Gold futures closed higher yesterday as the dollar fell on unexpectedly weak U.S. manufacturing data that raised doubts about the economy’s strength. Silver futures also closed higher as speculators widened their bets amid a strong trend overseas. Base metals are mostly higher after recent declines. Zinc and Lead rallied after a better than expected manufacturing report from China. Crude oil futures closed lower as doubts over the potential for a crude-production freeze persisted and data showing a contraction in the U.S. manufacturing activity contributed to expectations of weaker energy demand.
Gold futures rebounded from two-month lows on Thursday, after data showing a fall in U.S. manufacturing activity potentially gave the Federal Reserve a little less reason to boost interest rates at a meeting this month.
Oil futures fell by more than 2% Thursday as doubts over the potential for a crude production freeze persisted and data showing a contraction in the U.S. manufacturing activity contributed to expectations of weaker energy demand.
Gold showed bullish movement and found resistance of 30850. Now if it will close below the important support level of 30700 then 30500 will act as next support level. On higher side 31000 will act as vital resistance level.
Silver showed sideways to bullish movement in today’s session. Now if it will sustain below its support level of 45000 then 44600 will act as next support level. On the other hand 45650 will act as important resistance level.
Crude oil showed bearish movement. Now if it will maintain above 3000 then 3050 will be next resistance level. On the other hand 2870 will act as important support level.
Copper showed bearish movement and drag towards the support level of 311. Now if it will break the support level of 311 then 309 will act as next support level. On the other hand 314 will act as a major resistance level.
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