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Market Outlook:

Gold closed higher after the August Fed meeting yesterday in which the U.S. Federal Reserve kept rates unchanged. Earlier, in the morning session gold had already edged higher after the BOJ kept the interest rates unchanged. Silver closed higher yesterday as traders & investors built up new positions by seeing a firm trend overseas. Base metals were mixed as investors were waiting for the Fed rate announcement. Crude oil closed higher on Wednesday after U.S. data revealed a drop crude inventories, marking the third such unexpected weekly decline in a row.

comdexFundamental News:

1). GOLD PRICES rose sharply against all major currencies except the Yen on Wednesday, touching 1-week Dollar highs ahead of the US Fed’s long-awaited September decision on interest rates as world stock markets rose after the Bank of Japan removed all time limits on its QE money-creation scheme and vowed to push inflation above its 2.0% target.

2). Oil prices were up as much as 2 percent on Wednesday after a third surprise weekly drop in U.S. crude stockpiles helped assuage fears over a global oil glut.

imp-datagold

Gold showed bullish movement and near to its resistance level of 31250. Now if it will close above the important resistance level of 31300 then 31500 will act as next resistance level. On lower side 31100 will act as vital support level.

silver

Silver showed bullish movement in today’s session. Now if it will maintain above its resistance level of 47300 then 47800 will act as next resistance level. On the other hand 46500 will act as important support level.

crude

Crude oil showed bullish movement. Now if it will maintain above 3050 then 3100 will be next resistance level. On the other hand 3000 will act as important support level.

copper

Copper showed sideways to bearish movement and found the important support of 322. 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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