Precious metals were flattish till afternoon session due to dollar stabilization but bullion closed lower amid better U.S. data in evening. Bullion may continue its short term bearish trend till any further weak U.S. data comes into light. Base metals were higher due to better Chinese data yesterday. Crude oil rallied handsomely due to the biggest drop in US supplies since 1999, easing fears over a global supply glut in the energy commodity. Crude may continue its bullish trend today.
1). Gold futures fell on Thursday, extending losses from a day earlier, as the European Central Bank stood pat and investors looked ahead to policy moves by other global central bankers.
2). Oil prices surged about 4 percent on Thursday after U.S. inventory data showed a surprisingly large drawdown in crude stocks as imports into the U.S. Gulf Coast slid last week due to Tropical Storm Hermine.
3). Natural gas prices rose Thursday after government data showed a smaller than expected increase in the amount of natural gas in storage.
Gold showed bearish movement and near to its support level of 31150. Now if it will close above the important resistance level of 31350 then 31500 will act as next resistance level. On lower side 31000 will act as vital support level.
Silver showed bearish movement in today’s session. Now if it will maintain above its resistance level of 47000 then 47700 will act as next resistance level. On the other hand 46500 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3175 then 3225 will be next resistance level. On the other hand 3100 will act as important support level.
Copper showed bullish movement and found the important resistance of 314. Now if it will break the support level of 311 then 308 will act as next support level. On the other hand 314.50 will act as a major resistance level.
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