Gold prices edged lower ahead of a highly anticipated speech from Federal Reserve Chair Janet Yellen later this week. Swiss gold exports to the UK reached 79.5 tonnes in July, the highest since September 2012. Base metals are mixed as preliminary manufacturing PMI’s from Europe and US gave mixed signals. China cut copper imports to the lowest level in 17 months. Oil prices fell on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices.
1). Gold futures slipped Wednesday, remaining snarled in tight trading ranges alongside the dollar as investors hope for clarity this week on the near-term path for interest rates.
2). Oil prices extended their losses on Wednesday, with U.S. crude futures falling more than 2 percent, after an unexpected large build in U.S. crude stockpiles renewed worries about oversupply in the market.
3).Copper prices fell to eight-week lows on Wednesday as rising inventories in Asian warehouses fuelled fears about weaker demand ahead in top consumer China.
Gold showed bearish movement. Now if it will close below the important support level of 31000 then 30500 will act as next support level. On higher side 31350 will act as vital resistance level.
Silver showed bearish movement in today’s session.Now if it will sustain below its support level of 43700 then
43000 will act as next support level. On the other hand 44500 will act as important resistance level.
Crude oil showed bearish movement. Now if it will maintain above 3200 then 3300 will be next resistance level. On the other hand 3125 will act as important support level.
Copper showed bearish movement and drag towards the support level of 308. Now if it will break the support level of 307 then 303 will act as next support level. On the other hand 313 will act as a major resistance level.
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