Gold prices are bearish today because of strong US dollar & global risk sentiment. Precious metals may further move downward as all equity market on bull way. Base metals are mostly trading lower because of weakness seen in Chinese economy. More bearishness may see as profit book on base metals. Oil gained the prices due to official government figures on U.S. crude inventories as shortage. But more bearishness may be seen crude oil prices.
1). Gold fell on Wednesday as European equities edged higher and the dollar hit a four-month high following strong U.S. economic data, which raised expectations that the Federal Reserve may raise rates before the end of the year.
2). Base metals were mostly in negative territory on Wednesday morning on the LME, with a strengthening US dollar weighing on the prices.
Gold showed bearishness and touched the support level of 30715. 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 bearish movement and found the important support of 45900. Now if it will break the support level of 45800 then 45000 will act as next support level. On higher side 46500 will act as vital resistance level.
Crude oil showed bearish movement till inventory data. Now if it will sustain below 3050 then 3000 will be next support level. On the other hand 3100 will act as important resistance level.
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