Precious metals are under pressure as the dollar rally resumed amid a pickup in hiring by employers. US private employers added 216k jobs in November, well above expectations of 165k. Base metals were trading mixed as the dollar strength capped rallies while better manufacturing data out of China supported prices. Crude oil closed higher in the wake of OPEC’s production-cut deal. Doubts remained over whether OPEC’s members will stick to the agreement though the OPEC plans to establish a committee.
Gold extended its slump for the second day and shed another hit a six-month low in the bullion market on Thursday amid weakening global trend and considerable fall in demand from jewellers at the domestic spot market.
An agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday, even as analysts warned other producers will likely top up supply.
Gold showed bearish movement and found the important support level of 27900. Now if it will close below the important support level of 27900 then 27500 will act as next support level. On higher side 28200 will act as
vital resistance level.
Silver showed bearish movement and found the important support level of 40500. Now if it will close above the important resistance level of 41200 then 41600 will act as next resistance level. On lower side 40500 will act as vital support level.
Crude showed bullish movement and found the important resistance of 3550. Now if it breaks 3550 then next resistance level is seen around 3650. On the other hand 3440 will act as a major support level; if it breaks the prices could visit 3350 level.
Copper showed sideways to bearish movement and found the important support level of 386.50. Now if it will break the resistance level of 405 then 415 will act as next resistance level. On the other hand 395 will act as
a major support level.
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