Bullion closed higher with modest gains as firm safe haven demand for the yellow metal amid heightened uncertainty surrounding the looming US Presidential elections. Bullion may go up as the US election uncertainty can boost the prices next week. Base metals were mixed with Copper closed higher as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand. Crude prices fell as U.S. inventory data this week concerned the feeling of global glut. Crude can consolidate in this week before taking any further direction.
Gold futures settled with a modest gain Friday to tally a more than 2% climb for the week, as uncertainty surrounding the U.K.’s exit from the European Union and the coming U.S. election raised the metal’s attractiveness as a haven.
Having scored the largest weekly drop in six weeks last week, oil prices have continued to crash this week too, and are heading to their largest weekly loss since mid-January 2016, amid growing U.S. inventory builds and lingering skepticism that OPEC can pull off a production cut deal.
Gold showed sideways movement and found the important support level of 30350. Now if it will close above the important resistance level of 30700 then 31000 will act as next resistance level. On lower side 30200 will act as vital support level.
Silver showed sideways movement and found the important support level of 43000. Now if it will close above the important resistance level of 43700 then 44300 will act as next resistance level. On lower side 42500 will act as vital support level.
Crude showed bearish movement and found the important support of 2915. Now if it will break the next support level of 2900 then 2850 will act as next key support level. On the other hand 3000 will act as a major resistance level, if it breaks the prices could visit 3100 level.
Copper showed bullish movement and found the important resistance level of 335. Now if it will break the support level of 332 then 328 will act as next support level. On the other hand 336 will act as a major resistance level.
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