Precious metals were trading higher on COMEX due to weaker dollar; we expect prices to trade higher on the short term basis. In base metal sector, most metals were trading lower except lead. Copper was trading close to its lowest in a month this week amid percolating concerns about China market. Aluminum trimmed losses but was still set for its biggest weekly drop in at least two months on worries about oversupply. Oil prices were stable, weighed by a stronger dollar. We expect oil prices to trade range bound for the day.
1). Gold prices shuffled between gains and losses Friday, as investors weighed the pressures of a stronger dollar against an expected surge of demand from India.
2). Oil prices settled slightly higher on Friday to put up a fifth straight weekly gain for U.S. crude, as bullish comments from Russia contended with a resurgent dollar and a rising oil rig count.
Gold showed sideways movement and found the important resistance level of 30070. Now if it will close above the important resistance level of 30100 then 30400 will act as next resistance level. On lower side 29600 will act as vital support level.
Silver showed bearish movement and found the important support level of 41820. Now if it will maintain below its support level of 41800 then 41500 will act as next support level. On the other hand 42500 will act as important resistance level.
Crude showed sideways movement and found the important support level of 3375. Now if price breaches the key support level of 3380 then 3350 will act as next support level. On the other hand 3465 will act as important resistance level.
Copper showed bearish movement and found the important support of 310 level. Now if it will break the support level of 309.50 then 307 will act as next support level. On the other hand 317 will act as a major resistance level.
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