Gold closed higher on Thursday as the U.S. Federal Reserve signaled an interest rate increase by the end of the year after policy was kept unchanged in September, as expected. Silver closed higher as traders built up fresh positions tracking a firm trend overseas. Base metals gained prices yesterday due to positive signals of economy growth from around the world. Crude oil closed higher due to a third consecutive weekly decline in domestic inventories and a weaker dollar.
GOLD PRICES held near 2-week highs in London on Thursday, trading at $1335 per ounce as world stock markets rose sharply following the US Federal Reserve’s “no change” decision on interest rates but a new United Nations report warned of a “third phase” in the global financial crisis, with a crash in emerging markets threatening to follow the Euro-zone debt crisis of five years ago and the banking crash of 2008.
Oil prices rose about 2 percent on Thursday, rallying for a second day after a surprise U.S. crude inventory drop and ahead of talks next week between OPEC and other oil producers on curbing oversupply.
Gold showed bullish movement and near to its resistance level of 31400. Now if it will close above the important resistance level of 31400 then 31650 will act as next resistance level. On lower side 31200 will act as vital
Silver showed bullish movement in today’s session. Now if it will maintain above its resistance level of 47800 then 48500 will act as next resistance level. On the other hand 47000 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3120 then 3200 will be next resistance level. On the other hand 3050 will act as important support level.
Copper showed sideways to bullish movement and found the important resistance of 327.50. Now if it will break the resistance level of 328 then 330 will act as next resistance level. On the other hand 325 will act as a major support level.
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