Gold edged lower as hawkish comments from U.S. Federal Reserve officials raised bets on a rate hike this year, investors will now wait for the last Fed policy meeting for more clues. Base metals are mixed as investors remain uncertain about global growth prospects, Copper drifted lower amid lack of liquidity and direction. Oil prices are under pressure, falling from a five-week high as market players awaits fresh weekly information on U.S. stockpiles.
1). Gold futures returned to negative territory Wednesday morning in the US with investors heading to the sidelines before the US central bank issues its latest monetary statement
2). Oil prices gained modestly on Wednesday after a draw down in U.S. crude and gasoline stocks offset signs that Saudi Arabia was cranking production to record highs, adding to a global glut.
3). The copper market was drifting in negative territory during the midweek session with investors seeking further US monetary clarity before returning.
Gold showed sideways movement. Now if it will close below the important support level of 31250 then 31000 will act as next support level. On higher side 31600 will act as vital resistance level.
Silver showed sideways to bearish movement in today’s session. Now if it will sustain below its support level of 46000 then 45500 will act as next support level. On the other hand 47500 will act as important resistance level.
Crude oil showed bullish movement. Now if it will maintain above 3130 then 3200 will be next resistance level. On the other hand 3000 will act as important support level.
Copper showed bearish movement and drag down towards the support level of 318. Now if it will break the support level of 316 then 312 will act as next support level. On the other hand 325 will act as a major resistance level.
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