Gold prices slipped as dollar firmed after the better data of unemployment claims yesterday. The key Non-farm payrolls and unemployment rate data due today, will be closely watched for further direction of bullion. Base metals were trading mixed and Copper slipped as stronger dollar weighed on commodities. Oil prices closed higher hitting its four month high, underpinned by a surprisingly large drop in U.S. inventory. OPEC and Non- OPEC producers plan to meet informally in Istanbul on Oct 8- 13th to review Algiers agreement implementation.
Gold prices fell to a fresh four-month low Thursday, as strong U.S. economic data bolstered the case for the Federal Reserve to raise interest rates in coming months.
Oil rose about 1 percent, hitting four-month highs on Thursday, underpinned by news of another informal OPEC meeting on output cuts and surprise drop in U.S. crude stocks, though trading was choppy after a price gain of 15 percent in seven sessions.
Gold showed bearish movement and near to its support level of 29500. Now if it will close above the important resistance level of 29800 then 30100 will act as next resistance level. On lower side 29400 will act as vital support level.
Silver showed weak movement in today’s session. Now if it will maintain above its resistance level of 42250 then 42750 will act as next resistance level. On the other hand 41000 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3380 then 3450 will be next resistance level. On the other hand 3350 will act as important support level.
Copper showed sideways to bearish movement and found the important support of 319.50. Now if it will break the support level of 319 then 317 will act as next support level. On the other hand 323 will act as a major resistance level.
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