fell till noon session on news that Iran and Libya have continued, to increase production, overshadowing an OPEC agreement struck last week to freeze output levels in a bid to stem a two-year price rout. Only energy prices rose yesterday and may continue their bullish bias today.
Gold slid more than 2.5 percent on Tuesday to its lowest since Britain’s shock vote to leave the European Union in June, as a bounce in the dollar after upbeat U.S. data triggered a break of key support at $1,300 an ounce.
Crude oil trading on highest levels in almost four months this week, as Opec members pledged to cut output for the first time since 2008 during the historic meeting in Algiers late last month.
Gold showed bearish movement and near to its support level of 30150. Now if it will close above the important resistance level of 30400 then 30750 will act as next resistance level. On lower side 30000 will act as vital support level.
Silver showed weak movement in today’s session. Now if it will maintain above its resistance level of 43750 then 44500 will act as next resistance level. On the other hand 43000 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3300 then 3360 will be next resistance level. On the other hand 3190 will act as important support level.
Copper showed sideways to bearish movement and found the important support of 321.50. Now if it will break the resistance level of 325 then 329 will act as next resistance level. On the other hand 321.50 will act as a major support level.
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