In morning session bullion’s were trading sideways but in evening session they got huge hike in prices due to BOE interest rate cut to 0.25%. In coming session bullishness can be seen if the unemployment data of US comes weak. Crude oil showed correction on higher side but buy on dips would be preferable. Base metals were weak on Thursday as slow world economy growth remains concern and in coming session more bearishness may be seen, buy on peaks would be profitable strategy in base metals.
1). Gold prices turned higher on Thursday after the Bank of England cut interest rates for the first time since 2009, though gains were muted by strength in the dollar after the previous day’s upbeat U.S. jobs data.
2). U.S. crude’s slide below $40 a barrel this week has hardened the resolve of oil market bears to drive prices lower, with oversupply, refining cutbacks and a breakdown in the oil/dollar trade spelling an end to this year’s rally.
Gold showed bullish movement in today’s session and found resistance of 31900. Now if it will close above the important support level of 31900 then 32200 will act as next resistance level. On lower side 31500 will act as vital support level.
Silver showed strong movement. Now if it will break the resistance level of 48000 then 48500 will act as next resistance level. On the other hand 46900 will act as important support level.
Crude oil showed bullish movement after previous day inventory data. Now if it will maintain above 2820 then 2900 will be next resistance level. On the other hand 2735 will act as important support level.
Copper showed bearish movement and drag down towards the support level of 319.50. Now if it will break the support level of 319 then 317 will act as next support level. On the other hand 325.50 will act as a major resistance level.
(Click to submit your details) Just one step to get best trading tips and Recommendation.