Bullion closed lower yesterday and the prices were swinging between gains and losses as traders contrasted the commodity’s finish at a three-week high against the latest batch of economic data for further clue about the U.S. Fed rate hike. The US dollar also stabilized and this discouraged further purchases of gold by investors. U.S. unemployment claims data will be closely watched today for the direction of bullion. Base metals were mixed. Crude oil closed higher as traders weighed the likelihood that major producers will reach a deal to curb output later this month. Crude & natural gas inventory data in evening will guide the prices.
1). Gold futures were trading little changed Wednesday after logging their highest settlement in nearly three weeks a day earlier as investors pared expectations for how aggressively the Federal Reserve would move to increase interest rates.
2). Oil prices erased early losses to trade higher on Wednesday, but the gains were limited as market participants remained sceptical producers would reach an agreement to freeze output to rein in a global supply glut.
Gold showed bearish movement and near to its support level of 31250. Now if it will close above the important resistance level of 31500 then 31700 will act as next resistance level. On lower side 31150 will act as vital
Silver showed bullish movement in today’s session. Now if it will maintain above its resistance level of 47200 then 48000 will act as next resistance level. On the other hand 46800 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3050 then 3120 will be next resistance level. On the other hand 2950 will act as important support level.
Copper showed bearish movement and found the important support of 311. Now if it will break the support level of 311 then 308 will act as next support level. On the other hand 313 will act as a major resistance level.
CALL: SELL ALUMINUM BELOW 105 TARGETS 104.20/103.20 SL 106.20.
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