Gold prices are near one-week lows as dollar firmed and investors shifted their focus to Federal Reserve chair Janet Yellen’s testimony & demand for haven assets dulled in the wake of the first U.S. presidential debate. Base metals were mostly higher with Nickel held near a seven-week high after Philippines said 20 more mines may be suspended for environmental violations, threatening supply from the world’s top nickel ore exporter. Oil prices rose as industry data showed a surprise draw in U.S. crude inventory and the news that the OPEC had agreed on the need to cap crude production.
Gold futures prices dipped Wednesday as the dollar narrowly advanced ahead of a full roster of Federal Reserve speakers.
Oil prices reversed gains on Wednesday after government data showed a surprisingly large decline in crude inventories for a fourth straight week, and an offsetting rise in gasoline stocks.
U.S. commercial crude stockpiles fell by 1.9 million barrels to a total of 502.7 million barrels in the week through Sept. 23. Analysts polled by Reuters had forecast of 3 million barrel build.
Gold showed bearish movement and near to its support level of 30860. Now if it will close above the important resistance level of 31100 then 31350 will act as next resistance level. On lower side 30800 will act as vital support level.
Silver showed bearish movement in today’s session. Now if it will maintain above its resistance level of 46000 then 46600 will act as next resistance level. On the other hand 45000 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3075 then 3200 will be next resistance level. On the other hand 2950 will act as important support level.
Copper showed sideways to bullish movement and found the important resistance of 325. Now if it will break the resistance level of 325 then 328 will act as next resistance level. On the other hand 321 will act as a major support level.
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