Gold closed higher as a drop in U.S. equities boosted the investment appeal of the precious metal. Precious metals can go higher today. Base metals were mostly higher with Lead climbing to highest amid worries over tighter supply in top market China and elsewhere, while nickel slipped below seven week highs with supply risks from top ore exporter Philippines seen limited. Crude oil closed higher as the OPEC plan to scale back production lifted prices for West Texas Intermediate crude to their highest level in more than a month. Crude can turn higher today amid OPEC optimism.
Gold pared early gains on Thursday as the US dollar recovered and global stocks rallied after oil producers agreed to curb output.
The Organization of Petroleum Exporting Countries on Wednesday agreed modest oil output cuts in the first such deal since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low crude prices.
Oil shares pulled regional stock markets higher on Thursday.
Gold showed bullish movement and near to its resistance level of 31200. Now if it will close above the important resistance level of 31200 then 31350 will act as next resistance level. On lower side 30950 will act as vital support level.
Silver showed sideways movement in today’s session. Now if it will maintain above its resistance level of 46000 then 46600 will act as next resistance level. On the other hand 45500 will act as important support level.
Crude oil showed bullish movement. Now if it will maintain above 3235 then 3300 will be next resistance level. On the other hand 3150 will act as important support level.
Copper showed sideways to bullish movement and found the important resistance of 329. Now if it will break the resistance level of 329 then 331 will act as next resistance level. On the other hand 323 will act as a major support level.
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