Gold and Silver prices are lower as US economic data continues to be better. The tone has been bearish after Federal Reserve officials sounded a hawkish note on interest rates at the weekend, boosting dollar. Base metals are trading lower ahead of PMI data this week. Copper prices are near two month lows on higher supply. Oil prices rose supported by production suspensions in the U.S. Gulf due to an expected tropical storm in addition to speculation that producers meeting in Algeria next month will act to prop up prices.
1). Gold fell on Tuesday after Federal Reserve officials sounded a hawkish note on interest rates, boosting the dollar, while attention turned to U.S. payrolls data this week for further clues on the pace of rate hikes.
2). Oil dropped below 47 a barrel before data forecast to show that gasoline stockpiles declined while crude inventories increased in the U.S., the world’s largest oil consumer.
Gold showed bearish movement. Now if it will close below the important support level of 30800 then 30650 will act as next support level. On higher side 31100 will act as vital resistance level.
Silver showed sideways to bearish movement in today’ session. Now if it will sustain below its support level of 43500 then 43000 will act as next support level. On the other hand 44500 will act as important resistance level.
Crude oil showed bearish movement. Now if it will maintain above 3200 then 3300 will be next resistance level. On the other hand 3100 will act as important support level.
Copper showed bearish movement and drag towards the support level of 306. Now if it will break the support level of 306 then 303 will act as next support level. On the other hand 310 will act as a major resistance level.
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