Gold closed lower yesterday but may find support today on expectations that the U.S. Federal Reserve will unlikely to raise interest rates next week. Silver rose yesterday as investors and speculators booked fresh positions in the precious metal tracking a firm overseas trend even as a stronger dollar curbed the lure for silver as an alternative asset. Base metals were trading higher with Copper prices was close to three-week high after brighter economic indicators in the United States and China offered more evidence of a global recovery, Trading will be light today due to bank holiday in China. Oil prices fell further even data showed a smaller than expected build in U.S. crude stockpiles.
1). The US Federal Reserve meeting scheduled on 20-21 of September will provide clues on rate hike in the US which will be deciding factor for the yellow metal price trajectory in the weeks ahead.
2). There are high expectations that the Sept 26-28 meeting of oil producers will result in a fruitful outcome and curtail the oil output.
3). Holdings of SPDR Gold Trust fell 0.47 %, while silver Shares
Gold showed bullish movement and near to its resistance level of 31250. Now if it will close above the important resistance level of 31250 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 46000 then 46500 will act as next resistance level. On the other hand 45000 will act as important support level.
Crude oil showed bearish movement. Now if it will maintain above 3025 then 3150 will be next resistance level. On the other hand 2900 will act as important support level.
Copper showed bullish movement and found the important resistance of 323. Now if it will break the resistance level of 324 then 328 will act as next resistance level. On the other hand 318 will act as a major support level.
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