Gold closed lower yesterday, pressured by modest gains in the dollar. Silver closed higher on Wednesday as participants widened their positions, tracking a firm trend in global market. Bullion may rise today. Base metals were mixed; Copper can continue its downtrend today. Crude oil closed lower as uncertainty over Russia’s willingness to cut production and a monthly rise in output from OPEC members sent prices lower for a second session in a row. The Crude inventory data from US today will provide further direction for the prices
Gold and silver futures prices are modestly lower in early U.S. trading Wednesday. The precious metals are weighed down by a solid rally in the U.S. dollar index, which hit a seven-month high overnight.
U.S. oil prices sharply dipped back below $50 a barrel on Wednesday on more concerns about how committed the world’s major exporters are to their recent plans for considering production cuts.
Gold showed sideways movement and near to its resistance level of 29900. Now if it will close above the important resistance level of 30000 then 30400 will act as next resistance level. On lower side 29500 will act as vital support level.
Silver showed bearish movement in today’s session after opening on higher note. Now if it will maintain above its resistance level of 42400 then 43000 will act as next resistance level. On the other hand 41750 will act as important support level.
Crude oil showed bearish movement. Now if it will maintain above 3400 then 3450 will be next resistance level. On the other hand 3300 will act as important support level.
Copper showed sideways to bearish movement and found the important support of 323.50. Now if it will break the support level of 323 then 320 will act as next support level. On the other hand 327.50 will act as a major resistance level.
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