Gold & Silver closed higher yesterday as speculators widened their bets amid a strong trend overseas and market analysts continued to credit a U.S. jobs report that appeared to lower the chances for an interest-rate increase at the Federal Reserve’s meeting later this month. Base metals were mixed on Monday in thin trading conditions. Crude oil closed higher following a report that Saudi Arabia’s energy minister, Khalid A. Al-Falih, was set to make a significant announcement at the G-20 meeting in China. That raised expectations that the Saudis and Russians would say they had agreed on an output cap aimed at lifting energy prices.
1). GOLD and SILVER prices rose in China but held flat with last week’s close in Dollar terms in London on Monday, trading quietly as the US marked the end of summer with the Labor Day holiday.
2). Crude oil futures pared gains on Monday after top producers Russia and Saudi Arabia said they have agreed to cooperate on stabilizing the oil market, including limiting output.
3). US markets were closed for the Labor Day holiday yesterday.
Gold showed sideways movement and near to its resistance level 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 46500 then 47000 will act as next resistance level. On the other hand 46000 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3065 then 3100 will be next resistance level. On the other hand 2950 will act as important support level.
Copper showed bullish movement after found the important support of 309.50. 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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